The United States on Thursday threatened to maintain its naval blockade of Iran indefinitely, intensifying economic pressure on Tehran as ceasefire negotiations stall, global oil supplies tighten and tensions across the region escalate. U.S. Defense Secretary Pete Hegseth said the U.S. military could maintain a naval presence in the region to enforce the blockade, which has already inflicted si
Bank of America will invest up to US$1.92 billion (A$2.715 billion) for a 49.9% stake in Jio Credit, the non-bank lending arm of Jio Financial Services, the companies said on Wednesday. The United States lender will become a joint venture partner through a preferential allotment of equity shares and warrants. The transaction will initially give Bank of America a 26.5% stake in Jio Credit, wh
Reddit shares jumped in extended trading on Thursday after the social media company was selected for inclusion in the S&P 500 index. The stock gained 12.5% after S&P Dow Jones Indices announced that Reddit will join the benchmark on 18 August, replacing AvalonBay Communities. Shares often rise when companies are added to major stock indexes as funds tracking the benchmarks are required to pu
United States stocks finished higher on Thursday (Friday AEST), with the S&P 500 reaching a fresh record high as gains in major technology stocks and softer-than-expected producer price data reinforced expectations that the Federal Reserve will leave interest rates unchanged at its September meeting. The Dow Jones Industrial Average rose 69.7 points, or 0.1%, to 53,840.0. The S&P 500 gained 50.
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
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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
The United States budget deficit surged to its highest monthly level in more than five years in July, driven by rising Medicare costs and continued pressure from interest payments on the federal debt. The July deficit totalled US$432.3 billion, up around 48% from the same month a year earlier and the largest monthly shortfall since March 2021, according to the Treasury Department. The defici
The Reserve Bank of Australia has held the official cash rate at 4.35% after three rate hikes earlier this year, while warning it could raise rates again if needed to bring inflation back to target. The widely expected decision came as falling property values in Sydney and Melbourne spread to Brisbane, Perth and Adelaide following the earlier rate increases. Economists and financial markets
Trump Media & Technology Group reported a net loss of more than US$238 million (A$336.9 million) for its fiscal second quarter, despite revenue of less than $2 million. The loss was significantly larger than the nearly $20 million loss recorded in the same period last year and was primarily attributed to declines in non-cash assets, including more than $190 million in losses from “digital asset
Michael Burry, the investor made famous by “The Big Short”, is maintaining his bearish stance on markets despite the S&P 500 pushing to record highs, warning that the rally could still end in a sharp reversal similar to the 1987 stock market crash. “I continue to believe it is possible we are near a major top, and possible a 1987-type fall, but the S&P 500 making new highs likely will bring new
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