Latest Business News
US Fed Official Calls Recent Inflation Data 'Bad News'
Chicago Fed president Austan Goolsbee stated that last week's inflation data, showing PCE at 3.5% annually in March, is 'bad news' requiring caution on rate cuts. The Fed held rates steady at 3.5-3.75% in a divisive 8-4 vote, the most split since 1992.
Inflation is rising even in tariff-insulated service sectors amid US-Iran war impacts.
Spirit Airlines Shuts Down Immediately, Blaming High Oil Prices
Spirit Airlines ceased operations after 34 years, canceling all flights and ending customer service due to soaring oil prices from the Iran war. Over 15,000 jobs lost; first major US carrier liquidation in 20 years despite failed Trump bailout.
Transportation Secretary noted other airlines aiding stranded passengers.
Trump Announces 25% Tariffs on EU Cars and Trucks
President Trump plans to impose 25% tariffs on EU cars and trucks, accusing the bloc of non-compliance with trade deals. This escalates US-EU trade tensions amid ongoing global economic strains.
The move follows recent policy shifts including troop withdrawals from Germany.
Double Blow Looms for Global Food Prices in Eswatini
EmaSwati face sharp food price rises from converging global threats, likely tied to energy costs and supply disruptions. This reflects broader emerging market vulnerabilities amid Middle East conflicts.
No specific threats detailed but convergence signals severe impact.
S&P Global US Manufacturing PMI Revised Up to 54.5
US Manufacturing PMI for April 2026 revised upward to 54.5, indicating stronger activity than initially reported. This suggests resilience despite inflationary pressures and global tensions.
Growth in key sectors supports economic optimism.
UK GDP Rebounds but Faces Energy Price Risks
UK GDP showed a rebound with easing household spending but contracting fixed investments, especially housing. Chief Economist warns Middle East tensions could slow growth and boost inflation, prompting rate hike expectations.
Mortgage costs rise, impacting demand.
Australian Stock Market Rises on US Futures and China PMI
S&P/ASX 200 gained 0.3% to 8,482, lifted by US futures and China's strong manufacturing PMI post-Spring Festival. Banks and healthcare led gains amid global trade optimism.
Energy disruptions in Hormuz noted but Trump peace reports boosted sentiment.
China Manufacturing Sees Strongest Gain in a Year
China's manufacturing PMI indicated the strongest output gain in a year, regaining post-festival momentum. This supported regional markets like Australia despite global energy risks.
Services activity also improved.
EU-Mercosur Trade Deal Takes Provisional Effect
The contentious EU-Mercosur trade agreement has entered provisional effect, potentially reshaping transatlantic commerce. This occurs amid US tariff threats and global supply chain strains.
Impacts on agriculture and industry await assessment.
Job Strain Risks Broader Economic Damage, Study Finds
A study highlights that worker health from job strain threatens the wider economy, beyond individual impacts. This comes as inflation and trade wars add business pressures.
European focus links to productivity losses.
Indonesia Reaffirms B50 Biodiesel Mandate Amid Market Gains
Indonesia plans to implement its B50 biodiesel mandate this year, boosting related stocks in Australia. China demand recovery supports palm oil sector resilience.
Global energy shifts influence commodity prices.