US: Stocks hold steady after wholesale prices jump
The producer price index rose 0.9 per cent on a month-on-month basis, much greater than analysts expected following benign consumer pricing data earlier this week.
The Dow Jones Industrial Average finished down less than 0.1 per cent at 44,911.26.
The broad-based S&P 500 edged up less than 0.1 per cent to 6,468.54, while the tech-rich Nasdaq Composite Index was virtually unchanged at 21,710.67.
Markets have been monitoring inflation in light of President Donald Trump's tariffs, with Tuesday's consumer price report adding to confidence the Fed will lower rates in September.
But after Thursday's report, a potential half-point interest rate cut is probably 'off the table,' said Jack Ablin of Cresset Capital Management.
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The report 'suggests that companies are currently bearing the brunt of tariffs,' Ablin said. 'We would expect that companies will start to pass these costs along.'
Among individual companies, Intel surged 7.4 per cent following a Bloomberg News report that Trump is considering an investment in the beleaguered chip company in exchange for a government stake.
Such a deal would represent Trump's latest departure from the US government's traditional laissez-faire posture towards business.
Deere & Co sank 6.8 per cent after it reported a drop in profits and lowered the ceiling of its full-year earnings range. AFP
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Straits Times
22 minutes ago
- Straits Times
Trump says no imminent plans to penalise China for buying Russian oil
Sign up now: Get ST's newsletters delivered to your inbox Chinese President Xi Jinping's slowing economy will suffer if Mr Donald Trump follows through on a promise to ramp up Russia-related sanctions and tariffs. WASHINGTON - US President Donald Trump said on Aug 15 he did not immediately need to consider retaliatory tariffs on countries such as China for buying Russian oil but might have to 'in two or three weeks'. Mr Trump has threatened sanctions on Moscow and secondary sanctions on countries that buy its oil if no moves are made to end the war in Ukraine. China and India are the top two buyers of Russian oil. The president last week imposed an additional 25 per cent tariff on Indian goods, citing its continued imports of Russian oil. However, Mr Trump has not taken similar action against China. He was asked by Fox News' Sean Hannity if he was now considering such action against Beijing after he and Russian President Vladimir Putin failed to produce an agreement to resolve or pause Moscow's war in Ukraine. 'Well, because of what happened today, I think I don't have to think about that,' Mr Trump said after his summit with Putin in Alaska. Top stories Swipe. Select. Stay informed. World Trump advises Ukraine's Zelensky to 'make a deal' with Russia after meeting Putin World Made-for-TV pageantry in Alaska as Trump brings Putin in from the cold Singapore Nowhere to run: Why Singapore needs to start protecting its coasts now Singapore Using nature, multi-use structures among solutions being studied to protect Singapore coastlines Life Meet those in Singapore changing careers in middle age and beyond Singapore HSA evaluating rapid urine test kits to enable faster detection of etomidate, found in Kpods Asia Move over, Labubu – Chiikawa is the new craze in Hong Kong 'Now, I may have to think about it in two weeks or three weeks or something, but we don't have to think about that right now. I think, you know, the meeting went very well.' Chinese President Xi Jinping's slowing economy will suffer if Mr Trump follows through on a promise to ramp up Russia-related sanctions and tariffs. Mr Xi and Mr Trump are working on a trade deal that could lower tensions - and import taxes - between the world's two biggest economies. But China could be the biggest remaining target, outside of Russia, if Mr Trump ramps up punitive measures. REUTERS
AsiaOne
22 minutes ago
- AsiaOne
US mulled use of Russia icebreakers for gas development ahead of summit: Sources, World News
LONDON — The United States has had internal discussions on using Russian nuclear-powered icebreaker vessels to support the development of gas and LNG projects in Alaska as one of the possible deals to aim for when President Donald Trump meets Vladimir Putin on Friday (Aug 15), three sources familiar with the matter told Reuters. Trump landed in Alaska on Friday for what he called a "high stakes" summit with Russia's Putin to discuss a ceasefire deal for Ukraine and end the deadliest war in Europe since World War Two. Both the US and Russian presidents, meeting at a Cold War-era air force base in Alaska's largest city, are seeking wins from their first face-to-face talks since Trump returned to the White House. The icebreaker idea has been discussed among White House officials as one of the potential deals to try to strike with Russia at the Alaska summit, one of the sources said. The ongoing talks between the US and Russia over Ukraine have included discussions about business deals. The White House is planning to continue this approach at the summit on Friday, said the source, who like the others spoke on condition of anonymity due to the sensitivity of the talks. The White House did not immediately respond to a request for comment. Kremlin officials were not available for comment. Russia operates the world's only fleet of nuclear-powered icebreakers, which play a central role in maintaining year-round shipping access along the Northern Sea Route, a strategic path for global energy and trade flows. Trump's administration is pushing to transport gas from Alaska's remote north to Asian clients. Trump has pitched Alaska LNG, a proposed US$44 billion (S$56 billion) project to ship liquefied natural gas along a 800 mile pipeline from Alaska, to Asian buyers as a way to reduce their dependence on Russian LNG. Another project, similarly aimed at Asian markets, is Qilak LNG, which is targeting 4 million tons per annum of LNG. Mead Treadwell, a Qilak LNG founder, said it would not be unusual for a US LNG project to rely on icebreakers of any nation that the US government allowed. "But we haven't specifically asked for that," Treadwell said. An industry source said that Alaska LNG had "no identified needs for Russian icebreakers". Reuters was not immediately able to establish which, if any, specific project would benefit if a deal was reached in the Alaska talks. The nuclear icebreakers could also facilitate the transport of construction materials and equipment to remote areas in Alaska, where infrastructure is limited and weather conditions are harsh. [[nid:721409]]
CNA
22 minutes ago
- CNA
Trump says no imminent plans to penalise China for buying Russian oil
WASHINGTON: United States President Donald Trump said on Friday (Aug 15) he did not immediately need to consider retaliatory tariffs on countries such as China for buying Russian oil but might have to "in two or three weeks". Trump has threatened sanctions on Moscow and secondary sanctions on countries that buy its oil if no moves are made to end the war in Ukraine. China and India are the top two buyers of Russian oil. The president last week imposed an additional 25 per cent tariff on Indian goods, citing its continued imports of Russian oil. However, Trump has not taken similar action against China. He was asked by Fox News' Sean Hannity if he was now considering such action against Beijing after he and Russian President Vladimir Putin failed to produce an agreement to resolve or pause Moscow's war in Ukraine. "Well, because of what happened today, I think I don't have to think about that," Trump said after his summit with Putin in Alaska. "Now, I may have to think about it in two weeks or three weeks or something, but we don't have to think about that right now. I think, you know, the meeting went very well." Chinese President Xi Jinping's slowing economy will suffer if Trump follows through on a promise to ramp up Russia-related sanctions and tariffs. Xi and Trump are working on a trade deal that could lower tensions - and import taxes - between the world's two biggest economies. But China could be the biggest remaining target, outside of Russia, if Trump ramps up punitive measures.
