Deutsche Bank Joins Wall Street in Riding Volatility
Deutsche Bank's fixed-income traders joined Wall Street peers in reaping the profits from volatility. FIC revenue rose 11% to €2.28 billion, surpassing estimates. The lender had its best second-quarter result since 2007. BNP Paribas earnings also beat expectations.
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19 minutes ago
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Is Stanley Black & Decker (SWK) One of the Best Income Stocks for Conservative Investors?
Stanley Black & Decker, Inc. (NYSE:SWK) is included among the 11 Best Income Stocks to Buy According to Hedge Funds. A toolbox filled with an array of different tools, representing the professional products of the company. Stanley Black & Decker, Inc. (NYSE:SWK) is an American manufacturer known for its industrial tools, home hardware, and security products. The company is in the midst of a steady yet impactful transformation. It has already completed $1.7 billion of a planned $2 billion cost-reduction effort, resulting in a rebound in gross margins to 31.2%, which is a 1,200-basis-point improvement from the low point. At the same time, operating leverage is strengthening, and inventory levels are declining. While Stanley Black & Decker, Inc. (NYSE:SWK)'s Tools & Outdoor division accounts for 87% of its revenue, the smaller Engineered Fastening segment plays a key role in areas like aerospace, automotive, and industrial production. Despite its strong market position and ties to reshoring, infrastructure, and automation trends, the stock is still down more than 69% from its 2021 peak and trades at under seven times its peak free cash flow. Stanley Black & Decker, Inc. (NYSE:SWK) has paid uninterrupted dividends to shareholders for the past 148 years. On July 24, it declared a 1.2% hike in its quarterly dividend to $0.83 per share. This marked the company's 59th consecutive year in which it has raised its dividends. The stock supports a dividend yield of 4.91%, as of July 31. While we acknowledge the potential of SWK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None.
Yahoo
36 minutes ago
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The Latest: US stock market and global trade partners react to Trump's new tariffs
President Donald Trump 's latest tariff moves drew worries from Wall Street as stocks slumped Friday and Treasury yields fell sharply. Trump signed an order the previous night imposing steep tariffs on 66 countries, the European Union, Taiwan and the Falkland Islands, to go into effect Aug. 7, after he originally threatened them for April but postponed twice after that until Aug. 1. The markets were also reacting to government reports of a dramatic slowdown in hiring as businesses, investors and the Fed operate under a cloud of uncertainty from months of tariff policy news. Here's the latest: Judge allows the NSF to continue withholding hundreds of millions of research dollars U.S. District Judge John Cronan declined a request by 16 Democratic-led states to force the National Science Foundation to restart payments immediately. The agency can continue withholding the funding from researchers until litigation aimed at restoring it plays out, he ruled. Cronan said he would not grant the preliminary injunction in part because it may be that another court, the Court of Federal Claims, has jurisdiction over what is essentially a case about money. He also said the states failed to show that NSF's actions were counter to its mandate. The states' lawsuit, filed in May, alleges that the NSF's new grant-funding priorities as well as a cap on what's known as indirect research expenses 'violate the law and jeopardize America's longstanding global leadership in STEM.' A lawyer for the NSF said it has the authority to fund whatever research it deems necessary — and has since its inception in 1950. Judge pauses Trump administration's push to expand fast-track deportations U.S. District Judge Jia Cobb agreed to temporarily block the administration's efforts to expand 'expedited removal' for immigrants who legally entered the U.S. under a process known as humanitarian parole. The ruling could could benefit hundreds of thousands of people. Cobb ruled that the Department of Homeland Security exceeded its statutory authority in its efforts. The judge said those immigrants face perils that outweigh any harm from 'pressing pause' on the administration's plans. The case 'presents a question of fair play' for people fleeing oppression and violence in their home countries, Cobb said in her order. 'In a world of bad options, they played by the rules,' she wrote. 