Latest news with #US36
AU Financial Review
6 days ago
- Politics
- AU Financial Review
Trump pardons reality-show couple convicted of $56m fraud
Washington | President Donald Trump on Wednesday (Thursday AEST) fully pardoned reality television stars Todd and Julie Chrisley, who were convicted three years ago of evading taxes and defrauding banks of about $US36 million ($56 million) to support their luxurious lifestyle. The pardon is the latest instance of Trump using his clemency power to settle grievances over what he calls the political weaponisation of the justice system. Trump, in notifying the Chrisleys' daughter, Savannah, called their treatment 'pretty harsh', as shown in a video clip of their call posted to social media by one of the president's special assistants.
The Advertiser
23-05-2025
- Business
- The Advertiser
Dollar under pressure as US fiscal anxiety rises
The dollar is heading for its first weekly fall in five weeks against major currencies and long-dated Treasury yields remain elevated as US debt concerns that have mounted for years start driving moves in currencies and global debt. Investor attention has switched from tariff anxiety to US fiscal concerns in a week where Moody's downgraded the US credit rating and the Republican-controlled House of Representatives on Thursday passed a sweeping tax and spending bill. Futures contracts tracking Wall Street's benchmark S&P 500 share index were steady in European trade on Friday morning as investors balanced the tax-cut boost to corporate earnings with longer-term concerns about the US economy. "It's good for corporates initially, and clearly you're seeing the flip side of that in Treasury markets," Netwealth CIO Iain Barnes said. But with long-dated debt yields' tendency to affect valuations of other assets, from global currencies to stocks, he said investors were nervous that any further volatility in 30-year Treasuries could start rippling across global markets. With the US debt pile already at $US36 trillion, President Donald Trump's plans to slash taxes, cut federal budgets and boost military and border enforcement spending has sparked rollercoaster moves in the long-term debt yields that set the nation's borrowing costs. The 30-year Treasury yield was four basis points lower but held just above five per cent after hitting a 19-month high in the previous session. Yields on 30-year Japanese bonds, which hit record highs earlier in the week as selling driven by domestic fiscal and inflation concerns was exacerbated by moves in US debt, recovered slightly, declining by 5 bps to about 3.10 per cent. Data on Friday showed Japan's core consumer price inflation climbed 3.5 per cent in April in its steepest annual increase for more than two years, raising pressure on the Bank of Japan to keep hiking interest rates. In the euro area, German Bund yields dipped on but stayed on track for their fifth straight weekly rise, tracking US Treasuries. The benchmark European debt has sold off despite money markets showing that traders anticipate the European Central Bank cutting its main deposit rate to about 1.75 per cent by year-end. In currency markets, the euro firmed 0.5 per cent to $1.1335 . An index tracking the US currency against a basket of peers including the euro and Japan's yen, was 0.2 per cent lower and down 1.3 per cent on the week in its first weekly drop since late April. Despite the euro's gain, which tends to knock exporters' shares, Europe's Stoxx 600 share index gained 0.3 per cent in early dealings and Germany's Xetra Dax added 0.4 per cent, as traders stayed cautious towards US assets. Japan's Nikkei also gained 0.5 per cent on Friday, with MSCI's broadest index of Asia-Pacific shares outside Japan rising by the same amount. Bitcoin prices dipped from its record high but it was still set for a weekly gain of 6.4 per cent to $US110,796. Oil prices dropped for a fourth consecutive session and were set for their first weekly decline in three weeks, weighed down by renewed supply pressure from another possible OPEC+ output hike in July. Brent futures fell 0.85 per cent to $US63.89 a barrel and US West Texas Intermediate crude futures fell 0.9 per cent to $US60.65. In precious metals, gold prices rose just more than one per cent to $US3,321 an ounce. The dollar is heading for its first weekly fall in five weeks against major currencies and long-dated Treasury yields remain elevated as US debt concerns that have mounted for years start driving moves in currencies and global debt. Investor attention has switched from tariff anxiety to US fiscal concerns in a week where Moody's downgraded the US credit rating and the Republican-controlled House of Representatives on Thursday passed a sweeping tax and spending bill. Futures contracts tracking Wall Street's benchmark S&P 500 share index were