Gold Futures Slip But Keep to One-Month Highs
2343 GMT — Gold edges lower in early Asian trade on a possible technical correction after gold futures posted their best day in over a month on Monday. However, losses may be limited by lingering geopolitical tensions. Russia recently launched another wave of drone and missile strikes on Ukraine's Kyiv amid stalled cease-fire talks, while reaffirming its hardline conditions despite mounting international pressure, DHF Capital's Bas Kooijman says in an email. Also, tensions remain elevated in the Middle East, underpinning demand for safe-haven assets, the CEO and asset manager adds. Spot gold is 0.1% lower at $3,393.87/oz. (ronnie.harui@wsj.com)

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Yahoo
an hour ago
- Yahoo
Commentary: What Trump should be doing instead of attacking the Fed
Republicans have a problem. Their signature economic package for 2025, the tax bill President Trump signed into law in early July, is deeply unpopular. Voters think it will harm the poor and reward the wealthy, and sober analysis suggests they're right. The last time Republicans passed a law like this, in 2017, voters pummeled them in the subsequent election. As the leader of his party, President Trump bears responsibility for selling the tax bill to voters. He's not doing that. Instead, his main economic messaging effort this summer has been a sustained attack on the Federal Reserve and its chair, Jerome Powell. Trump has routinely suggested he'll try to fire Powell, perhaps hoping the Fed chair will crack under pressure and quit before his term expires next May. He has hurled a dictionary of insults at Powell, calling him 'dumb,' 'stupid,' 'major loser,' 'knucklehead,' 'numbskull,' 'Mr. Too Late,' and 'the worst Federal Reserve chairman in history.' Since Powell has shown no signs of quitting, Trump has suggested he'll announce a "shadow" Fed chair who will offer different monetary policy guidance until Powell's term finally ends. Trump's war on Powell serves at least three purposes. His stated reason for browbeating the Fed is to compel sharp interest rate cuts to stimulate the economy. But Trump also has a penchant for creating villains he can blame when something goes wrong, and as head of a cautious central bank, Powell fits the profile. Trump also manages his many controversies by creating new kerfuffles to distract people from existing ones. Threatening mayhem at the Fed has been a way for Trump to deflect attention from tariff-related inflation, slowing economic growth, and now, the mushrooming Jeffrey Epstein scandal. The Fed is not really causing Trump any problems. It has kept interest rates steady since last December, one source of calm in financial markets otherwise roiled by Trump's tariffs and their many unintended consequences. The Fed most likely will end up cutting rates by later this year or early next, just not as dramatically as Trump wants. Read more: How much control does the president have over the Fed and interest rates? Tax bill blowback should be a more pressing concern for Trump. As analysts figure out what's actually in the megabill, the political peril for Republicans becomes increasingly apparent. Most voters don't know all the details, but they already dislike the tax law and could oppose it even more strongly once it begins to affect real people. A recent CNN poll found that 61% of people oppose the bill while only 39% approve. Fifty-eight percent say Trump has gone too far in cutting federal programs, which most likely reflects the blunt-force DOGE cuts overseen by Elon Musk earlier this year. And in the CNN poll, approval for Trump's handling of the federal budget was a lowly 37%.In an Associated Press poll, 62% of respondents said the tax bill would help the wealthy, while just 20% felt it would help low-income people. The portion saying it would harm 'people like me' was twice the portion saying it would help. Trump's approval rating on handling the economy in that poll was a scant 38%, with 60% disapproving. Trump is now deeply underwater on what used to be one of his most winning issues. Voters are correctly assessing the complicated bill. The Yale Budget Lab found that the bottom 40% of earners would actually suffer a net loss of income from the bill, mainly because of cutbacks in food aid, Medicaid, and other health subsidies. The top 20% of earners would gain about $6,500 in annual after-tax income, while the savings for the top 1% would be $30,000. That's highly regressive, in that it benefits the rich at the expense of the poor. Healthcare cuts are likely to be a particularly controversial aspect of the legislation, which could increase the number of uninsured Americans by 11 million, according to the Congressional Budget Office. Other GOP policies could boost that number to 16 million within 10 years, and real people will start to feel the cutbacks in 2026. Republicans have essentially given voters every plausible reason to blame them for increasing healthcare costs, lost coverage, and medical disasters. Democrats will be eager to help heap it on. They're already erecting billboards near closing rural hospitals blaming Trump for the shutdowns. Whether such claims are accurate or not, Republicans put the target