'Now, the Government has not only closed off those pathways for new arrivals but changed the game for parolees already here, restricting their ability to seek immigration relief and subjecting them to summary removal despite statutory law prohibiting the Executive Branch from doing so.' Federal Reserve Governor Adriana Kugler steps down, giving Trump slot to fill on powerful board Kugler, who did not participate in the Fed's policy meeting this week, would have completed her term in January. Instead she will retire Aug. 8. She did not provide a reason for stepping down in her resignation letter. Federal Reserve governors vote on the central bank's interest rate decisions and also on changes to bank regulations and other financial rules. The Trump administration could take advantage of Kugler's resignation and appoint a potential replacement for Fed Chair Jerome Powell to her position. Powell, who has been repeatedly attacked by Trump for not reducing the Fed's key short-term interest rate, completes his term as chair in May 2026. Trump said Friday afternoon that he was 'very happy' to have an opportunity to name someone to the board. Asked about potential candidates, Trump said he has 'about three very good — I've got a lot of good candidates.' Trump orders 2 US nuclear subs repositioned over statements from Russian ex-leader Medvedev The president gave the directive after what he called 'highly provocative statements' by former Russian President Dmitry Medvedev. The two have have feuded online in recent days. The impact on U.S. nuclear submariness — which normally and routinely patrol global hotspots — remains unclear. But the move potentially escalates tensions between Washington and Moscow at a delicate time, as Trump threatens new sanctions in an attempt to push Russia toward a ceasefire in its war with Ukraine. Trump said Friday evening that he 'had to' reposition the subs. He said Medvedev made 'inappropriate' threats and, 'When you talk about nuclear, we have to be prepared.' House Republicans delay Ghislaine Maxwell's subpoenaed testimony before Oversight Committee In a letter to Maxwell's lawyers, Rep. James Comer, chair of the House Oversight Committee, said the committee 'is willing to delay your deposition' as part of its Jeffrey Epstein investigation until after the conclusion of an appeal she filed to the Supreme Court. That appeal is expected to be resolved in late September. Maxwell's team had notified congressional investigators that she would invoke her Fifth Amendment rights against self-incrimination unless the committee meets certain demands, including a granting of congressional immunity; for the deposition to take place outside of her Tallahassee prison; a preview of the questions; and the conclusion of her appeal. Comer wrote that while Maxwell's testimony is 'vital' to the investigation, the committee would not provide immunity or advance questions. The committee 'is willing to engage in good faith negotiations' and 'will continue its long-standing practice of engaging in forthright and detailed discussions about scoping,' Comer added. Restaurant industry leader says the cost of eating out is likely to rise due to tariffs The National Restaurant Association, which represents more than 1 million U.S. eateries and food service providers, said Friday that tariffs could increase the cost of popular menu items like coffee and hamburgers as well as ingredients like spices. Chef Phila Lorn walks through his restaurant, Mawn, after opening for the day in Philadelphia, Thursday, May 22, 2025. (AP Photo/Matt Rourke) Michelle Korsmo, the president and CEO of the association, said restaurants operate on such tight margins that the tariffs will force many to raise prices. Higher prices will cause diners to eat out less often, jeopardizing an industry that supports millions of jobs. Korsmo said the association wants food and beverages to be exempted from tariffs. 'We ask the Trump administration to continue with sensible trade agreements,' Korsmo said in a statement. 'While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.' US depends on spices coming from abroad Laura Shumow, the executive director of the American Spice Trade Association, said Friday that many essential spices like cinnamon, pepper, nutmeg, cloves and vanilla require tropical conditions to grow and can't be cultivated in the U.S. on a commercial scale. Tariffs on such products won't incentivize U.S. production or create American jobs, but they will place a financial burden on food companies and restaurants, Shumow said. Shumow noted the Trump administration's framework for its trade agreement with Indonesia would allow the U.S. to lower tariff rates on commodities that aren't naturally available or domestically produced in the U.S. Shumow said she hopes the final trade agreements with Brazil, India, Madagascar, Sri Lanka and other spice providers will contain similar language. 