China's cyberspace regulator summons Nvidia over H20 chip risks
Nvidia was required to provide explanation on "backdoor vulnerability security risks" of its H20 computing chips sold to China and submit relevant documents, the Cyberspace Administration of China said.
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Reuters
an hour ago
- Reuters
NFL deals Red Zone, NFL Media assets to ESPN in billion-dollar agreement, the Athletic reports
Aug 1 (Reuters) - The NFL and Disney's (DIS.N), opens new tab ESPN have reached a deal, potentially worth billions, placing many of the league's media holdings with the sports network in exchange for equity in ESPN, the Athletic reported on Friday. ESPN is expected to have access to RedZone, NFL Network, seven more regular-season games and the NFL's fantasy football business, the report said, citing sources briefed on the agreement. There is also a possibility of integrating special features, including betting, and potentially more assets too. The four-year on-and-off discussions have led to what is said to be a complicated agreement, the Athletic report said. An official announcement is expected next week. Disney is set to report results on Wednesday. Both ESPN and the NFL declined to comment on the report when contacted by Reuters. The news of the deal comes as Disney is set to launch its new streaming service, named ESPN, this fall, providing access to ESPN networks, including professional and college football and basketball games. The new service will cost $29.99 per month and is part of the media company's effort to tap sports fans who have never subscribed to traditional television.
Reuters
an hour ago
- Reuters
Dollar tumbles, traders bet on more US rate cuts after weak jobs report
NEW YORK, Aug 1 (Reuters) - The dollar dropped on Friday and was on track for its biggest daily loss against the euro and yen since April after data showed that U.S. employers added fewer jobs in July than economists had expected, while last month's jobs gains were revised sharply lower, leading traders to ramp up bets on how many times the Federal Reserve is likely to cut rates this year. Employers added 73,000 jobs last month, below the 110,000 expected by economists polled by Reuters, while the unemployment rate edged higher to 4.2%, as anticipated, up from 4.1% in June. Job gains for June were revised down to 14,000, from the previously reported 147,000. 'It's worse than anyone expected and the kicker is that downward revision for the prior month too,' said Helen Given, director of trading at Money USA in Washington. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was last down 1.06% on the day at 98.97. The euro rose 1.16% to $1.1547. The single currency reached $1.1389 earlier on Friday, the lowest since June 10. Against the Japanese yen , the dollar weakened 2.01% to 147.7. The greenback earlier reached 150.91, the highest since March 28. The Fed has indicated it is in no rush to cut rates due to concern that President Donald Trump's tariff policies will reignite inflation over the coming months. Fed funds futures traders pared bets on how many times the U.S. central bank is likely to cut rates this year after Fed Chair Jerome Powell on Wednesday offered a hawkish outlook for monetary policy and declined to indicate that a cut in September was likely. But they ramped up bets on cuts again on Friday after the jobs data. Traders are now pricing in 58 basis points of cuts by year-end, up from around 34 basis points on Thursday, with the first cut seen in September. Whether the Fed cuts in September will now likely depend on the next jobs report for August. '(Powell) did say on Wednesday that we were looking at holding rates steadier for longer, but that we were going to get two sets of employment data before the next Fed meeting. So as this first set has been so decidedly negative… the labor market is clearly, clearly cooling, that's going to raise the importance of that September figure as well,' said Given. The August jobs data will be released on September 5, with the Fed due to meet on September 16-17. A more dovish Fed would likely be negative for the U.S. currency, even after it has appeared to find its footing in recent weeks following a rough first half of the year. "Our forecast for the dollar to strengthen in the second half of the year relies in large part on our view that the US economy will remain resilient and the FOMC keep policy on hold until 2026," Jonas Goltermann, deputy chief markets economist at Capital Economics said in a note. "Plainly, that now looks less probable; in a recession scenario the dollar is likely to weaken against lower yielding currencies such as the yen and the euro, even if it may rally against other, riskier currencies," he said. The dollar had gained earlier on Friday after Trump imposed new tariff rates on dozens of trade partners. The Swiss franc was among the hardest hit as Switzerland now faces a 39% rate. The Swissie fell against a range of currencies in response to Trump's hefty duties and to his demand that pharma companies - key Swiss exporters - lower the prices at which they sell to U.S. consumers. The dollar was last down 0.76% against the Swiss franc at 0.806 , after earlier reaching 0.8171, the highest since June 23. The Canadian dollar strengthened 0.44% versus the greenback to C$1.38 per dollar, after earlier easing to C$1.3879, the weakest since May 22. Canada was hit with a 35% tariff, instead of the threatened 25%. The dollar had also gained against other currencies due to drivers other than tariffs. The yen was earlier headed for its largest weekly loss this year after the Bank of Japan signaled it was in no hurry to resume interest rate hikes, prompting Finance Minister Katsunobu Kato to say on Friday that officials were "alarmed" by currency moves. In cryptocurrencies, bitcoin fell 2.01% to $114,180.54.
