President Donald Trump said Tuesday that there are no ongoing or planned talks with Iran to end the war, as the United States and Iran remain locked in a standoff over control of the Strait of Hormuz nearly six months after the conflict began. Trump said there were no discussions underway with Iran and no new talks had been scheduled, despite previously indicating that diplomatic contacts were
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
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.
Wall Street's main indexes closed lower on Tuesday (Wednesday AEST), led by a sell-off in semiconductor and technology stocks as renewed uncertainty over the Middle East pushed bond yields higher and heightened concerns about borrowing costs and inflation. The Dow Jones Industrial Average fell 116.4 points, or 0.2%, to 53,343.4. The S&P 500 declined 53.3 points, or 0.7%, to 7,691.8, while the N
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
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United States retail sales fell in July for the first time in nine months as the boost from earlier tax refunds faded, signalling a slowdown in consumer spending. Retail sales declined 0.6% in July, according to the Commerce Department's Census Bureau, following an unrevised 0.2% increase in June. The drop was the first monthly decline since October and the largest in 14 months. Economist
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
United States consumer sentiment deteriorated sharply in early August as consumers grew increasingly concerned about the rising cost of living amid the conflict in the Middle East, according to a survey released on Friday. The University of Michigan's Surveys of Consumers said its Consumer Sentiment Index fell to 51.0 in August from 55.2 in July, ending two consecutive months of improvement.
US wholesale prices were unchanged in July, providing another indication that inflationary pressures may be easing and strengthening expectations that the Federal Reserve could keep interest rates on hold. The producer price index (PPI), which measures inflation at the wholesale level, was flat for the month, below economists' expectations for a 0.2% increase. The index fell 0.1% in June, a dec
United States consumer prices rose modestly in July, with inflation readings coming in line with expectations and reducing pressure on the Federal Reserve to raise interest rates at its September meeting. The consumer price index (CPI), a broad measure of goods and services costs, increased 0.1% on a seasonally adjusted basis during July, according to the Bureau of Labor Statistics (BLS). The a
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