steady in European trade on Friday morning as investors balanced the tax-cut boost to corporate earnings with longer-term concerns about the US economy. "It's good for corporates initially, and clearly you're seeing the flip side of that in Treasury markets," Netwealth CIO Iain Barnes said. But with long-dated debt yields' tendency to affect valuations of other assets, from global currencies to stocks, he said investors were nervous that any further volatility in 30-year Treasuries could start rippling across global markets. With the US debt pile already at $US36 trillion, President Donald Trump's plans to slash taxes, cut federal budgets and boost military and border enforcement spending has sparked rollercoaster moves in the long-term debt yields that set the nation's borrowing costs. The 30-year Treasury yield was four basis points lower but held just above five per cent after hitting a 19-month high in the previous session. Yields on 30-year Japanese bonds, which hit record highs earlier in the week as selling driven by domestic fiscal and inflation concerns was exacerbated by moves in US debt, recovered slightly, declining by 5 bps to about 3.10 per cent. Data on Friday showed Japan's core consumer price inflation climbed 3.5 per cent in April in its steepest annual increase for more than two years, raising pressure on the Bank of Japan to keep hiking interest rates. In the euro area, German Bund yields dipped on but stayed on track for their fifth straight weekly rise, tracking US Treasuries. The benchmark European debt has sold off despite money markets showing that traders anticipate the European Central Bank cutting its main deposit rate to about 1.75 per cent by year-end. In currency markets, the euro firmed 0.5 per cent to $1.1335 . An index tracking the US currency against a basket of peers including the euro and Japan's yen, was 0.2 per cent lower and down 1.3 per cent on the week in its first weekly drop since late April. Despite the euro's gain, which tends to knock exporters' shares, Europe's Stoxx 600 share index gained 0.3 per cent in early dealings and Germany's Xetra Dax added 0.4 per cent, as traders stayed cautious towards US assets. Japan's Nikkei also gained 0.5 per cent on Friday, with MSCI's broadest index of Asia-Pacific shares outside Japan rising by the same amount. Bitcoin prices dipped from its record high but it was still set for a weekly gain of 6.4 per cent to $US110,796. Oil prices dropped for a fourth consecutive session and were set for their first weekly decline in three weeks, weighed down by renewed supply pressure from another possible OPEC+ output hike in July. Brent futures fell 0.85 per cent to $US63.89 a barrel and US West Texas Intermediate crude futures fell 0.9 per cent to $US60.65. In precious metals, gold prices rose just more than one per cent to $US3,321 an ounce. The dollar is heading for its first weekly fall in five weeks against major currencies and long-dated Treasury yields remain elevated as US debt concerns that have mounted for years start driving moves in currencies and global debt. Investor attention has switched from tariff anxiety to US fiscal concerns in a week where Moody's downgraded the US credit rating and the Republican-controlled House of Representatives on Thursday passed a sweeping tax and spending bill. Futures contracts tracking Wall Street's benchmark S&P 500 share index were steady in European trade on Friday morning as investors balanced the tax-cut boost to corporate earnings with longer-term concerns about the US economy. "It's good for corporates initially, and clearly you're seeing the flip side of that in Treasury markets," Netwealth CIO Iain Barnes said. But with long-dated debt yields' tendency to affect valuations of other assets, from global currencies to stocks, he said investors were nervous that any further volatility in 30-year Treasuries could start rippling across global markets. With the US debt pile already at $US36 trillion, President Donald Trump's plans to slash taxes, cut federal budgets and boost military and border enforcement spending has sparked rollercoaster moves in the long-term debt yields that set the nation's borrowing costs. The 30-year Treasury yield was four basis points lower but held just above five per cent after hitting a 19-month high in the previous session. Yields on 30-year Japanese bonds, which hit record highs earlier in the week as selling driven by domestic fiscal and inflation concerns was exacerbated by moves in US debt, recovered slightly, declining by 5 bps to about 3.10 per cent. Data on Friday showed Japan's core consumer price inflation climbed 3.5 per cent in April in its steepest annual increase for more than two years, raising pressure on the Bank of Japan to keep hiking interest rates. In the euro area, German Bund yields