Bonds rally as Kganagyo pushes new target to ‘lock in lower inflation'
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Associated Press
33 minutes ago
- Associated Press
Asian markets rise as US stock indexes near records amid easing trade tensions
Shares rose early Tuesday in Asia after U.S. stock indexes drifted closer to records, while oil prices extended gains. Beijing and Washington dialed back trade friction as the U.S. extended exemptions for tariffs on some Chinese goods, including solar manufacturing equipment, that U.S. industries rely on for their own production. The U.S. Trade Representative extended those exemptions, which were due to expire on May 31, by three months through Aug. 31. Still, China criticized the U.S. on Monday over moves it alleged harmed Chinese interests, including issuing AI chip export control guidelines, stopping the sale of chip design software to China, and planning to revoke Chinese student visas. Hong Kong's Hang Seng gained 1.1% to 23,417.39, while the Shanghai Composite index added 0.3% to 3,356.36. In Tokyo, the Nikkei 225 advanced 0.6% to 37,683.19. South Korean markets were closed for a snap presidential election triggered by the ouster of Yoon Suk Yeol, a conservative who now faces an explosive trial on rebellion charges over his short-lived imposition of martial law in December. Australia's S&P/ASX 200 was up 0.7% to 8,475.50. In Taiwan, the Taiex gained 1.4%. On Monday, U.S. stock indexes drifted closer to their records following a stellar May, Wall Street's best month since 2023. The S&P 500 rose 0.4% to 5,935.94 after erasing an early loss from the morning. The Dow Jones Industrial Average added 0.1% to 42,305.48. The Nasdaq composite climbed 0.7% to 19,242.61. Indexes had fallen close to 1% in the morning following some discouraging updates on U.S. manufacturing. President Donald Trump has been warning that U.S. businesses and households could feel some pain as he tries to use tariffs to bring more manufacturing jobs back to the country, and their on-and-off rollout has created lots of uncertainty. But stocks rallied back as the day progressed. Nvidia climbed 1.7%, and Meta Platforms rose 3.6%, for example. Oil prices have gained as attacks by Ukraine in Russia raise uncertainty about the flow of oil and gas around the world. Early Tuesday, U.S. benchmark crude oil was up 62 cents at $63.14 per barrel. Brent crude, the international standard, picked up 57 cents to $65.19 per barrel. Markets took in stride fresh salvos between the world's two largest economies, just a few weeks after the United States and China had agreed to pause many of their tariffs that had threatened to drag the economy into a recession. That followed President Donald Trump's accusation at the end of last week, where he said China was not living up to its end of the agreement that paused their tariffs against each other. Trump on Friday told Pennsylvania steelworkers he's doubling the tariff on steel imports to 50% to protect their industry, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods. That helped stocks of U.S. steelmakers climb. Nucor jumped 10.1%, and Steel Dynamics rallied 10.3%. On the losing side of Wall Street were automakers and other heavy users of steel and aluminum. Ford fell 3.9%, and General Motors reversed by 3.9%. Lyra Therapeutics soared nearly 311% for one of the market's biggest gains after reporting positive late-stage trial results of an implant to treat chronic sinus inflammation in some patients. In the bond market, Treasury yields rose as worries continue about how much debt the U.S. government will pile on due to plans to cut taxes and increase the deficit. The yield on the 10-year Treasury climbed to 4.44% from 4.41% late Friday and from just 4.01% roughly two months ago. That's a notable move for the bond market. Besides making it more expensive for U.S. households and businesses to borrow money, such increases in Treasury yields can deter investors from paying high prices for stocks and other investments. Yields had dipped briefly in the morning, before rallying back, following the updates on manufacturing, which suggested that effects of Trump's tariffs are taking root in the economy. A report from S&P Global on manufacturing came in better than expected, though uncertainty caused by tariffs has worries high about supplier delays and rising prices. Also early Tuesday, the dollar rose to 143.10 Japanese yen from 142.71 yen. The euro slipped to $1.1438 from $1.1443. ___ AP Business Writers Stan Choe and Matt Ott contributed.
CBS News
34 minutes ago
- CBS News
Why are car insurance rates up in Maryland?