'We firmly believe that smart, targeted trade policies can support the U.S. spice industry and other American businesses while helping to keep grocery costs down for families,' Shumow said in a statement. Brewer outlines the toll of Trump's latest tariffs Brewers across the country have been struggling with labor costs driven up by inflation and generational shifts in alcohol consumption. Tariffs have made sourcing everything from cardboard to aluminum cans more expensive. Trump's latest round of tariffs on European goods are putting special pressure on Utepils Brewing in Minneapolis — which specializes in pilsner, Kolsch and other classic styles from the continent. For Dan Justesen, president of Utepils, that means sourcing hops and malt from farmers in Germany and the Czech Republic. 'You might ask, 'Why don't we buy American-grown hops?' They don't grow the same styles, and they don't taste the same,' he said. The latest tariffs are already taking a toll. One supplier notified Justesen Thursday that they would no longer split the additional costs–leaving Utepils on the hook with no relief in sight. 'Even when the tariffs have been dropped temporarily at times, we don't see a price reduction. Prices go up, go up, and they go up,' Justesen said. New tariffs could raise costs of coffee and hamburgers, restaurant group says The National Restaurant Association, which represents more than 1 million U.S. restaurants and food service providers, said Friday that the tariffs could increase the cost of popular menu items like coffee and hamburgers as well as ingredients like spices. Michelle Korsmo, CEO of the association, said restaurants operate on such tight margins that the tariffs will force many to raise prices. Higher prices will cause diners to eat out less often, jeopardizing an industry that supports millions of jobs. Korsmo said the association wants food and beverages to be exempted from tariffs. 'We ask the Trump administration to continue with sensible trade agreements,' Korsmo said in a statement. 'While addressing trade deficits is important, food and beverage products are not major contributors to these imbalances.' Supermarket chain assesses tariff impacts on chocolate and wine Stew Leonard Jr., president and CEO of Stew Leonard's, a supermarket chain that operates stores in Connecticut, New York and New Jersey, noted that the latest round of Trump's tariffs will now force him to look at doing more business with U.S. suppliers. For the winter holidays, he usually buys Swiss chocolates but will look at other U.S. vendors to fill the gap. 'Trump is doing what he intends to do,' he said. 'He's making it too expensive to buy chocolate from Switzerland. So what I'm going to do is make sure we buy our chocolate from the United States. ' As for wines, 50% of the wines and spirits the chain sells are imported from Europe and other countries. The price range has been $10 to $20 so with a 15% tariff rate on goods from the European Union, he would have to raise prices, a move that he believes will hurt demand. So he plans to promote more U.S. brands, he said. Leonard is already started to increase prices on some imported items, including jars of marinara sauce from Italy under the retailer's private label. They were $5.99 before the pandemic, then rose to $6.49 during the health crisis because of supply chain issues. That price will go up to $6.99 because of the 15% duties on products from the European Union, he said. Hungary's prime minister slams EU for failing to negotiate more favorable trade deal with the US 'They didn't take seriously that the U.S. president was going to really reshape the world economy, they thought he was just a bigmouthed American entrepreneur who wouldn't do half of what he undertook,' Viktor Orbán, Hungary's populist prime minister, told state radio on Friday. The Hungarian leader, who is a Trump ally, also criticized European Commission head Ursula von der Leyen for making 'commitments to America that are beyond her authority,' and railed against reported agreements for European companies to purchase natural gas, oil and nuclear fuel from the U.S. and to make large-scale investments there. 'This is a terrible economic agreement,' Orbán said. 'I have been saying since February that we should take the initiative, to stand up for totally free trade ... but we shouldn't wait like a frozen rabbit or an animal charmed by a snake just to be attacked.' US hiring slowed as Trump's tariffs took effect U.S. hiring is slowing sharply as Trump's erratic and radical trade policies paralyze businesses and raise doubts about the outlook for the world's largest economy. The Labor Department reported Friday that U.S. employers added just 73,000 jobs last month, well short of the 115,000 forecasters had expected. Worse, revisions shaved a stunning 258,000 jobs off May and June payrolls. And the unemployment rate ticked up to 4.2% as Americans dropped out of the labor force and the ranks of the unemployed rose by 221,000. Economists have been warning that the rift with every U.S. trading partner will begin to appear this summer and the Friday jobs report appeared to sound the bell. 