Latest news with #StevenMnuchin
Business Standard
22-05-2025
- Business
- Business Standard
China's Shanghai Composite index slips 0.22%
Asian stocks followed Wall Street lower on Thursday after longer-dated U.S. Treasury yields hit their highest in 18 months on concerns that a new budget proposal could swell the country's federal deficit. U.S. President Donald Trump is championing an extension of his 2017 tax cuts, which analysts warn could add trillions to the federal governments already massive $36.2 trillion debt pile. The plan has sparked fears of an even wider deficit, especially as interest payments continue to soar. Former Treasury Secretary Steven Mnuchin said during a panel discussion at the Qatar Economic Forum that he's more alarmed by the growing budget deficit than the trade deficit, and urged Washington to prioritize fiscal repair. The dollar stayed weak in Asian trade on U.S. fiscal woes and gold scaled a two-week high while oil extended losses for a third straight session after a surprise inventory build and amid Iran-U.S. nuclear talks. China's Shanghai Composite index slipped 0.22 percent to 3,380.19 and Hong Kong's Hang Seng index fell 1.19 percent to 23,544.31 on U.S. fiscal concerns. Baidu lost 4 percent after posting a marginal rise in Q1 revenues.
Yahoo
21-05-2025
- Business
- Yahoo
Wall Street Wobbles: Bond Yields Explode, Deficit Fears Mount, and Geopolitics Rattle Markets
Stocks just hit a speed bump. After rallying hard off April lows, the S&P 500 (SPY) slipped 0.52% by 10.54pm as the mood turned cautious across Wall Street. Investors are digesting a messy mix of political wrangling in Washington, fresh warnings about America's growing debt load, and a spike in long-term Treasury yields. The 30-year yield crossed 5%, unsettling risk appetite. Meanwhile, reports that Israel may be gearing up for a strike on Iran pushed oil prices higher and added a new layer of geopolitical risk. Market nerves briefly calmed when word spread that the EU could offer a fresh trade proposal to the it wasn't enough to stop the selloff. The budget drama in D.C. is heating up. Republicans are scrambling to finalize a revised version of Trump's economic bill, with a SALT cap boost to $40,000 at the center of the negotiations. That tweak might unlock a House vote, but it's also reigniting conservative pushback demanding deeper spending cuts. Moody's recent credit downgrade served as a reminder: the U.S. isn't immune to debt stress. Former Treasury Secretary Steven Mnuchin didn't hold back, calling the deficit more worrisome than the trade imbalance and pushing for urgent fiscal repair. The 10-year yield jumped to 4.53%, while the dollar softened as bond markets recalibrated. Corporate stories added more texture to the tape. UnitedHealth (NYSE:UNH) dropped after reports of controversial incentives for nursing homes. Take-Two (NASDAQ:TTWO) is tapping investors for $1 billion. Lowe's held up surprisingly well despite weak consumer sentiment, while Boeing (NYSE:BA) hinted that 737 jet production could be stabilizing. Nvidia's (NVDA) Jensen Huang slammed current AI chip export rules, warning they might hand the market to China. Tesla (NASDAQ:TSLA) traded steady amid the broader slide. Elsewhere, Moderna (NASDAQ:MRNA) pulled its flu-Covid combo shot application, and Phillips 66 (NYSE:PSX) shareholders backed activist nominees in a rare U.S. proxy win for Elliott. Bottom line? Macro worries are rising, but stock-specific moves are still creating opportunitiesif you know where to look. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
Wall Street Wobbles: Bond Yields Explode, Deficit Fears Mount, and Geopolitics Rattle Markets
Stocks just hit a speed bump. After rallying hard off April lows, the S&P 500 (SPY) slipped 0.52% by 10.54pm as the mood turned cautious across Wall Street. Investors are digesting a messy mix of political wrangling in Washington, fresh warnings about America's growing debt load, and a spike in long-term Treasury yields. The 30-year yield crossed 5%, unsettling risk appetite. Meanwhile, reports that Israel may be gearing up for a strike on Iran pushed oil prices higher and added a new layer of geopolitical risk. Market nerves briefly calmed when word spread that the EU could offer a fresh trade proposal to the it wasn't enough to stop the selloff. The budget drama in D.C. is heating up. Republicans are scrambling to finalize a revised version of Trump's economic bill, with a SALT cap boost to $40,000 at the center of the negotiations. That tweak might unlock a House vote, but it's also reigniting conservative pushback demanding deeper spending cuts. Moody's recent credit downgrade served as a reminder: the U.S. isn't immune to debt stress. Former Treasury Secretary Steven Mnuchin didn't hold back, calling the deficit more worrisome than the trade imbalance and pushing for urgent fiscal repair. The 10-year yield jumped to 4.53%, while the dollar softened as bond markets recalibrated. Corporate stories added more texture to the tape. UnitedHealth (NYSE:UNH) dropped after reports of controversial incentives for nursing homes. Take-Two (NASDAQ:TTWO) is tapping investors for $1 billion. Lowe's held up surprisingly well despite weak consumer sentiment, while Boeing (NYSE:BA) hinted that 737 jet production could be stabilizing. Nvidia's (NVDA) Jensen Huang slammed current AI chip export rules, warning they might hand the market to China. Tesla (NASDAQ:TSLA) traded steady amid the broader slide. Elsewhere, Moderna (NASDAQ:MRNA) pulled its flu-Covid combo shot application, and Phillips 66 (NYSE:PSX) shareholders backed activist nominees in a rare U.S. proxy win for Elliott. Bottom line? Macro worries are rising, but stock-specific moves are still creating opportunitiesif you know where to look. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
