Euro Area Growth Stalls at 0.1 Percent as US Economy Surges 3 Percent In 2nd Quarter
Eurostat said on July 30 that seasonally adjusted GDP in the eurozone rose by 0.1 percent from the previous quarter, while output in the wider 27‑member European Union (EU) gained 0.2 percent. Both readings marked a steep slowdown from the first quarter, when growth reached 0.6 percent and 0.5 percent, respectively.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
8x8, Monday.com, Confluent, ON24, and Dayforce Shares Plummet, What You Need To Know
What Happened? A number of stocks fell in the afternoon session after the White House announced a new round of steep global tariffs, sparking concerns of a trade war and its impact on the U.S. and global economies. This move creates significant uncertainty for businesses and investors. The new tariffs, with rates of up to 41% on imports from 68 countries and the European Union, prompted a broad market sell-off, with the tech-heavy Nasdaq index showing notable weakness. Adding to the bearish sentiment was a weaker-than-expected July jobs report, which revealed that employers created only 73,000 jobs, far below economists' expectations. This combination of trade fears and signs of a slowing labor market has created a "risk-off" environment, leading investors to pull back from growth-oriented sectors like software and technology. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Among others, the following stocks were impacted: Video Conferencing company 8x8 (NASDAQ:EGHT) fell 4.4%. Is now the time to buy 8x8? Access our full analysis report here, it's free. Project Management Software company (NASDAQ:MNDY) fell 3.7%. Is now the time to buy Access our full analysis report here, it's free. Data Infrastructure company Confluent (NASDAQ:CFLT) fell 3.7%. Is now the time to buy Confluent? Access our full analysis report here, it's free. Virtual Events Software company ON24 (NYSE:ONTF) fell 4.1%. Is now the time to buy ON24? Access our full analysis report here, it's free. HR Software company Dayforce (NYSE:DAY) fell 3.8%. Is now the time to buy Dayforce? Access our full analysis report here, it's free. Zooming In On 8x8 (EGHT) 8x8's shares are extremely volatile and have had 41 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 21 days ago when the stock dropped 4.1% after a broader market sell-off triggered by renewed trade tensions. U.S. stock indices fell after the Trump administration announced intentions to impose a 35% tariff on many goods imported from Canada. This move is far more than a typical trade dispute; it targets the United States' largest and most deeply integrated trading partner. Canada is not merely a neighbor but a critical component of North American supply chains, particularly in sectors like automotive, energy, and critical minerals. This move has sparked concerns about potential retaliatory actions and a wider impact on the North American economy, leading to a risk-off sentiment among investors. The S&P 500, Dow Jones Industrial Average, and Nasdaq all opened lower, pulling back from recent record highs and heading for their first weekly loss in three weeks. 8x8 is down 30.3% since the beginning of the year, and at $1.86 per share, it is trading 46.5% below its 52-week high of $3.47 from February 2025. Investors who bought $1,000 worth of 8x8's shares 5 years ago would now be looking at an investment worth $114.15. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link.
an hour ago
What consumers can expect from import taxes as the US sets new tariff rates
It's been almost 100 years since the U.S. had tariffs at the level they could reach next Friday. Once President Donald Trump's planned tariffs take effect, Americans will see an average tax of 18.3% for imported products, the highest rate since 1934, according to the Budget Lab at Yale, a non-partisan policy research center. Late Thursday, Trump ordered new tariff rates for 66 countries, the European Union, Taiwan and the Falkland Islands. Among them: a 40% tariff on imports from Laos, a 39% tariff on goods from Switzerland and a 30% tariff on South African products. Other trade partners, such as Cambodia and Bangladesh, had the tax rates on their exports to the U.S. reduced from levels the president had threatened to impose. Trump postponed the start date for all of the changes from Friday until Aug. 7. Tariffs are a tax, and U.S. consumers are likely to foot at least part of the bill. The Budget Lab estimated that prices will increase 1.8% in the short term as a result of the trade war the U.S. waged this year. That's the equivalent of a $2,400 loss of income per U.S. household, the group said. Companies are dealing with tariffs in various ways. Many automakers appear to be swallowing tariff costs for now. But the world's largest eyewear maker, EssilorLuxottica, said it raised U.S. prices due to tariffs. The maker of Ray-Bans grinds lenses and sunglasses in Mexico, Thailand and China and exports premium frames from Italy. 'Retailers have been able to hold the line on pricing so far, but the new tariffs will impact merchandise in the coming weeks,' David French, chief lobbyist for the National Retail Federation, the nation's largest retail trade group, said Friday. 