Why are car insurance rates up in Maryland? Why are car insurance rates up in Maryland? Why are car insurance rates up in Maryland? One thing everyone is noticing these days is rising costs, and that includes your car insurance. Viewers have asked WJZ why their auto insurance rates are increasing in Maryland. WJZ Anchor Rick Ritter tracked down the answer for this segment of Question Everything. Why is car insurance so expensive? Rick Ritter sat down with Marie Grant, who is Maryland's insurance commissioner. Marie Grant: "Typically in urban environments, we do see higher rates of auto insurance based on experience on what happens to a car in a city. Grant: "What we're seeing here in Maryland and what consumers are feeling are, unfortunately, national trends that consumers in other states are feeling, as well." Data released this year from Insurify shows car insurance costs surged nationally by 15% in 2024. Maryland drivers pay the most for car insurance, according to the website. On average, Marylanders are paying more than $4,000 a year, which is a 53% increase from 2023. Grant: "Maryland, historically, has been in the top quarter of states for auto insurance rates, and that's due in part to the nature of our state." "We tend to drive a lot, with longer commuting distances and a lot of congestion on roads. With pretty heavy traffic and accident rates higher than other states, it all contributes." While congestion and traffic-related incidents play a role, high repair costs are also to blame. AAA A found that today's advanced technology in cars can cost twice as much to repair, and now the threat of tariffs could complicate things even more. Grant: "During the pandemic, costs went down, folks weren't driving as much, and there weren't as many accidents. As Marylanders got back on the road, as well as inflation, the cost of cars then increased." Rick Ritter: "With so much talk about the escalating trade war and the president's tariffs, will it help contribute to rising car insurance rates?" Grant: "Unfortunately, the answer is yes. We haven't seen evidence of that with current rate filings, but if you asked me a month ago without tariffs on the horizon, I would've said trends are looking positive." Climate and crime can be contributing factors to higher costs of insurance, as well. Maryland has seen stolen vehicle claims surge over the last few years, according to the National Insurance Crime Bureau. If you live in an area with more frequent severe weather, like flooding or wildfires, it can impact your premiums, too. What can Marylanders do to save? Grant says to shop around for several insurers. Most think two or three, but five to 10 is what's recommended. Search for discounts, like safety features or bundling policies, which can help keep costs down. Consider a telematics program that monitors how safe you're driving. Then can bring down rates for you, as well. When in doubt, the insurance commissioner's office lines are always open. The office receives dozens of calls daily from Marylanders inquiring about their rates. "I love hearing from Marylanders. Consumers should definitely reach out to us," Grant said. "Fresh eyes never hurt, so we do want to make sure we are asking tough questions of our insurers to make sure they are putting their best foot forward, and that's what we do." Car insurance adds to a budget From the escalating trade war to inflation, it feels like the cost of everything is going up these days. "It's horrible, from car insurance to groceries," a Baltimore resident said. "Everything feels so expensive," said Yaniv Ezra, an Uber driver and student in the city. "I'm a DoorDash and Uber Eats driver, and you can see that barely anyone is buying anything." The rising prices for utilities, food, and gas, mixed in with skyrocketing car insurance, make things tough. "It's very high," Ezra said. "I'm paying $200 a month now just because I moved to the city."
CBS News
an hour ago
- CBS News
Texas lawmakers approve historic new $100 million for child care
The 2025 Texas legislative session is ending with a historic investment in child care. Legislators agreed to add $100 million in new funding for child care scholarships that benefit working families and employers. U.S. Department of Labor "In Tarrant County, an average family can expect to spend 12% of their income on child care," said Stacy Agee Martin, executive director of Fortress, an early childhood development center in Fort Worth. "But for a family in poverty, a low-income earning family, that creeps closer to 35%, which makes it pretty obvious why people say, 'I can't afford to work.'" Thousands still on waitlist Currently, nearly 100,000 children in Texas are on a waitlist for state financial assistance to help cover child care costs. "About 90% of the families we serve are on the waitlist for that subsidy, which means Fortress has been filling that gap through funders and grants," Martin said. Relief for working families That's why she welcomed the news that lawmakers are allocating $100 million to expand access to child care scholarships. "I'm grateful," she said. "I'm excited about what this is going to do for our low-income families that are working so hard and who want to work." Advocates, businesses drove change The investment is the result of a coordinated effort by advocates, families, and private businesses to push for solutions during the session. "This is a historic day," said David Feigen, director of early learning policy at Texans Care for Children. "The state has never committed new funding in the budget for child care like this before. This is $100 million in new dollars for the child care services program, which helps working parents get scholarships that allow them to go to work. Their children are enrolled in really high-quality programs. So this is a huge step." Child care crisis impacts all Feigen said the move reflects growing recognition of the wide-reaching impact of the child care crisis. "This child care crisis impacts every Texan across the state," he said. "Whether you are relying on child care or not, you're probably relying on people who are relying on child care every single day. The more families that have access to this needed service, the more who can show up to work every day and support every aspect of our economy." Billions lost to inaction Studies show child care issues cost Texas more than $11 billion annually in lost productivity and revenue. "We all think of child care as an education issue, a family issue, a women's issue," said Kelsey Erickson Streufert, chief public affairs officer at the Texas Restaurant Association. "It is all of those things, but it is also really crippling our workforce and our businesses' ability to keep and attract the talent they need to keep the Texas miracle alive and continue to serve our state's growing population." Employers Join Advocacy Efforts The Texas Restaurant Association, in partnership with Early Matters Texas, the Texas Association of Business, and Texas 2036, launched the Employers for Childcare Task Force (E4C) to advocate for legislative change. Policy Changes Support Providers The coalition supported bills to create a free online resource hub for employers about child care, allow state agencies to share child care-related data, and prioritize subsidies for child care workers to help cover their own child care needs. "We want them to be at the front of the line, because if you can keep them in the classroom, then they can serve so many other families in the workforce," Streufert said. "That's another example of a policy we supported to address this challenge for working families." Funding Helps, But Not Enough While advocates say the $100 million investment is a major step forward, they also stress that it's only the beginning. "That's a lot of money, but it just meets the gap that's already there — and barely," Martin said. More Than 95,000 Still Waiting E4C estimates the funding will help serve about 10,000 additional children across the state. More than 95,000 remain on the waitlist. "Child care is such a huge need in our state that we want to be very clear this session was not a silver bullet," Streufert said. "We accomplished great things this session, but we have a long way to go. In fact, some of our biggest accomplishments this session really set the stage for the long-term conversations we need to really address this problem."