dipped on but stayed on track for their fifth straight weekly rise, tracking US Treasuries. The benchmark European debt has sold off despite money markets showing that traders anticipate the European Central Bank cutting its main deposit rate to about 1.75 per cent by year-end. In currency markets, the euro firmed 0.5 per cent to $1.1335 . An index tracking the US currency against a basket of peers including the euro and Japan's yen, was 0.2 per cent lower and down 1.3 per cent on the week in its first weekly drop since late April. Despite the euro's gain, which tends to knock exporters' shares, Europe's Stoxx 600 share index gained 0.3 per cent in early dealings and Germany's Xetra Dax added 0.4 per cent, as traders stayed cautious towards US assets. Japan's Nikkei also gained 0.5 per cent on Friday, with MSCI's broadest index of Asia-Pacific shares outside Japan rising by the same amount. Bitcoin prices dipped from its record high but it was still set for a weekly gain of 6.4 per cent to $US110,796. Oil prices dropped for a fourth consecutive session and were set for their first weekly decline in three weeks, weighed down by renewed supply pressure from another possible OPEC+ output hike in July. Brent futures fell 0.85 per cent to $US63.89 a barrel and US West Texas Intermediate crude futures fell 0.9 per cent to $US60.65. In precious metals, gold prices rose just more than one per cent to $US3,321 an ounce. The dollar is heading for its first weekly fall in five weeks against major currencies and long-dated Treasury yields remain elevated as US debt concerns that have mounted for years start driving moves in currencies and global debt. Investor attention has switched from tariff anxiety to US fiscal concerns in a week where Moody's downgraded the US credit rating and the Republican-controlled House of Representatives on Thursday passed a sweeping tax and spending bill. Futures contracts tracking Wall Street's benchmark S&P 500 share index were steady in European trade on Friday morning as investors balanced the tax-cut boost to corporate earnings with longer-term concerns about the US economy. "It's good for corporates initially, and clearly you're seeing the flip side of that in Treasury markets," Netwealth CIO Iain Barnes said. But with long-dated debt yields' tendency to affect valuations of other assets, from global currencies to stocks, he said investors were nervous that any further volatility in 30-year Treasuries could start rippling across global markets. With the US debt pile already at $US36 trillion, President Donald Trump's plans to slash taxes, cut federal budgets and boost military and border enforcement spending has sparked rollercoaster moves in the long-term debt yields that set the nation's borrowing costs. The 30-year Treasury yield was four basis points lower but held just above five per cent after hitting a 19-month high in the previous session. Yields on 30-year Japanese bonds, which hit record highs earlier in the week as selling driven by domestic fiscal and inflation concerns was exacerbated by moves in US debt, recovered slightly, declining by 5 bps to about 3.10 per cent. Data on Friday showed Japan's core consumer price inflation climbed 3.5 per cent in April in its steepest annual increase for more than two years, raising pressure on the Bank of Japan to keep hiking interest rates. In the euro area, German Bund yields dipped on but stayed on track for their fifth straight weekly rise, tracking US Treasuries. The benchmark European debt has sold off despite money markets showing that traders anticipate the European Central Bank cutting its main deposit rate to about 1.75 per cent by year-end. In currency markets, the euro firmed 0.5 per cent to $1.1335 . An index tracking the US currency against a basket of peers including the euro and Japan's yen, was 0.2 per cent lower and down 1.3 per cent on the week in its first weekly drop since late April. Despite the euro's gain, which tends to knock exporters' shares, Europe's Stoxx 600 share index gained 0.3 per cent in early dealings and Germany's Xetra Dax added 0.4 per cent, as traders stayed cautious towards US assets. Japan's Nikkei also gained 0.5 per cent on Friday, with MSCI's broadest index of Asia-Pacific shares outside Japan rising by the same amount. Bitcoin prices dipped from its record high but it was still set for a weekly gain of 6.4 per cent to $US110,796. Oil prices dropped for a fourth consecutive session and were set for their first weekly decline in three weeks, weighed down by renewed supply pressure from another possible OPEC+ output hike in July. Brent futures fell 0.85 per cent to $US63.89 a barrel and US West Texas Intermediate crude futures fell 0.9 per cent to $US60.65. In precious metals, gold prices rose just more than one per cent to $US3,321 an ounce.
