Philippines' Marcos Pushes More Social Programs, Jobs After Election Setback
'If only data will be the basis, the economy is doing well. Inflation has slowed down and employment has increased,' Marcos said in his annual State of the Nation address to Congress on Monday. 'But this is irrelevant if Filipinos are suffering.'
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21 minutes ago
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Morning Bid: Get set for 3-day obstacle course
By Mike Dolan LONDON (Reuters) - What matters in U.S. and global markets today By Mike Dolan, Editor-At-Large, Finance and Markets World markets have hunkered down for three days of economic health checks, corporate readouts and policy decisions that may define the remainder of the summer, with U.S. trade worries easing somewhat following a series of framework deals that should enable better planning ahead. Global stocks and U.S. futures flatlined on Wednesday, with the Federal Reserve due to hold the line in interest rates again later in the day just as U.S. GDP and jobs updates stream in alongside the first set of megacap earnings from Microsoft and Meta. The dollar took a breather too after a strong two-day rally. I'll review today's news and then discuss why the International Monetary Fund's upgraded forecast for the global economy on Tuesday suggests the world is navigating Washington's trade war better than many had feared, for better or worse. * The big macro market mover late Tuesday was a sharp drop in Treasury yields ahead of Wednesday's Fed meeting and the Treasury's quarterly refunding announcement. This followed strong demand at a series of hefty debt auctions this week, most notably record take-up of 7-year notes on Tuesday. The drop in 10-year yields to their lowest point since July 3 was all the more impressive against the surge in crude oil prices to their highest level in over a month. * The second quarter U.S. GDP estimate now takes center stage, with the narrower-than-forecast June trade deficit released on Tuesday pushing up the Atlanta Fed's estimate of growth to 2.9% from 2.4% earlier. Other releases showed U.S. June job openings softening but consumer confidence brightening this month, with the monthly payrolls and June PCE inflation gauge due on Friday * The Fed is expected to stand pat later despite likely dissents from President Donald Trump's two appointees on the board. The Bank of Canada is likely to hold steady too. The Bank of Japan delivers its verdict on Thursday. While the trade picture appears to be clearing up for monetary policymakers ahead of Friday's deadline for trade deals, the inflation fallout remains foggy. * With investors deep in the weeds of the earnings season, attention turns squarely to the artificial intelligence theme after the bell on Wednesday with Microsoft and Meta's updates. Apple and Amazon are due Thursday. UPS and Whirlpool lost more than 10% on Tuesday amid tariff-related hits. In Europe, pharma giant Novo Nordisk was still reeling from a near 25% share price plunge on Tuesday - its biggest ever one-day drop - after it slashed its outlook amid the stiff competition facing its main obesity drug. Today's Market Minute * U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of what both sides described as constructive talks aimed at defusing an escalating trade war between the world's two biggest economies. * U.S. President Donald Trump said a trade deal with India has yet to be finalised and warned of possible higher tariffs ahead of an August 1 deadline to seal an agreement. * Trump's trade tariffs are ramping up the cost of importing already-pricey cocoa and hurting the competitiveness of local factories versus Canadian and Mexican outfits that supply the U.S., according to conversations with 11 industry executives, representatives, experts and traders. * Retail investors are often late to Wall Street parties, only catching the rally once "smart money" is looking for the exit. But that doesn't appear to be the case this time around, claims ROI columnist Jamie McGeever. * If you consider it good practice to consult more than one news source, you may have been confused by the reporting of the latest U.S. Consumer Price Index release. And, writes Income Securities Advisor publisher Marty Fridson, the various interpretations of how that report affected stock prices might have truly left you scratching your head. Chart of the day U.S. President Donald Trump's approval rating dropped another one percentage point to 40% over the second half of July, the lowest of his second term in office, a Reuters/Ipsos poll found. As ever, the partisan split was extreme - with 83% of Republicans and just 3% of Democrats approving of his performance. About one-third of independents approved. Overall, 38% of respondents approved of Trump's handling of the economy and 43% of respondents approved of his record on immigration. Today's events to watch * ADP's U.S. July private sector payrolls (8:15 AM EDT), US Q2 GDP estimate (8:30 AM EDT) June pending home sales (10:00 AM EDT); Mexico Q2 GDP (8:00 AM EDT) * Bank of Canada policy decision (9:45 AM EDT) * Federal Reserve's Federal Open Market Committee policy decision (2:00 PM EDT) and press conference from Fed Chair Jerome Powell (2:30 PM EDT) * U.S. Treasury's quarterly refunding announcement (8:30 AM EDT) * U.S. corporate earnings: Microsoft, Meta, Qualcomm, Ford, Kraft Heinz, eBay, Prudential Financial, Verisk, MGM Resorts, Hershey, Humana, Ventas, Equinix, Altria, Western Digital, Cognizant, Lam Research, Smurfit Westrock, Albermarle, Everest, Align, AvalonBay, FirstEnergy, Bunge, Fortive, ADP, IDEX, F5, Garmin Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Mike Dolan; Editing by Frances Kerry)
Yahoo
21 minutes ago
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Here's How Much Retirees Would Save If Social Security Taxes Actually Get Eliminated
