Poland to Hold Rates, Focus on Glapinski's Tone
A month after the Monetary Policy Council cut its benchmark by half a point, all but one of 27 economists surveyed by Bloomberg expect the panel to keep rates steady at 5.25% on Wednesday. Glapinski and other policymakers have signaled that rates should stay flat in June before potential further easing later this year.
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Trump again calls for Fed board to act, says Powell 'doesn't get it'
(Reuters) -U.S. President Donald Trump on Wednesday reiterated his criticism of Federal Reserve Chairman Jerome Powell amid his ongoing call for lower rates, and called on the central bank's board to act. "Our Rate should be three points lower than they are, saving us $1 Trillion per year (as a Country). This stubborn guy at the Fed just doesn't get it — Never did, and never will. The Board should act, but they don't have the Courage to do so!" Trump wrote on his social media platform. Sign in to access your portfolio
Fast Company
19 minutes ago
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Global markets rally following Trump's tariffs deal with Japan
Global shares rallied on Wednesday, with Tokyo's benchmark Nikkei 225 index gaining 3.5% after Japan and the U.S. announced a deal on President Donald Trump's tariffs. France's CAC 40 added 1.4% in early trading to 7,854.75, while Germany's DAX gained 0.9% to 24,260.62. Britain's FTSE 100 rose 0.6% to 9,075.46. The future for the S&P 500 gained 0.4% while that for the Dow Jones Industrial Average was up 0.5%. The tariff agreement as announced calls for a 15% U.S. import duty on goods from Japan, apart from certain products such as steel and aluminum that are subject to much higher tariffs. That's down from the 25% Trump had said would kick in on Aug. 1 if a deal was not reached. 'This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,' Trump posted on Truth Social, noting that Japan was also investing 'at my direction' $550 billion into the U.S. He said Japan would 'open' its economy to American autos and rice. Japan's benchmark Nikkei 225 surged as much as 3.7%, closing at 41,171.32. Hong Kong's Hang Seng jumped 1.6% to 25,538.07, while the Shanghai Composite index was little changed, gaining less than 0.1% to 3,582.30. Australia's S&P/ASX 200 edged up 0.7% to 8,737.20 and the Kospi in South Korea edged 0.4% higher to 3,183.77. 'President Trump has signed two trade deals this week with the Philippines and Japan which is likely to keep market sentiment propped up despite deals with the likes of the EU and South Korea remaining elusive, for now at least,' Tim Waterer, chief market analyst at Kohle Capital Markets, said in a report. There was a chorus of no comments from the Japanese automakers, despite the latest announcement, including Toyota Motor Corp., Honda Motor Co and Nissan Motor Corp. Japanese companies tend to be cautious about their public reactions, and some business officials have privately remarked in off-record comments that they hesitate to say anything because Trump keeps changing his mind. The Japan Automobile Manufacturers' Association also said it had no comment, noting there was no official statement yet. Japan's Prime Minister Shigeru Ishiba welcomed the agreement as beneficial to both sides. Toyota stock jumped 14% in Tokyo trading, while Honda was up more than 11% and Nissan added 8%. In other sectors, Nippon Steel, which is acquiring U.S. Steel, rose 2.7% while video game maker and significant exporter Nintendo Co. added 0.7%. Sony Group surged 4.3%. But Takeshi Niinami, chairman of the Japan Association of Corporate Executives, which groups about 1,600 top executives, issued a note of caution about the nation having to be resilient and pushing free trade, while welcoming the tariff deal. 'I hope this U.S.-Japan tariff deal can work as a starting point to further strengthen U.S.-Japan relations,' he said. He noted the U.S. policy of putting America first was unlikely to change, and that meant Japan, too, must make policy adjustments, such as making an aggressive push in artificial intelligence. Trump has also said that he reached a trade agreement with the Philippines following a meeting Tuesday at the White House, that will see the U.S. slightly drop its tariff rate for the Philippines without paying import taxes for what it sells there. On Tuesday, the S&P 500 added 0.1% to Monday's all-time high. The Dow Jones Industrial Average rose 0.4%, while the Nasdaq slipped 0.4%. Also early Wednesday, U.S. benchmark crude oil lost 23 cents to $65.08 a barrel. Brent crude, the international standard fell 21 cents to $68.38 a barrel. The U.S. dollar fell to 146.38 Japanese yen from 146.64 yen. The euro cost $1.1736, down from $1.1754.
CBS News
20 minutes ago
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Renowned Russian conductor Valery Gergiev's gig at Italian palace canceled amid outcry over support for Putin
Rome — A classical music concert in Italy has been cancelled suddenly following a public backlash over the Russian conductor's support for President Valdimir Putin. Russian maestro Valery Gergiev had been scheduled to lead an ensemble of Italian musicians and soloists from St. Petersburg's Mariinsky Theatre — where he's the artistic director — on July 27 at the Reggia di Caserta, an opulent 18th-century palace near Naples. Italy's national news agency ANSA said the venue had canceled the concert, offering no explanation. A representative at the Reggia di Caserta confirmed the cancelation to CBS News over the phone. The move came after criticism from Italian lawmakers, human rights advocates and Russian political dissidents. Among the most vocal opponents to Italy welcoming Gergiev was Yulia Navalnaya, the widow of the late Russian opposition leader Alexey Navalny. She condemned Gergiev's public support for the Kremlin and accused the conductor of using his platform to legitimize Russia's ongoing war in Ukraine. In a message posted on social media, Navalnaya called news of the cancelation, "not joyful, but good." "No artist who supports the current dictatorship in Russia should be welcomed in Europe. It is precisely thanks to regime loyalists like Gergiev that Putin tries to promote his image as a 'respectable person' in the West," she said. "It's a small step, but great victories are built from such small steps." Gergiev, once lauded in the West as the "Wild Man of Music," has become a contentious figure in recent years, particularly in Europe, where a range of institutions have sought to distance themselves from artists aligned with the Russian government. Gergiev's refusal to denounce Russia's invasion of Ukraine has cost him engagements at other top-tier venues, including New York's Carnegie Hall and Germany's Munich Philharmonic, where he previously served as chief conductor. The cancellation drew sharp criticism from the Russian Foreign Ministry, which on Wednesday accused Italy of cultural censorship and claimed the move was the result of Ukrainian pressure. "We strongly condemn such discriminatory attempts at 'cancel culture,' carried out by the Italian authorities," Russian foreign ministry spokesperson Maria Zakharova said in a statement, accusing Italy of caving to pressure from Ukraine. Italian officials did not immediately comment publicly on the cancellation.
