Bloomberg Wealth: David Einhorn
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Yahoo
25 minutes ago
- Yahoo
Canada Exports to US Keep Falling as Tariffs Curb Shipments
(Bloomberg) -- Canada's share of exports destined for the US shrank to the smallest proportion since at least 1997, excluding the Covid pandemic. Shipments to other countries reached a new high, led by gold exports. NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees What Gothenburg Got Out of Congestion Pricing Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals With President Donald Trump's tariffs crushing exports and imports between Canada and its biggest trading partner, the country's share of exports destined for the US shrank to 68.3% in May, from last year's monthly average of 75.9%, according to Statistics Canada data Thursday. Exports to the US were down for a fourth straight month, declining 0.9% in May. Canadian businesses and consumers were also buying fewer cars and other products from the US, with imports falling 1.2%, a third straight monthly drop. Canada exports most of the cars it makes to the US. While the country's shipments of cars and parts rose 0.9% in May from a month earlier, shipments plunged 8.4% from a year ago. Prime Minister Mark Carney met Wednesday with auto industry representatives to discuss trade negotiations with the US. Canada's goods trade surplus with the US widened slightly to C$3.2 billion ($2.4 billion) in May, from C$3.1 billion in April. 'Canada-US trade is stuck in a lull and it is unlikely to improve for a while. Activity in both directions has slowed, and the drop in imports, especially for integrated trade like energy and manufacturing, is a warning sign that exports could be impacted in the coming months,' Andrew DiCapua, principal economist at the Canadian Chamber of Commerce, said in an email. Exports to countries other than the US, however, surged to a record high, led by higher shipments of gold to the UK, crude oil to Singapore and unwrought aluminum and pharmaceutical products to Italy. Canada's trade deficit with countries excluding the US narrowed to C$9.1 billion in May, from C$10.7 billion in April. Higher shipments elsewhere helped narrow Canada's trade deficit to C$5.9 billion in May, from a record C$7.6 billion in April. May's smaller trade gap was in line with the median projection in a Bloomberg survey of economists. Alexandra Brown, economist at Capital Economics Ltd., called the increased shipments to non-US destinations 'a small consolation,' saying in a report to investors that 'the outlook for exports continues to be weak.' Total exports rose 1.1% in May, the first increase since January, led by higher gold shipments. However, excluding metal and non-metallic mineral products, exports were down 1.2%. Exports of consumer goods rose 2.6% due to higher pork exports to Japan. A 5.6% decrease in energy exports partially offset some of the gains. Total imports were down 1.6% in May, the third consecutive monthly decline, led by lower inbound shipments of unwrought gold, which saw a strong increase in April when imports from US surged. Imports of cars and parts fell 5.3%, with passenger cars and light trucks dropping 9.7% to the lowest level in more than two years. In volume terms, total exports were up 0.7%, and imports fell 0.6%. --With assistance from Mario Baker Ramirez. (Recasts with new headline and details starting from the second paragraph.) SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too How to Steal a House America's Top Consumer-Sentiment Economist Is Worried China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. 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
43 minutes ago
- Yahoo
Bitcoin's big year fails to lift Ethereum, Solana: Chart of the Day
Crypto's rollercoaster year continues, with ethereum (ETH-USD) and Solana (SOL-USD) both down sharply this year despite gains in bitcoin (BTC-USD). Morning Brief: Market Sunrise anchor Ramzan Karmali explains how $300 billion in crypto value has been wiped out in 2025 and which tokens are still seeing momentum. To watch more expert insights and analysis on the latest market action, check out more Morning Brief: Market Sunrise here. So, on the face of it, 2025 was supposed to be a boom year for crypto. But truth is, as you can see on screen, while Bitcoin is up, other major cryptocurrencies are actually in the red for the year. Here we have Solana and Ethereum, both major players in this field, that are both down significantly after some big swings. Well, despite key legislation that is expected to pass in Congress and even if President Trump and his family have ventured into the sector, beyond the bullish headlines, crypto assets are facing steep declines. According to a Bloomberg calculation, more than $300 billion of crypto value has been wiped out so far this year. Bitcoin is now about two-thirds of the total market value of crypto assets. That's the highest since 2021. So, can crypto face a mass extinction event? Well, it wouldn't be the first time and the crypto world is certainly used to volatility. On the other hand, tokens like Maker or hyperliquid, along with other projects linked to decentralized finance protocols, are on the rise. And the traditional crypto platforms like Kraken are opening new markets.
Bloomberg
an hour ago
- Bloomberg
Hedge Fund Giants Forge Into 2nd Half With Fresh Gains
The biggest hedge funds sailed smoothly through a chaotic start to their year, even adding to their gains in June despite the heightened war risk and ongoing tariff uncertainty. Bloomberg's Chief Hedge Funds Correspondent Nishant Kumar joined Wall Street Beat on Bloomberg Open Interest to talk about the hedge fund strategies that delivered. (Source: Bloomberg)
