President Donald Trump said the United States will postpone a fresh military strike on Iran while negotiations continue over a deal aimed at halting Tehran's nuclear programme and reopening the Strait of Hormuz. Posting on his Truth Social platform late on Saturday, Trump said Iran and several Middle Eastern nations had requested additional time to finalise an agreement that would deliver "the
United States economic growth slowed in the second quarter as a surge in imports widened the trade deficit, although strong consumer spending and business investment in artificial intelligence infrastructure highlighted the resilience of domestic demand. Data released by the Commerce Department on Thursday showed the moderation in gross domestic product (GDP) also reflected ongoing inventory dr
Amazon exceeded Wall Street expectations for cloud computing growth in the second quarter and raised its annual capital expenditure forecast, signalling that strong demand for artificial intelligence services continues to support its aggressive infrastructure investment. Shares of the Seattle-based technology and e-commerce giant jumped more than 9% in after-hours trading before easing to trade
Wall Street closed higher on Friday (Saturday AEST) as a strong quarterly earnings report from Amazon boosted confidence in artificial intelligence-related stocks, helping offset losses in Apple after the iPhone maker disappointed investors with its outlook. The Dow Jones Industrial Average rose 277.0 points, or 0.5%, to 52,485.0. The S&P 500 gained 52.1 points, or 0.7%, to finish at 7,489.7, w
The Organization of the Petroleum Exporting Countries and allies (OPEC+) agreed on Sunday to raise oil production quotas by around 188,000 barrels per day from September, completing the phased rollback of a layer of voluntary output cuts introduced in 2023. According to the group's statement: "In their collective commitment to support oil market stability, the seven participating countries d
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The latest round of Big Tech earnings this week reinforced a widening divide in the artificial intelligence race, with Microsoft and Amazon benefiting from strong cloud demand while Meta faced questions over the returns from its massive AI spending programme. Microsoft: Azure growth fuels AI optimismMicrosoft shares jumped 18.2% for the week after the software giant reported stronger-than-expected
Federal Reserve Chair Kevin Warsh said the central bank’s latest policy meeting delivered the “family fight” he had called for, as policymakers debated the future direction of interest rates amid persistent inflation concerns and Middle East tensions. The Federal Reserve kept its benchmark lending rate unchanged at 3.5%-3.75% for the fifth consecutive meeting, with the conflict in the Middle Ea
Boeing reported a wider-than-expected second-quarter loss as costs associated with its delayed Air Force One program weighed on earnings, although stronger revenue and better-than-expected cash generation signalled continued progress in the aerospace manufacturer's turnaround. The company posted an adjusted loss of US$0.76 per share, wider than analysts' expectations for a $0.28 per share loss.
United States consumer confidence unexpectedly weakened in July as Americans grew more cautious about the economy, with perceptions of the labour market remaining subdued despite easing concerns over energy prices and geopolitics. The Conference Board's Consumer Confidence Index fell to 90.8 in July from an upwardly revised 92.2 in June. Economists had expected the index to edge higher to 92
OpenAI is in talks with Nvidia over a potential US$250 billion credit backstop that would help finance the development of a massive artificial intelligence data centre campus in Ohio, according to reports. The proposed arrangement would allow OpenAI to raise debt for a 10-gigawatt data centre project in Pike County, Ohio, using Nvidia's credit strength as support, CNBC reported, citing a person
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