The United States is intensifying economic pressure on Iran as the nearly six-month war enters a new phase, while the ongoing blockade of the Strait of Hormuz continues to disrupt commercial shipping and raise concerns over regional security. Iran's foreign minister Abbas Araghchi dismissed President Trump's threat to wield "Economic Warfare and Isolation on an unprecedented scale" as a diversi
Walmart shares tumbled 9.2% on Thursday despite the retail giant beating Wall Street expectations for fiscal second-quarter sales and raising its full-year outlook, as investors focused on weaker-than-expected comparable sales and cautious quarterly guidance. Walmart reported adjusted earnings per share of 81 cents, ahead of the 74 cents expected, while revenue reached $187.94 billion, compared
Federal Reserve officials indicated at their July meeting that interest rates may need to rise if inflation fails to cool further, according to minutes released on Wednesday. “Many participants assessed that policy tightening would likely be necessary if inflation did not decline,” the minutes said. “Some participants commented that financial conditions might not currently be sufficiently re
Wall Street closed lower on Thursday (Friday AEST) as rising Treasury yields weighed on risk appetite, while disappointing results from retail giant Walmart pressured consumer stocks and higher oil prices fuelled inflation concerns. The Dow Jones Industrial Average fell 703.8 points, or 1.3%, to 52,759.2, while the S&P 500 lost 66.8 points, or 0.9%, to 7,641.2. The Nasdaq Composite declined 263
Australia's unemployment rate rose to 4.5% in July, exceeding market expectations, as employment declined and the number of unemployed people increased. The seasonally adjusted unemployment rate climbed from 4.4% in June according to fresh data from the Australian Bureau of Statistics (ABS), above expectations for the rate to remain unchanged.Credit: ABSThe number of employed people fell by 15,
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Target's turnaround showed further signs of gaining momentum on Wednesday as the retailer reported stronger-than-expected quarterly sales, received a major tariff refund and raised its full-year outlook. Target reported adjusted earnings per share (EPS) of $2.46, beating the $2.35 expected, while revenue rose to $26.54 billion, above the $26.15 billion forecast. Net sales increased 5.3% from
United States single-family homebuilding fell sharply in July to its lowest level in more than three-and-a-half years, while contract signings for existing homes also declined, signalling continued pressure on the housing market from elevated mortgage rates and economic uncertainty linked to the Iran war. Single-family housing starts, which account for most homebuilding activity, fell 9.9% in J
Home Depot reported fiscal second-quarter results that beat Wall Street expectations on both revenue and earnings on Tuesday, while the home improvement retailer reaffirmed its full-year guidance amid what its chief financial officer described as “frozen housing market conditions.” The company reported adjusted earnings per share of $4.92, compared with the $4.73 expected by analysts, while rev
BHP Group reported a better-than-expected full-year underlying profit on Tuesday, driven by higher copper prices as the red metal overtook iron ore as the mining giant's biggest earnings contributor. Copper prices have climbed to record highs above $14,000 a tonne this year, supported by the rapid expansion of energy-intensive artificial intelligence data centres and the global transition towar
Nvidia will provide up to US$105 billion in financing and computing capacity for a new artificial intelligence data centre being developed for OpenAI in Ohio. The financing will support an initial 4.25 gigawatts of computing capacity, with an option to expand by a further 3.75 gigawatts. Nvidia will supply the computing infrastructure, with capacity expected to come online in phases from 2028.
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