Texas Democrats who stayed in Austin open up about the redistricting fight
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Yahoo
13 minutes ago
- Yahoo
China Defends Buying Russian Oil After Trump's Tariff Threat
(Bloomberg) -- China said its imports of Russian oil are justified, pushing back against US threats of new tariffs after Washington slapped secondary levies on India for buying energy from Moscow. All Hail the Humble Speed Hump Three Deaths Reported as NYC Legionnaires' Outbreak Spreads Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Major Istanbul Projects Are Stalling as City Leaders Sit in Jail What England's New National Cycling Network Needs to Get Rolling 'It is legitimate and lawful for China to conduct normal economic, trade and energy cooperation with all countries around the world, including Russia,' the Chinese Foreign Ministry said Friday in a statement to Bloomberg News. 'We will continue to adopt reasonable energy security measures in accordance with our national interests.' Donald Trump said earlier this week he could punish China with additional tariffs over its purchases of Russian oil, saying 'that may happen.' The US president has also signaled his interest in brokering a peace deal in the Russia-Ukraine conflict and views pressure on big Russian trade partners to be part of that effort. Russian President Vladimir Putin met this week with Trump's envoy Steve Witkoff for nearly three hours of talks in the Kremlin. Trump on Wednesday said there was a 'very good chance' he'd meet with Putin, though cautioned there had not yet been a 'breakthrough' in the talks. Chinese President Xi Jinping welcomed direct communications between Putin and Trump on Friday during his first known call with the Russian leader in months. Xi also set out China's position on Ukraine to Putin, describing the situation as a set of complex issues with no simple solutions, according to Chinese state broadcaster CCTV. Although Trump has warned over China's purchases of Russian oil, his top adviser Peter Navarro played down the likelihood of new tariffs on Chinese exports, saying higher duties 'may hurt the US.' When asked about Trump's comments on Thursday, Treasury Secretary Scott Bessent told Fox News tariffs on China over oil purchases 'could be on the table at some point.' China's imports from Russia edged up in July to just over $10 billion — the highest level since March — according to the latest customs data. But overall this year, imports from Russia are still down 7.7% compared with the same period in 2024. US-China ties have steadied after the two sides agreed to put sky-high tariffs on hold as they seek to negotiate an agreement. Trump said this week he was getting 'very close' to a deal with with China to extend the truce, which is due to expire Tuesday. (Updates with Xi-Putin talks starting in fifth paragraph.) The Pizza Oven Startup With a Plan to Own Every Piece of the Pie Digital Nomads Are Transforming Medellín's Housing Russia's Secret War and the Plot to Kill a German CEO It's Only a Matter of Time Until Americans Pay for Trump's Tariffs The Game Starts at 8. The Robbery Starts at 8:01 ©2025 Bloomberg L.P.
Yahoo
13 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures edge higher as Wall Street eyes Trump moves on Fed
US stock futures edged higher on Friday as Wall Street assessed President Trump's nomination of Stephen Miran to the Federal Reserve Board of Governors and took in his new regime of sweeping tariffs. Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.3%, while those on the benchmark S&P 500 (ES=F) gained 0.4%. Futures tied to the tech-heavy Nasdaq 100 (NQ=F) also gained 0.4%. Gold futures (GC=F) in New York rose above London prices on Friday after the FT reported that the US now plans to put tariffs on gold bar imports. In corporate earnings premarket, Pinterest (PINS) tumbled on a profit miss, while Block (XYZ) jumped after reporting upbeat guidance. Shares in Expedia (EXPE) soared 17% on Friday before the bell after raising its full-year bookings forecast. Stocks traded mixed during the day on Thursday as investors assessed a reshaped trade landscape after Trump's deadline for countries to strike deals on tariffs expired, setting in motion higher duties on dozens of countries worldwide. The indexes trimmed earlier losses following Trump's nomination of Stephen Miran, current chairman of the Council of Economic Advisors, to serve on the Fed board. Read more: The latest on Trump's tariffs Miran's nomination must pass Senate approval, and it's unclear how long that might take with lawmakers on August recess. Trump's decision on Miran also underscored his search for the next Fed chair. He has talked up the "two Kevins" — current economic adviser Hassett and former Fed governor Warsh — and a report on Thursday said current governor Christopher Waller is seen as the favorite by Trump's team. Amid all the jockeying, about 90% of bets are on the current Fed to cut rates in September. This week has been a bumpy ride for Wall Street. Monday opened with markets recovering from a disappointing slew of job data that stoked fears of broader economic troubles and while upping those rate bets. Corporate earnings and the question of how companies like Apple might weather Trump's latest tariffs largely drove investor sentiment throughout the week. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. New York gold futures spike over spot price after tariff shock Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Oil heads for worst run since 2021 as traders discount US curbs Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. New York gold futures spike over spot price after tariff shock Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Oil heads for worst run since 2021 as traders discount US curbs Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
16 minutes ago
- Bloomberg
Trump's Push to Curb India's Appetite for Russian Oil Comes With Risk
A tighter market would make it far harder for Washington's gambit to succeed without a price shock. By Save Welcome to our guide to the commodities markets powering the global economy. Today, Asia oil team leader Serene Cheong writes on the hidden risk of US efforts to crack down on Russian exports. Donald Trump has brought Russian oil into his Indian trade fight.