Mnuchin Flags US Budget Deficit as Bigger Worry Than Trade Gap
(Bloomberg) -- Former United States Treasury Secretary Steven Mnuchin said he's more alarmed by the country's growing budget deficit than its trade imbalances, and urged Washington to prioritize fiscal repair. Can Frank Gehry's 'Grand LA' Make Downtown Feel Like a Neighborhood? Chicago's O'Hare Airport Seeks Up to $4.3 Billion of Muni Debt NJ Transit Makes Deal With Engineers, Ending Three-Day Strike 'I'm very concerned,' he said during a panel discussion at the Qatar Economic Forum on Wednesday. 'The budget deficit is a larger concern to me than the trade deficit. So I'm on the side of, I hope we do get more spending cuts — something that's very important.' Mnuchin, who now runs private equity firm Liberty Strategic Capital, ran the Treasury during Donald Trump's first term in office. He spoke in a week of intensified focus on US fiscal matters following a debate throughout the night by House lawmakers on the president's plan for tax cuts, just days after the country lost its last remaining top credit score. While Mnuchin acknowledged fallout on the market for US Treasuries from the downgrade decision by Moody's Ratings, he insisted that America remains the most secure sovereign borrower globally. What the US Losing Its Last AAA Credit Rating Means: QuickTake 'I still see us as a AAA credit, regardless of what the rating agencies say,' he said. 'I'd still rather buy US government securities than any other so-called AAA out there.' Mnuchin said the Fed's current pause on interest-rate changes, combined with the scale of deficits Washington must finance, will likely keep upward pressure on yields. On the legislative front, Mnuchin said he expects progress on the tax bill by early summer despite 'some issues that still need to be resolved.' The government of the State of Qatar is the underwriter of the Qatar Economic Forum, Powered by Bloomberg Why Apple Still Hasn't Cracked AI Anthropic Is Trying to Win the AI Race Without Losing Its Soul Inside the First Stargate AI Data Center Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp ©2025 Bloomberg L.P.
Yahoo
21-05-2025
- Business
- Yahoo
Mnuchin Flags US Budget Deficit as Bigger Worry Than Trade Gap
(Bloomberg) -- Former United States Treasury Secretary Steven Mnuchin said he's more alarmed by the country's growing budget deficit than its trade imbalances, and urged Washington to prioritize fiscal repair. Can Frank Gehry's 'Grand LA' Make Downtown Feel Like a Neighborhood? Chicago's O'Hare Airport Seeks Up to $4.3 Billion of Muni Debt NJ Transit Makes Deal With Engineers, Ending Three-Day Strike 'I'm very concerned,' he said during a panel discussion at the Qatar Economic Forum on Wednesday. 'The budget deficit is a larger concern to me than the trade deficit. So I'm on the side of, I hope we do get more spending cuts — something that's very important.' Mnuchin, who now runs private equity firm Liberty Strategic Capital, ran the Treasury during Donald Trump's first term in office. He spoke in a week of intensified focus on US fiscal matters following a debate throughout the night by House lawmakers on the president's plan for tax cuts, just days after the country lost its last remaining top credit score. While Mnuchin acknowledged fallout on the market for US Treasuries from the downgrade decision by Moody's Ratings, he insisted that America remains the most secure sovereign borrower globally. What the US Losing Its Last AAA Credit Rating Means: QuickTake 'I still see us as a AAA credit, regardless of what the rating agencies say,' he said. 'I'd still rather buy US government securities than any other so-called AAA out there.' Mnuchin said the Fed's current pause on interest-rate changes, combined with the scale of deficits Washington must finance, will likely keep upward pressure on yields. On the legislative front, Mnuchin said he expects progress on the tax bill by early summer despite 'some issues that still need to be resolved.' The government of the State of Qatar is the underwriter of the Qatar Economic Forum, Powered by Bloomberg Why Apple Still Hasn't Cracked AI Anthropic Is Trying to Win the AI Race Without Losing Its Soul Inside the First Stargate AI Data Center Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp ©2025 Bloomberg L.P. 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
