How a Republican dissident said no to Trump and got away with it
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Yahoo
4 minutes ago
- Yahoo
State Street second-quarter profit falls as employee expenses weigh
(Reuters) -Custodian bank State Street reported a 3.8% fall in second-quarter profit on Tuesday, as higher employee compensation expenses offset fees earned from managing client assets. State Street's expenses rose 11.5% to $2.53 billion in the second quarter, as it paid $1.28 billion for employee compensation and benefits, up nearly 16.5% from the year-ago period. Shares of the company fell 3.3% in premarket trading. After nearing bear market territory in early April, major U.S. stock indices ended June on record highs, buoyed by strong employment data, healthy consumer spending, and a softening of U.S. President Donald Trump's global trade war. The bank's assets under custody and administration rose 10.6% to $49 trillion in the three months ended June 30 from a year earlier, driven by higher market levels and flows. Its total fee revenue, most of which it earns as a percentage of assets, climbed 10.7% to $2.72 billion in the quarter. State Street reported a profit of $630 million, down from $655 million a year ago. Market volatility from tariffs also saw investors fleeing the dollar. State Street's foreign exchange trading services revenue jumped 28% to $431 million in the quarter, as the greenback recorded its worst first half of the year since 1973. The results come amid reports of consolidation in the sector. Last month, peer Northern Trust said it was "committed to remaining independent" in response to media reports of merger talks with BNY, the largest U.S. custodian bank. Analysts have said a merger could set the stage for greater dealmaking across trust and custodian banks, which have seen heightened interest from crypto companies. Stablecoin giant Circle last month applied for a national trust bank charter. State Street's shares had jumped over 12% this year as of last close, eclipsing a 6.6% rise in the benchmark S&P 500 index. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
4 minutes ago
- Bloomberg
US Core CPI Rises Less Than Expected for Fifth Month
00:00 We've got an upside surprise here that kind of makes a little hash of perhaps the treasury secretary's claim that inflation hasn't hit yet. CPI comes it up 3/10 of a percent. The downside surprise, though, is in the core, up just 2/10 of a percent. Both were up a 10th of a percent last month. Year over year we go to 2.7%, which is higher than the anticipated 2.6%. It's a 3/10 percent move up from last month. And core is at 2.9%. That is what was expected last month. It was 2.8%. Let me just quickly mentioned empire manufacturing. It goes up 22 points to a positive 5.5 important because that's July number one of the first July numbers we get. And it is the first time it's been positive since February. Prices paid, though, went up.
Yahoo
6 minutes ago
- Yahoo
Manufacturers report less tariff impact in May compared to April: StatCan
OTTAWA — Statistics Canada says fewer manufacturers report being affected by tariffs in May than in April. The agency says total manufacturing sales were down 0.9 per cent to $68.7 billion in May, marking the lowest level since January 2022. But it says respondents to its survey indicated U.S. tariffs were having a smaller impact on Canadian manufacturing in May than in April. Nearly half of manufacturers reported tariff hits in May, about 10 percentage points lower than the month before when the bulk of the U.S trade levies took effect. The May data doesn't capture U.S. President Donald Trump's move to double steel and aluminum tariffs in June, nor his recently announced plans to impose 50 per cent tariffs on copper imports. Manufacturers told Statistics Canada in May that they were dealing with tariffs impacts mostly through higher prices and changes in demand. This report by The Canadian Press was first published July 15, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