President Trump has often declared that seniors should not pay taxes on Social Security benefits. While it may just seem like another former campaign promise, the White House moved forward with some big tax policy changes. Getting rid of Social Security taxes sounds great for those who depend on these benefits, but how would this work in the big picture? Good To Know: Up Next: The One Big Beautiful Bill Act (OBBBA) added fuel to the speculation. However, even a wage-based blessing for retirees on fixed incomes — one of the country's biggest and most reliable voting groups — can come with implications. So how much would seniors benefit if Trump were to actually succeed in eliminating tax on Social Security benefits? Let's find out. How Trump's Bill Impacts Social Security After the approval by a Republican-led Congress, Trump signed a bill that includes a tax deduction for seniors but NOT the elimination of taxes on Social Security benefits. Instead of eliminating the tax, the bill introduced a temporary $6,000 tax deduction for seniors aged 65 and older. It will only be effective from 2026 through 2028, though, and has income-based eligibility limits. The bill is also an umbrella under which many components of Trump's overall tax plan can be found, such as the Senior Citizens Tax Elimination Act, as well as requiring retirees who exceed income thresholds to pay federal income tax on up to 85% of their Social Security benefits. However, it turns out that what appears to be a proposal to help the most vulnerable populations with their tax returns would actually benefit wealthy retirees the most. And, the cost in lost revenue could threaten the program's future and lead to reduced benefits for all. Find Out: It's also good to note that eliminating income tax on Social Security benefits could increase the federal deficit by up to $1.6 trillion over 10 years. If Trump's promise to end taxes on Social Security is passed altogether (again, to be clear, the OBBBA does not eliminate Social Security taxes), households earning between $32,000 and $60,000 annually would get an average tax cut of about $90. That means that less than 1% of the lowest-earning households (those making about $33,000 or less annually) would get a tax cut, 28% of middle-income households would get a tax cut, and roughly 20% of households earning more than $5 million a year would get a tax cut. According to the Tax Policy Center, 'The biggest winners would be those in the top 0.1% of income, who make nearly $5 million or more. They'd get an average tax cut of nearly $2,500 in 2025.' How Social Security Benefits Are Taxed About 68 million Americans collect Social Security benefits. As of 2025, the average monthly Social Security retirement benefit was estimated at around $1,999. Most recipients owe nothing to the IRS. According to the Social Security Administration (SSA), 'About 40% of people who get Social Security must pay federal income taxes on their benefits.' Kiplinger pointed out that the IRS taxes not just retirement benefits, but all payments pulled from the program's trusts, including disability and survivor benefits, although Supplemental Security Income (SSI) payments are exempt. Additionally, some states tax Social Security income too, but the president does not have the power to alter that. The federal government taxes or doesn't tax benefits based on the recipient's combined income, which includes their monthly Social Security checks. For single filers: Those earning between $25,000 and $34,000 in combined income can be taxed on up to 50% of their benefits. Those earning more than $34,000 can be taxed on up to 85% of their benefits. For couples filing jointly: Those earning between $32,000 and $44,000 can be taxed on up to 50% of their benefits. Those earning more than $44,000 can be taxed on up to 85% of their benefits. Final Take To GO: This Could Hurt More Than Help The bottom line is that the majority of recipients wouldn't get a tax break, and for most who would, the savings would be negligible. If Social Security taxes are eliminated, it's not likely you would see much of a difference in your tax return or your budget overall if you're a lower to average income earner. In other words, 60% of recipients who the IRS doesn't tax keep their entire payments because they don't have enough income to qualify for taxation. For them, Trump's plan wouldn't leave them with a single extra dollar. The rich, however, would reap the lion's share of the gains (as per usual, some might say). This is because Trump's plan to repeal Social Security taxes would lead to about 20% of the households earning more than $5 million a year getting a tax cut. While every dollar counts, $90 in savings pales in comparison to the projected cost of $1.6 trillion in lost revenue over the next decade, which would drive Social Security and Medicare hospital insurance into insolvency faster, resulting in sharply reduced benefits for tens of millions of recipients. Andrew Lisa contributed to the reporting for this article. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on Here's How Much Retirees Would Save If Social Security Taxes Actually Get Eliminated
Yahoo
21 minutes ago
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Kraft Heinz beats quarterly revenue estimates on steady US demand
(Reuters) -Kraft Heinz on Wednesday posted a smaller-than-expected drop in sales for the second quarter, helped by resilient demand for its frozen meat cuts and ready-to-eat meals in the United States as consumers tried to stretch their household budgets. A mix of sticky inflation and heightened economic uncertainty has forced people to cook more affordable meals at home, helping demand for some of Kraft Heinz's products such as its frozen meals, chilled meats and other pantry staples. The Jello maker has also raised prices for some of its products such as coffee and meats to offset the higher costs of those commodities. The company's shares rose about 1% in premarket trading. They have fallen about 7% so far this year. Its quarterly net sales fell 1.9% to $6.35 billion, compared with analysts' average estimate of a 3.35% fall to $6.26 billion, according to data compiled by LSEG.
