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By Stella Qiu SYDNEY (Reuters) -Core inflation in Australia slowed to a three-year low in the first quarter as costs in the services sector cooled markedly, data showed on Wednesday, supporting the case for another cut in interest rates in coming weeks. Investors are fully expecting a quarter-point rate cut from the Reserve Bank of Australia on May 20 given the darkening outlook for global growth caused largely by U.S. tariffs, even as a stronger-than-expected reading in headline inflation saw some scale back aggressive bets for five rate cuts this year. Data from the Australian Bureau of Statistics showed the…
By Rae Wee SINGAPORE (Reuters) – Shares struggled for direction on Wednesday and oil prices slid as relief over a potential easing of global trade tensions was offset by a worsening economic outlook and dour signals from corporates swept up by Donald Trump’s tariffs. U.S. Treasury yields also languished near multi-week lows as traders raised bets of more rate cuts from the Federal Reserve to support the world’s largest economy. Despite Trump’s move to soften the blow of his auto tariffs and signs of progress in broader trade negotiations, details remain scant, with Commerce Secretary Howard Lutnick saying he had…
MEXICO CITY (Reuters) – Mexico’s economy likely remained flat in the first three months of 2025 as a result of uncertainty generated by U.S. President Donald Trump’s fluctuating tariff policies, a Reuters poll showed on Tuesday. Gross Domestic Product (GDP) likely sat at 0.0% in the first quarter in seasonally adjusted terms, according to the median forecast of 15 analysts polled by Reuters, compared to a 0.6% quarter-on-quarter decline in the last three months of 2024. Analysts have for months warned that the Mexican economy may have shrunk again early this year, which would imply a technical recession. However, the…
(Reuters) – Snap said on Tuesday it will not issue a second-quarter financial forecast citing economic uncertainty, as U.S. tariffs threaten to disrupt the global economy and digital advertising budgets, sending its shares down 14% in extended trading. The Snapchat parent faced challenges at the start of the current quarter, even as it continued to diversify both its advertiser base with small- and medium-sized businesses and its revenue sources with the growth of its subscription service. Snapchat+ subscribers rose 59% to 15 million in the first quarter. But economic uncertainty could trigger an ad spending shift to bigger rivals such…
(Bloomberg) — Traders lowered their bets on the Federal Reserve’s interest-rate cuts this year, pricing in just two reductions for 2025 after the US and China agreed to cut tariffs and moderate their trade war. Most Read from Bloomberg Swaps that track upcoming central bank meetings showed just 56 basis points of easing by December, down from near 75 basis points last week. Traders still see the first quarter-point cut in September. The policy-sensitive two-year yield rose as much as 12 basis points Monday to back above 4%, and was trading around that level late in New York, as traders…
IT services provider ASGN (NYSE:ASGN) beat Wall Street’s revenue expectations in Q1 CY2025, but sales fell by 7.7% year on year to $968.3 million. Guidance for next quarter’s revenue was better than expected at $1 billion at the midpoint, 0.5% above analysts’ estimates. Its non-GAAP profit of $0.92 per share was 2.8% below analysts’ consensus estimates. Is now the time to buy ASGN? Find out in our full research report (it’s free). Revenue: $968.3 million vs analyst estimates of $962.3 million (7.7% year-on-year decline, 0.6% beat) Adjusted EPS: $0.92 vs analyst expectations of $0.95 (2.8% miss) Adjusted EBITDA: $93.6 million…
Saudi Arabia’s state-owned oil giant Aramco posted first-quarter profits of $26 billion (€23.4bn) on Sunday, down 4.6% from the prior year as falling global oil prices undermine the kingdom’s multi-trillion-dollar development plans. Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $108.1bn (€97.4bn) over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw $107.2bn (€96.5bn) in revenues and profits of $27.2bn (€24.5bn) the same quarter last year. Saudi Arabia has promised to invest $600bn (€540.2bn) in the US over the course of President Donald Trump’s term. Trump, who is set…
Financial services provider CBIZ (NYSE:CBZ) fell short of the market’s revenue expectations in Q1 CY2025, but sales rose 69.5% year on year to $838 million. The company’s full-year revenue guidance of $2.88 billion at the midpoint came in 1.6% below analysts’ estimates. Its non-GAAP profit of $2.29 per share was 8.7% above analysts’ consensus estimates. Is now the time to buy CBZ? Find out in our full research report (it’s free). Revenue: $838 million vs analyst estimates of $860.2 million (69.5% year-on-year growth, 2.6% miss) Adjusted EPS: $2.29 vs analyst estimates of $2.11 (8.7% beat) Adjusted EBITDA: $237.6 million vs…
(Bloomberg) — Most Read from Bloomberg Kristin Herman and her partner had been planning a European getaway with stops in Paris and Rome, but with the US economy suddenly wobbling, the couple instead drove to Oregon’s nearby redwood forests and Cannon Beach — even camping some nights to save on hotels. “It didn’t feel like the right time to spend so much money,” said Herman, a 37-year-old who lives in Portland and works as an educator at Academized.com. “Especially when groceries and rent got more expensive as well.” As President Donald Trump’s global trade war rattles consumer confidence and threatens…
SAN JUAN, Puerto Rico (AP) — A global trade war is offering Puerto Rico hope as the U.S. territory attempts to strengthen its fragile economy. Government officials are jumping on planes to try and convince international companies to relocate their manufacturing plants to the island, where they would be exempt from tariffs. Any relocation would be a boost to Puerto Rico’s shaky economy as the government emerges from a historic bankruptcy and continues to struggle with chronic power outages. The island also is bracing for potentially big cuts in federal funding under the administration of U.S. President Donald Trump, with…