'We're finally in the eye of the hurricane,' said Daniel Zhao, chief economist at Glassdoor. 'After months of warning signs, the July jobs report confirms that the slowdown isn't just approaching—it's here.' Trade group reiterates that higher tariffs eventually get passed down to consumers David French, executive vice president of government relations at the National Retail Federation, the largest retail trade group in the U.S., said in a statement Friday that these higher tariffs are taxes paid by U.S. importers and are eventually passed along to consumers and hurt businesses. 'Retailers have been able to hold the line on pricing so far, but the new tariffs will impact merchandise in the coming weeks, ' he said. 'We have heard directly from small retailers who are concerned about their ability to stay in business in the face of these unsustainable tariff rates.' A 'structural rewrite' for the global economy 'Trump's new tariff directive, signed behind closed doors just ahead of the Aug. 1 deadline, slaps a new floor under global trade costs: a 10% minimum rate for nearly all partners, with surcharges of 15% or higher for surplus nations,' Stephen Innes of SPI Asset Management said in a commentary. 'This wasn't just an update — it was a structural rewrite. The average U.S. tariff jumps from 13.3% to 15.2%, a seismic shift from the 2.3% average before Trump retook office. This reshapes the cost calculus for everything from semiconductors to copper pipes,' he said. France still wants to renegotiate parts of the EU's trade deal with the EU Just days after it was sealed with a handshake, France is already talking about possibly renegotiating parts of the EU-US deal on tariffs, to make it more favorable for European producers. 'It's a stage and we won't stop here,' French Foreign Minister Jean-Noël Barrot said Friday, speaking to broadcaster France Info. 'We want new concessions, guarantees on wine and spirits, a readjustment, a rebalancing on the service sector, in particular digital services.' The minister argued that European negotiators hadn't been feared enough by Trump. 'Europe has to beef up its game," Barrot added. If Europe had been stronger, had it been feared by Donald Trump and the American negotiators, we doubtless could have obtained better results.' Swiss pharmaceutical Roche says medications should be exempt from tariffs Swiss pharmaceuticals powerhouse Roche says it is working to ensure its patients and customers worldwide have access to their medications and diagnostics amid Trump's tariff war. 'While we believe pharmaceuticals and diagnostics should be exempt from tariffs to protect patient access, supply chains and ultimately future innovation,' the statement said. Still, the company said it was prepared for the implementation of potential tariffs. 'With strengthened U.S. production capacity and proactive measures like inventory adjustments and tech transfer, we are working to ensure uninterrupted access to our products.' Some African nations hope they can still negotiate reduced tariffs Some African nations that benefited for 25 years from a duty-free trade agreement with the U.S. say they hope they can still negotiate a reduction on the new tariff rates imposed by the Trump administration, as they threaten tens of thousands of jobs in poor countries already struggling with high unemployment rates. South Africa, Africa's most diverse economy, received a 30% tariff rate which would impact exports like agricultural produce and cars. Those sectors have warned of potential job losses in a country that already has an unemployment rate of more than 32% — one of the highest in the world. South Africa is a beneficiary of the African Growth and Opportunity Act, a U.S. program giving some African countries duty-free access to the American market to spur development. African officials say that program — which started in 2000 — now appears doomed when it is up for renewal by the U.S. government in September. Meanwhile, neighboring Botswana expressed some relief that its rate was reduced from a threatened 37% in April to 15%. It was hoping for further talks, according to Botswana's chief trade negotiator. But in an indication of the wider impact, Botswana said its automotive industry also would be hurt because it provides parts to South Africa's car sector. Another African nation, tiny Lesotho, had been threatened with a massive 50% tariff rate. That was reduced to 15% by the U.S. in Thursday's list, but officials there fear it will still spell disaster for its clothing manufacturers, which make U.S. brands and export to the American market. The Associated Press 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
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36 minutes ago
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Trump didn't chicken out. So what's Canada's next move?