Perth Now
23-05-2025
- Business
- Perth Now
Dollar under pressure as US fiscal anxiety rises
The dollar is heading for its first weekly fall in five weeks against major currencies and long-dated Treasury yields remain elevated as US debt concerns that have mounted for years start driving moves in currencies and global debt. Investor attention has switched from tariff anxiety to US fiscal concerns in a week where Moody's downgraded the US credit rating and the Republican-controlled House of Representatives on Thursday passed a sweeping tax and spending bill. Futures contracts tracking Wall Street's benchmark S&P 500 share index were steady in European trade on Friday morning as investors balanced the tax-cut boost to corporate earnings with longer-term concerns about the US economy. "It's good for corporates initially, and clearly you're seeing the flip side of that in Treasury markets," Netwealth CIO Iain Barnes said. But with long-dated debt yields' tendency to affect valuations of other assets, from global currencies to stocks, he said investors were nervous that any further volatility in 30-year Treasuries could start rippling across global markets. With the US debt pile already at $US36 trillion, President Donald Trump's plans to slash taxes, cut federal budgets and boost military and border enforcement spending has sparked rollercoaster moves in the long-term debt yields that set the nation's borrowing costs. The 30-year Treasury yield was four basis points lower but held just above five per cent after hitting a 19-month high in the previous session. Yields on 30-year Japanese bonds, which hit record highs earlier in the week as selling driven by domestic fiscal and inflation concerns was exacerbated by moves in US debt, recovered slightly, declining by 5 bps to about 3.10 per cent. Data on Friday showed Japan's core consumer price inflation climbed 3.5 per cent in April in its steepest annual increase for more than two years, raising pressure on the Bank of Japan to keep hiking interest rates. In the euro area, German Bund yields dipped on but stayed on track for their fifth straight weekly rise, tracking US Treasuries. The benchmark European debt has sold off despite money markets showing that traders anticipate the European Central Bank cutting its main deposit rate to about 1.75 per cent by year-end. In currency markets, the euro firmed 0.5 per cent to $1.1335 . An index tracking the US currency against a basket of peers including the euro and Japan's yen, was 0.2 per cent lower and down 1.3 per cent on the week in its first weekly drop since late April. Despite the euro's gain, which tends to knock exporters' shares, Europe's Stoxx 600 share index gained 0.3 per cent in early dealings and Germany's Xetra Dax added 0.4 per cent, as traders stayed cautious towards US assets. Japan's Nikkei also gained 0.5 per cent on Friday, with MSCI's broadest index of Asia-Pacific shares outside Japan rising by the same amount. Bitcoin prices dipped from its record high but it was still set for a weekly gain of 6.4 per cent to $US110,796. Oil prices dropped for a fourth consecutive session and were set for their first weekly decline in three weeks, weighed down by renewed supply pressure from another possible OPEC+ output hike in July. Brent futures fell 0.85 per cent to $US63.89 a barrel and US West Texas Intermediate crude futures fell 0.9 per cent to $US60.65. In precious metals, gold prices rose just more than one per cent to $US3,321 an ounce.
Perth Now
21-05-2025
- Business
- Perth Now
Stocks subdued as Trump tax cuts stoke fiscal fears
Stocks have been muted and the US dollar under pressure as investors fret about the fiscal outlook for major developed economies and the lack of progress on trade deals. Oil prices rose more than one per cent after a CNN report said Israel was preparing a strike on Iranian nuclear facilities, raising supply concerns out of the key Middle East producing region and bringing geopolitical concerns back into focus. Investor sentiment has been fragile since Moody's last week downgraded the United States' credit rating, stoking worries about the country's $US36 trillion ($A56 trillion) debt pile, with US President Donald Trump pushing for tax cuts that could worsen the debt load by $US3 trillion to $US5 trillion. There are also concerns about a lack of progress on US trade talks with trading partners pressing Washington to ease or eliminate its tariffs. The STOXX benchmark of major European shares fell 0.2 per cent in early trading on Wednesday, and US stock futures indicated a lower open on Wall Street. Treasury yields have stayed elevated, with the yield on 30-year Treasury bonds hitting five per cent. That brought no respite to the dollar as investors flocked to safe-haven currencies including the yen and the Swiss franc. "People are looking at the idea of moving capital out of the US and it's certainly not a mass exodus, but people are looking at the opportunities in some of these other markets again," said