on their own backs. When Republicans passed a big tax-cut law in 2017, during Trump's first term, they thought voters would reward them for a bill that financially benefited a majority of Americans. It didn't work out that way. The law was unpopular from the start, with many Americans feeling it heavily favored businesses and the wealthy. While that law harmed few people, many felt it did nothing to help them. In the 2018 midterm elections, Democrats outperformed, gaining 40 seats in the House of Representatives and retaking control of the chamber. The 2025 tax cut law is more punishing than the 2017 vintage, because of the cuts to food aid and healthcare. And Republicans have a far narrower edge in the House this time around. If the pattern holds, Republicans will take a beating in next year's midterms, losing the House and maybe the Senate. If Trump has a plan to prevent that, he might want to reveal what it is. The Fed will probably be cutting interest rates by the time of next year's election, blunting Trump's vilification of the central bank. He'll need somebody else to blame for everything voters dislike, unless he finds a way to persuade them that things are better than they think. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices. 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
Yahoo
an hour ago
- Yahoo
Commentary: What Trump should be doing instead of attacking the Fed
Republicans have a problem. Their signature economic package for 2025, the tax bill President Trump signed into law in early July, is deeply unpopular. Voters think it will harm the poor and reward the wealthy, and sober analysis suggests they're right. The last time Republicans passed a law like this, in 2017, voters pummeled them in the subsequent election. As the leader of his party, President Trump bears responsibility for selling the tax bill to voters. He's not doing that. Instead, his main economic messaging effort this summer has been a sustained attack on the Federal Reserve and its chair, Jerome Powell. Trump has routinely suggested he'll try to fire Powell, perhaps hoping the Fed chair will crack under pressure and quit before his term expires next May. He has hurled a dictionary of insults at Powell, calling him 'dumb,' 'stupid,' 'major loser,' 'knucklehead,' 'numbskull,' 'Mr. Too Late,' and 'the worst Federal Reserve chairman in history.' Since Powell has shown no signs of quitting, Trump has suggested he'll announce a "shadow" Fed chair who will offer different monetary policy guidance until Powell's term finally ends. Trump's war on Powell serves at least three purposes. His stated reason for browbeating the Fed is to compel sharp interest rate cuts to stimulate the economy. But Trump also has a penchant for creating villains he can blame when something goes wrong, and as head of a cautious central bank, Powell fits the profile. Trump also manages his many controversies by creating new kerfuffles to distract people from existing ones. Threatening mayhem at the Fed has been a way for Trump to deflect attention from tariff-related inflation, slowing economic growth, and now, the mushrooming Jeffrey Epstein scandal. The Fed is not really causing Trump any problems. It has kept interest rates steady since last December, one source of calm in financial markets otherwise roiled by Trump's tariffs and their many unintended consequences. The Fed most likely will end up cutting rates by later this year or early next, just not as dramatically as Trump wants. Read more: How much control does the president have over the Fed and interest rates? Tax bill blowback should be a more pressing concern for Trump. As analysts figure out what's actually in the megabill, the political peril for Republicans becomes increasingly apparent. Most voters don't know all the details, but they already dislike the tax law and could oppose it even more strongly once it begins to affect real people. A recent CNN poll found that 61% of people oppose the bill while only 39% approve. Fifty-eight percent say Trump has gone too far in cutting federal programs, which most likely reflects the blunt-force DOGE cuts overseen by Elon Musk earlier this year. And in the CNN poll, approval for Trump's handling of the federal budget was a lowly 37%.In an Associated Press poll, 62% of respondents said the tax bill would help the wealthy, while just 20% felt it would help low-income people. The portion saying it would harm 'people like me' was twice the portion saying it would help. Trump's approval rating on handling the economy in that poll was a scant 38%, with 60% disapproving. Trump is now deeply underwater on what used to be one of his most winning issues. Voters are correctly assessing the complicated bill. The Yale Budget Lab found that the bottom 40% of earners would actually suffer a net loss of income from the bill, mainly because of cutbacks in food aid, Medicaid, and other health subsidies. The top 20% of earners would gain about $6,500 in annual after-tax income, while the savings for the top 1% would be $30,000. That's highly regressive, in that it benefits the rich at the expense of the poor. Healthcare cuts are likely to be a particularly controversial aspect of the legislation, which could increase the number of