'We have heard directly from small retailers who are concerned about their ability to stay in business in the face of these unsustainable tariff rates." Here's what we know about the tariffs and what their impact will be on U.S. consumers: Trump unveiled sweeping import taxes on goods coming into the U.S. from nearly every country in April. He said the 'reciprocal' tariffs were meant to boost domestic manufacturing and restore fairness to global trade. The president paused the country-specific tariffs a week later but applied a 10% tax to most imports. In early July, he began notifying countries that the higher tariffs would go into effect Aug. 1 unless they reached trade deals. In announcing the new rates for dozens of countries on Thursday, Trump delayed their implementation until Aug. 7. In the meantime, he announced a 35% tariff on imports from Canada would take effect Friday. But Trump delayed action on Mexico and China while negotiations continue. Other duties not specific to countries also remained in place Friday, like a 50% tariff on imported aluminum and steel announced in June. The Trump administration reached deals with the European Union, Japan and South Korea that put 15% tariffs in place. A deal with the Philippines puts 19% tariffs in place while a deal with Vietnam imposes a 20% levy. This week, Trump announced a 25% tariff on goods from India and ordered a 50% tariff on goods from Brazil. The U.S. Court of International Trade, a federal court that specializes in trade disputes, ruled in May that Trump exceeded his authority when he invoked an emergency powers law to implement tariffs. On Thursday, an 11-judge panel of the U.S. Court of Appeals considered the case, and judges expressed skepticism that Trump could impose tariffs without congressional approval. The case is expected to wind up before the U.S. Supreme Court. The U.S. Commerce Department said Thursday that prices rose 2.6% in June, up from an annual pace of 2.4% in May and higher than the Federal Reserve's goal of 2%. Furniture, computers and other items that often come from abroad were among the categories with higher average prices. Wendong Zhang, an associate professor in the Dyson School of Applied Economics and Management at Cornell University, said U.S. consumers could see prices increases in the coming months for appliances and other products that contain a large amount of steel and aluminum. But Zhang said a 15% tariff doesn't mean prices will immediately rise by 15%. Companies were aware of the tariff deadlines, and tried to stockpile goods and take other measures to mitigate the impacts, he said. Zhang noted that Trump's trade deals often contain specific provisions designed to boost U.S. exports. The agreement with the European Union, for example, calls for European companies to purchase $750 billion worth of natural gas, oil and nuclear fuel from the U.S. over three years. Some U.S. farmers could also see a potential upside, Zhang said. As part of its trade deal, Vietnam agreed to purchase $2 billion in U.S. agricultural products over three years, including corn, wheat and soybeans, according to the International Trade Council. But Zhang cautioned that agricultural agreements tend to be short-lived. Over the longer term, the uncertainty over tariffs could cause countries like China to back away from U.S. agricultural markets, he said. The tariffs will almost certainly result in higher food prices, according to an analysis by the nonpartisan Tax Foundation. The U.S. simply doesn't make enough of some products, like bananas or coffee, to satisfy demand. Fish, beer and liquor are also likely to get more expensive, the foundation said. Ben Aneff, managing partner at Tribeca Wine Merchants and president of the U.S. Wine Trade Alliance, said shoppers would see prices rise 20% to 25% at his store and others starting Friday because of tariffs and the declining value of the dollar. 'Nobody can afford to eat the tariff. It gets passed on," Aneff said. Aneff said shoppers haven't felt the impact from higher duties until now because distributors and retailers accelerated shipments from France and other European Union countries earlier in the year. But with the EU's tariff rate set to go up to 15% in a week, Aneff expects European wine prices to jump 30% in September. Ninety-seven percent of clothing and shoes sold in the U.S. are imported, primarily from Asia, according to the American Apparel & Footwear Association said. China leads the pack, but companies have been shifting more of their sourcing to Vietnam, Indonesia and India. Steve Lamar, the trade group's president and CEO, declined to estimate how much apparel and footwear prices may increase due to tariffs. But companies may offer fewer discounts or drop products starting this fall because they're too expensive to produce, he said. Matt Priest, president and CEO of the Footwear Distributors and Retailers of America, estimates prices for shoes are starting to go up for the back-to-school shopping season. He estimates price increases in the 5% to 10% range. Some automakers have already raised prices to counteract tariffs. Luxury sports car maker Ferrari said Thursday it was waiting for more details of Trump's trade deal with the European Union before scaling back a 10% surcharge it put in place in April on most vehicles in the U.S. But for the most part, automakers haven't raised prices as they waited for details. Kelley Blue Book, which monitors car pricing, said the average U.S. new car cost $48,907 in June, which was up just $108 from May. But that could change. General Motors said last week that the impact of the tariffs could get more pronounced in the third quarter of the year. GM has estimated that the tariffs will cost it $4 billion to $5 billion this year.