Canada has now learned that the derisive acronym TACO — often slapped on U.S. President Donald Trump — is inaccurate and needs to be tweaked to something more like "Trump (Almost) Always Chickens Out." Despite putting decidedly lower tariffs than he'd threatened on dozens of countries around the globe and giving Mexico a 90-day reprieve from his threat to raise its tariff rate, Trump singled out Canada for an increase. While there's no way that Canada can characterize what happened as a win, there's plenty of evidence that it's not a reason for Prime Minister Mark Carney's government to panic and do something that jeopardizes what really matters for the Canadian economy: tariff-free access to the U.S. for the vast majority of exports. The key evidence backing this perspective comes in the economic number-crunching showing the actual impact of Trump's tariffs on the whole of Canada's exports to the U.S, what's called the effective tariff rate. Think of it as an average, weighted by the value of Canadian goods going across the border. Different economists have slightly different estimates, but even with the increase Trump announced Thursday night, there's consensus the effective tariff rate for Canada is down in the single digits, noticeably lower than the rate for any other major trading partner. That's because despite Trump's bluster, he's allowing the vast majority of Canada's exports into the country with zero tariff under the terms of the Canada-U.S.-Mexico Agreement (CUSMA). WATCH | Canada's talks with Trump administration will continue, says minister of US trade: Experts and business leaders say Canada's trade negotiators and federal government need to be laser focused on maintaining that tariff-free access through CUSMA, especially since the deal is soon up for review. Goldy Hyder, president and CEO of the Business Council of Canada, says a bigger issue than Trump's incremental increase of the tariffs is the way Canada is struggling to "find a way forward" in its negotiations with the U.S. 'The conversation that we should be having' "I am hoping this is an opportunity to reassess and to some extent reset where we are and where we need to get to for the longer haul," Hyder told CBC's Katie Simpson in an interview Friday. While Hyder says he has empathy for Carney's government as it tries to navigate the uncharted waters of dealing with Trump 2.0 on trade, he's questioning whether its negotiating strategy has been aimed at the correct target. Canada must assess what it needs to do "to get into the conversation that we should be having, which is first and foremost: how are we going to review and renew the USMCA?" Hyder said, using the U.S. government's preferred acronym for the trade deal. The text of CUSMA calls for a formal review starting in July 2026, but consultations between the three countries are expected to begin this fall. As Trump levies blanket tariffs on nearly every other major trading partner, observers are increasingly pointing to the big tariff exemptions Canada is getting from CUSMA as a major competitive advantage. That creates a rather hefty source of motivation for the Carney government to make solidifying CUSMA the long-term goal of its talks with the Trump administration. The eternal question: Trump's real motivation for the tariffs On the other side of the border, there's a view that a significant driving force behind Trump's tariff tactics with Canada is gaining leverage in those CUSMA renewal talks. Although Department of Justice lawyers have been arguing in court that stopping the flow of fentanyl from Canada — as minimal as it is — justifies the tariffs, trade policy expert Inu Manak of the Council for Foreign Relations in Washington, D.C., says she believes there's no way that's really what's motivating Trump. "I do think a lot of this has to do with some sort of renegotiation of parts of the CUSMA deal that the Trump administration is not happy with," Manak told CBC News Network on Friday. Although Trump hit Canada with a tariff increase, Manak isn't criticizing Canada's negotiating tactics. "There's no really good way to go about doing this," she said. "We've seen variation in approaches and no matter what, everyone seems to be getting hit with tariffs." WATCH | Breaking down the winners and loser in Trump's tariff gambit: CUSMA and its tariff-free access must remain the focus for Canada, says John Manley, a former Liberal deputy prime minister, now chair of chair of Jefferies Securities, a global investment banking firm. "The big game is the 93 per cent of Canadian goods that cross the border currently tariff-free under USMCA," Manley told CBC News. "That is what we need to protect." To retaliate or not? Even if the CUSMA renegotiation is what matters most in the long term for Canada, the Carney government also has to think about what its immediate next steps should be. Perhaps the most immediate question along those lines for Ottawa is whether to retaliate or not. Brian Clow, who served as former prime minister Justin Trudeau's deputy chief of staff and led his "war room" on Canada-U.S. trade relations, describes himself as a fan of retaliation, but is not advocating for Carney to fire back at Trump in this instance. "I do think [Carney and his team] need to stop and consider whether to further retaliate right now, given Canada is standing on its own, and the rest of the world is not standing with us," Clow said Friday in an interview with CBC News. WATCH | Should Carney hit back? Here's what a former PMO insider thinks: Carney's government also needs to think about what it can do about the tariffs that are actually having the biggest impact on Canada right now: the sectoral tariffs of 50 per cent on steel and aluminum and 25 per cent on the non-U.S. content of assembled automobiles. "Maybe there's one more step towards the American ask that we can take — that we can live with — that can close this deal," Clow said. The signals from Carney's team suggest the plan is to keep on keeping on. Dominic LeBlanc, the minister responsible for Canada-U.S. trade, said Friday that he and Commerce Secretary Howard Lutnick, Trump's point man on tariffs, agreed to speak by phone next week and arrange for a meeting later in August. "We'll continue to talk to the Americans," LeBlanc told reporters in Washington. "The United States will continue to be our neighbour, continue to be our most important economic and security partner." Both LeBlanc in his scrum and Carney in his statement acknowledged the need for the government to help the steel, aluminum and auto sectors. Getting carve-outs or reductions of those tariffs will no doubt be an objective as the talks with Team Trump progress.