Chris Weston, head of research at Pepperstone. Investors sought those opportunities in Asia, with MSCI's broadest index of the region outside Japan up 0.8 per cent at a seven-month high. In currencies, dollar selling accelerated in Asia, driving the yen, Swiss franc and the euro to their strongest levels in two weeks. The pound touched a three-week high and last bought $US1.3428. British inflation jumped to a higher-than-expected annual rate of 3.5 per cent in April from 2.6 per cent in March. Markets were also monitoring the Group of Seven finance ministers' meetings under way in Canada for any hints that a weaker dollar could help advance trade negotiations. Investors in the Japanese bond market remained jittery after a steep selloff in super-long bonds in the previous session. Yields on longer-dated bonds hovered near record highs on Wednesday, with questions over how the country could fund new fiscal stimulus, with the central bank trying to normalise monetary policy. Data on Wednesday showed Japanese shipments to the US fell in April even as exports rose for the seventh straight month, highlighting the toll President Donald Trump's tariffs could take on the fragile economic recovery in Japan. Analysts said any progress on deals between the US and its trade partners could fuel risk appetite, but there are concerns Trump's policies could still damage the global economy. On Tuesday, US Federal Reserve officials said prices were rising on the back of higher US import tariffs and counselled patience before making any interest rate decisions. Gold prices rose on Wednesday as the dollar weakened and investors flocked to safe-haven assets. Spot gold was 0.7 per cent at $US3,311 per ounce, the highest in more than a week.
West Australian
21-05-2025
- Business
- West Australian
Stocks subdued as Trump tax cuts stoke fiscal fears
Stocks have been muted and the US dollar under pressure as investors fret about the fiscal outlook for major developed economies and the lack of progress on trade deals. Oil prices rose more than one per cent after a CNN report said Israel was preparing a strike on Iranian nuclear facilities, raising supply concerns out of the key Middle East producing region and bringing geopolitical concerns back into focus. Investor sentiment has been fragile since Moody's last week downgraded the United States' credit rating, stoking worries about the country's $US36 trillion ($A56 trillion) debt pile, with US President Donald Trump pushing for tax cuts that could worsen the debt load by $US3 trillion to $US5 trillion. There are also concerns about a lack of progress on US trade talks with trading partners pressing Washington to ease or eliminate its tariffs. The STOXX benchmark of major European shares fell 0.2 per cent in early trading on Wednesday, and US stock futures indicated a lower open on Wall Street. Treasury yields have stayed elevated, with the yield on 30-year Treasury bonds hitting five per cent. That brought no respite to the dollar as investors flocked to safe-haven currencies including the yen and the Swiss franc. "People are looking at the idea of moving capital out of the US and it's certainly not a mass exodus, but people are looking at the opportunities in some of these other markets again," said Chris Weston, head of research at Pepperstone. Investors sought those opportunities in Asia, with MSCI's broadest index of the region outside Japan up 0.8 per cent at a seven-month high. In currencies, dollar selling accelerated in Asia, driving the yen, Swiss franc and the euro to their strongest levels in two weeks. The pound touched a three-week high and last bought $US1.3428. British inflation jumped to a higher-than-expected annual rate of 3.5 per cent in April from 2.6 per cent in March. Markets were also monitoring the Group of Seven finance ministers' meetings under way in Canada for any hints that a weaker dollar could help advance trade negotiations. Investors in the Japanese bond market remained jittery after a steep selloff in super-long bonds in the previous session. Yields on longer-dated bonds hovered near record highs on Wednesday, with questions over how the country could fund new fiscal stimulus, with the central bank trying to normalise monetary policy. Data on Wednesday showed Japanese shipments to the US fell in April even as exports rose for the seventh straight month, highlighting the toll President Donald Trump's tariffs could take on the fragile economic recovery in Japan. Analysts said any progress on deals between the US and its trade partners could fuel risk appetite, but there are concerns Trump's policies could still damage the global economy. On Tuesday, US Federal Reserve officials said prices were rising on the back of higher US import tariffs and counselled patience before making any interest rate decisions. Gold prices rose on Wednesday as the dollar weakened and investors flocked to safe-haven assets. Spot gold was 0.7 per cent at $US3,311 per ounce, the highest in more than a week.