News24
an hour ago
- News24
Global markets reel as Trump hits EU, Canada with sweeping new tariffs up to 41%
Trump announced sweeping new tariffs of 10-41% on dozens of trading partners, including the EU, with a seven-day deadline until August 7 for implementation. Canada was immediately hit with increased tariffs from 25% to 35%, while stock markets in Hong Kong, London, and New York slumped as investors reacted to the trade turmoil. The tariffs serve both economic and political goals. Global markets reeled on Friday from US President Donald Trump's tariffs barrage against nearly all US trading partners as governments looked down the barrel of a seven day deadline before the higher duties take effect. Trump announced late on Thursday that dozens of economies, including the European Union, will face new tariff rates of between 10% and 41%. However, implementation will be on 7 August rather than on Friday as previously announced, the White House said. This gives governments a window to rush to strike bilateral deals with Washington, setting more favourable conditions. Neighbouring Canada, one of the biggest US trade partners, was hit with 35% levies, up from 25%, effective Friday - but with wide-ranging, current exemptions remaining in place. The tariffs are a demonstration of raw economic power that Trump sees putting US exporters in a stronger position while encouraging domestic manufacturing by keeping out foreign imports. However, the muscular approach has raised fears of inflation and other economic fallouts in the world's biggest economies. Stock markets in Hong Kong, London and New York slumped as they digested the turmoil. Trump's actions come as debate rages over how best to steer the US economy, with the Federal Reserve this week deciding to maintain interest rates unchanged, despite massive political pressure from the White House to cut. Data on Friday showed that US job growth was missing expectations for July, while unemployment ticked up to 4.2% from 4.1%. On Wall Street, the S&P 500 dropped 1.7%, while the Nasdaq slumped 2.3%. Political goals Trump raised duties on around 70 economies, from a current 10% level imposed in April when he unleashed 'reciprocal' tariffs citing unfair trade practices. The new, steeper levels listed in an executive order vary by trading partner. Any goods 'transshipped' through other jurisdictions to avoid US duties would be hit with an additional 40% tariff, the order said. But the tariffs also have a distinctly political flavor, with Trump using levies to try and get Brazil to drop the trial of his far-right ally, former president Jair Bolsonaro. He also warned of trade consequences for Canada after Prime Minister Mark Carney announced plans to recognise a Palestinian state at the UN General Assembly in September. Trump's order cited Canada's failure to 'cooperate in curbing the ongoing flood of fentanyl and other illicit drugs' - although Canada is not a major source of illegal narcotics. By contrast, Trump gave more time to Mexico, delaying for 90 days a threat to increase its tariffs from 25% to 30%. However, exemptions remain for a wide range of Canadian and Mexican goods entering the United States under an existing North American trade pact. Carney said his government was 'disappointed' with the latest rate hike but noted that with exclusions, the US average tariff on Canadian goods remains one of the lowest among US trading partners. 'Tears up' the rule book With questions hanging over the effectiveness of bilateral trade deals already struck - including with the European Union and Japan - the outcome of Trump's overall plan remains uncertain. 'No doubt about it - the executive order and related agreements concluded over the past few months tears up the trade rule book that has governed international trade since World War II,' said Wendy Cutler, senior vice president of the Asia Society Policy Institute. 'Whether our partners can preserve it without the United States is an open question,' she added. Notably excluded from Friday's drama was China, which is in the midst of negotiations with the US. Washington and Beijing at one point brought tit-for-tat tariffs to triple-digit levels, but both countries have agreed to temporarily lower these duties and are working to extend their truce. Those who managed to strike deals with Washington to avert steeper threatened levies included Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union. Among other tariff levels adjusted in Trump's latest order, Switzerland now faces a higher 39% duty.