uninsured Americans by 11 million, according to the Congressional Budget Office. Other GOP policies could boost that number to 16 million within 10 years, and real people will start to feel the cutbacks in 2026. Republicans have essentially given voters every plausible reason to blame them for increasing healthcare costs, lost coverage, and medical disasters. Democrats will be eager to help heap it on. They're already erecting billboards near closing rural hospitals blaming Trump for the shutdowns. Whether such claims are accurate or not, Republicans put the target on their own backs. When Republicans passed a big tax-cut law in 2017, during Trump's first term, they thought voters would reward them for a bill that financially benefited a majority of Americans. It didn't work out that way. The law was unpopular from the start, with many Americans feeling it heavily favored businesses and the wealthy. While that law harmed few people, many felt it did nothing to help them. In the 2018 midterm elections, Democrats outperformed, gaining 40 seats in the House of Representatives and retaking control of the chamber. The 2025 tax cut law is more punishing than the 2017 vintage, because of the cuts to food aid and healthcare. And Republicans have a far narrower edge in the House this time around. If the pattern holds, Republicans will take a beating in next year's midterms, losing the House and maybe the Senate. If Trump has a plan to prevent that, he might want to reveal what it is. The Fed will probably be cutting interest rates by the time of next year's election, blunting Trump's vilification of the central bank. He'll need somebody else to blame for everything voters dislike, unless he finds a way to persuade them that things are better than they think. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices. Melden Sie sich an, um Ihr Portfolio aufzurufen.

Eater
an hour ago
- Eater
Mission Pizza Spot Shuggie's Ditches the Trash Pie and That Bright Yellow Room
is the regional editor for Eater's Northern California/Pacific Northwest sites, writing about restaurant and bar trends, upcoming openings, and pop-ups for the San Francisco Bay Area, Portland, Seattle, and Denver. Shuggie's Trash Pie + Natural Wine will soon ditch its pizzas and change up its food offerings. The San Francisco Chronicle reports that owners Kayla Abe and David Murphy will temporarily close their popular restaurant on Saturday, August 16. During the closure time, the restaurant will undergo a light makeover, which includes reworking Abe's murals, painting the front room orange — a change from its current yellow — and adding a large fountain into the mix. But the biggest change will be to the menu. The restaurant launched in 2022 with a mission of sustainability, using pizza as a vehicle to use up irregular or surplus produce. Now, three years later, the Chronicle writes that the pizza 'started to feel limiting' to Abe and Murphy, and with the temporary closure, they're pulling most of the pies off the menu (the exception is a 'pizza-like' cacio e pepe 'pillow'). The restaurant will still maintain its sustainability mission, but with dishes like a 'schnitzel-esque bone-in boar chop' and 'steak frites three ways,' that will utilize beef heart or sweetbreads. The restaurant is expected to reopen in late August. More Asian grocery stores to open in the Bay Following the successful opening of Jagalchi in Daly City this past March, more specialty Asian grocery stores are set to debut this year. KRON reports that Filipino supermarket Seafood City opens its Daly City location on Thursday, July 31, at 1420 Southgate Avenue. The news outlet also reports that Japanese supermarket Osaka Marketplace will open a store at the Edgewater Place Shopping Center in Foster City this November, with a Pleasant Hill location also in the works. Muddy Waters Coffee House is being sold Valencia Street mainstay Muddy Waters may soon have a new owner. Mission Local reports that Hisham and Elham Massarweh, the owners behind the coffee shop, are in the process of selling the business to a familiar Mission face: Bissap Baobab owner Marcos Senghor and his business partner. Senghor confirmed the news to the outlet and said that the sale is still being worked out, but could be completed as early as August. Senghor said he hopes to bring beer and wine to the cafe, along with live entertainment and longer hours. Hết Sấy pops up in Oakland Oaklanders will get a chance to experience South Vietnamese food favorite Hết Sấy closer to home this weekend. Mahjong den 13 Orphans will host Hết Sấy at its downtown Oakland location on July 25 and 26; an Instagram post hyping the takeover promises individual menus for both the Baba's House restaurant on the ground floor and the speakeasy above. For the main restaurant, diners can expect items like banh mi with braised pork belly or bánh tằm bì, 'pintailed noodles' with shredded pork or mushrooms. RSVPs are required to get into the speakeasy and to view the exclusive Hết Sấy menu for the mahjong lounge. Eater SF All your essential food and restaurant intel delivered to you Email (required) Sign Up By submitting your email, you agree to our Terms and Privacy Notice . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.