BBC News
2 hours ago
- BBC News
Trump says he will fire head of BLS as stocks shudder
US President Donald Trump said he would fire the head of the agency charged with publishing some of America's most closely watched economic data, after a weaker-than-expected jobs report stoked further alarm about his tariff policies. His decision to move forward with plans to sharply raise tariffs on goods from countries around the world had already sent financial markets in the US shuddering. In the US, the three major indexes dropped, with the S&P falling 1.9% by mid-afternoon. That followed earlier sell-offs in Europe and Asia, as investors dumped shares of firms such as South Korean steel manufacturers and German truck-maker Daimler. Trump's plans leave most goods coming into the US facing new taxes of 10% to 50%, depending on their origin, and will lift tariff rates in the US to the highest levels in nearly a says the measures will rebalance global trade and boost US analysts say they will raise prices for businesses and consumers in the US and weigh on the US and global economies, as sales, hiring and investment slow. This week has revived fears about economic damage, as companies update investors on their costs and new data points to slowdown in the US. Employers in the US added just 73,000 jobs in July, according the monthly Labor Department report published on also dramatically revised estimates of job growth in May and June, with far fewer gains than previously thought."The economic data since the Liberation Day announcements did not reflect that sharp deterioration in economic activity, or at least not in obvious ways. This was the week that changed," analysts at Wells Fargo wrote on Friday. The revisions appeared to spur Trump to fire the commissioner of labor statistics, Erika McEntarfer, in a post on social media."We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," he wrote on social media, referring to the large revisions to the May and June jobs numbers. Trump also lashed out at Federal Reserve chairman Jerome Powell, whom he has angrily criticised in recent in the US opened lower in the morning, with losses accelerating over the course of the afternoon. France's CAC 40 closed down 2.9%, while German's DAX fell 2.6%. In the UK, the FTSE fell 0.7%.Earlier the leading index in South Korea fell 3.8%, the Hang Seng index in Hong Kong dropped 1% and Japan's Nikkei fell 0.6%. When Trump first put forward his plans in April, shares in the US tumbled more than 10% in a week, the concerns spreading to the dollar and bond stock market recovered after he suspended some of the most drastic measures, leaving in place a less punishing, more expected 10% levy. In recent weeks, indexes in the US have been trading around all-time highs. "The reality is Trump got emboldened by the fact that markets came right back," Michael Gayed, portfolio manager for The Free Markets ETF told the BBC's Opening Bell. "Now he's going to try his luck again." The latest measures are less extreme than what Trump first put forward in April, when goods from key players in southeast Asia, such as Vietnam, were facing tariff rates of more than 40% and a tit-for-tat exchange with China drove US tariffs on its exports surge to at least 145%.But the tariffs still make for a radical change for the US, for decades a champion of free plans include a minimum 10% tax on most goods entering the US, with major trade partners, including the European Union, Japan, South Korea, Vietnam face tariffs in the range of 15% to 20%.Goods from China are set to facing new 30% levies, while exports from some other countries, including Switzerland and Laos face even higher changes, which are set to go into effect on 7 August, will lift the average tariff rate to roughly 18%, up from less than 2.5% as recently as had been taking the impact of tariffs in stride, sending shares in the US and elsewhere to new highs in recent weeks. Mr Gayed said markets had become less sensitive to Trump's rapidly changing trade policies, but he saw risks ahead. "The more he just whips around policy, the more the markets will not care, but as the old saying goes, nothing matters 'til it matters and then it's the only thing that matters," he said.
