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Yahoo
a minute ago
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Asian shares track Wall Street lower, dollar rangebound
By Stella Qiu SYDNEY (Reuters) -Asian shares slipped along with Wall Street on Wednesday, after weak U.S. data highlighted the damage tariffs were having on economic activity and earnings, while the dollar struggled with the drag from lower bond yields. U.S. services sector activity unexpectedly flatlined in July, data showed on Tuesday. Employment further weakened and input costs climbed by the most in nearly three years, underscoring the impact from President Donald Trump's tariff policy. Second-quarter earnings results also revealed pressure from Trump's tariff wars. Taco Bell parent Yum Brands missed expectations as steep trade duties dent consumer spending, while Caterpillar warned that U.S. tariffs would cost it up to $1.5 billion this year. "It paints a picture of a stagflationary dynamic, which although still far from truly coming to fruition, raises the risk of a toxic mix of rising joblessness and prices as tariffs filter through the U.S. economy," said Kyle Rodda, senior analyst at MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2%, while Japan's Nikkei eked out a small 0.2% gain. Both Chinese blue chips and Hong Kong's Hang Seng index were flat. Nasdaq futures fell 0.3% and S&P 500 futures eased 0.1%. Trump on Tuesday said it would announce tariffs on semiconductors and chips in the next week or so, while the U.S. would initially impose a "small tariff" on pharmaceutical imports before increasing it substantially in a year or two. He also said the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if an agreement was struck. However, he threatened to further raise tariffs on goods from India over its Russian oil purchases. In currency markets, the dollar consolidated after sliding from two-month highs last Friday on a weak jobs report that had markets price in a near-certain chance of a Federal Reserve interest rate cut in September. The dollar index, which measures the U.S. currency against six counterparts, was flat at 98.821 and was up 0.1% this week after Friday's 1.4% fall. Fed funds futures imply a 94% chance of a rate cut next month, with at least two cuts priced in for this year, according to the CME's FedWatch. Investors are waiting for Trump's pick to fill a coming vacancy on the Federal Reserve's Board of Governors. Trump said the decision will be made soon, while ruling out Treasury Secretary Scott Bessent as a contender to replace current chief Jerome Powell, whose term ends in May 2026. Treasury yields edged up overnight after a $58 billion auction of three-year notes went poorly, but still hovered near multi-month lows. More supply will hit the market this week with $42 billion in 10-year notes on Wednesday and $25 billion in 30-year bonds on Thursday. Two-year Treasury yields rose 1 basis point to 3.7284%, having risen 3.5 bps overnight, while benchmark 10-year yields ticked up 2 bps to 4.2198%, after holding steady overnight. In commodity markets, oil prices edged up after four straight sessions of declines. U.S. crude rose 0.2% to $65.3 per barrel, while Brent was at a one-month low of $67.78 per barrel, up 0.1%. Trump said on Tuesday he will decide on whether to sanction countries who purchase Russian oil after a meeting with Russian officials scheduled for Wednesday. Spot gold prices were flat at $3,381 an ounce. Sign in to access your portfolio
Yahoo
18 minutes ago
- Yahoo
Gabbard meets with DOJ prosecutors as grand jury probes Trump-Russia collusion 'hoax' claims
Director of National Intelligence Tulsi Gabbard said the DOJ opening a grand jury investigation into the Trump-Russia collusion narrative is a step toward accountability. Gabbard joined "The Ingraham Angle" on Tuesday for her first interview since Attorney General Pam Bondi directed her staff to act on a criminal referral the DNI chief sent to her office in late July. "I met with the Department of Justice prosecutors today, and yes, they are committed to leaving no stone unturned as they conduct this grand jury investigation and find the truth," Gabbard said. "They have more questions, and they're gonna be really taking a deep dive into this, again, looking everywhere to find the truth and conduct this very serious investigation." White House Sends Mixed Signals In Russia 'Hoax' Blame Game Fox News reported on Monday that Bondi directed an unnamed federal prosecutor to start legal proceedings, with plans to present evidence to a grand jury for a potential indictment, according to a letter from Bondi and a source familiar with the investigation. Read On The Fox News App The announcement comes after the attorney general announced the creation of a "strike force" to look into the evidence Gabbard and her team gathered. Gabbard alleges that Obama administration officials politicized intelligence and laid the groundwork for a "years-long coup" against President Donald Trump after he won the 2016 election. She claimed in a post on X, formerly Twitter, that former President Barack Obama and key members of his national security team, including then-CIA Director John Brennan and then-DNI James Clapper, fabricated a narrative about Russian meddling in the 2016 presidential election to subvert Trump's presidency. Gabbard told Fox News host Laura Ingraham that, despite the improbability of Obama facing serious charges due to the Supreme Court's 2024 presidential immunity ruling, she wanted to release the declassified documents to protect the nation's "integrity." "The integrity of our democratic republic depends on the American people knowing the truth about what actually happened and seeking that accountability, bringing about that accountability," said the former Democratic congresswoman. "This was not a one-off thing. This wasn't just, 'Oh, well, they fudged the lines a little bit.' They created a lie and propagated that lie in order to try to undermine the person that the American people chose to be our president and commander-in-chief." An Obama spokesperson pushed back on Gabbard's "outrageous" and "bizarre" allegations in a rare statement in July as attempted distractions. "Nothing in the document issued last week undercuts the widely accepted conclusion that Russia worked to influence the 2016 presidential election but did not successfully manipulate any votes. These findings were affirmed in a 2020 report by the bipartisan Senate Intelligence Committee, led by then-Chairman Marco Rubio," the spokesperson said. Americans Should Be Aware Of Gabbard's 'Dangerous Distraction' With Revisionist History Of 2016 Election A 2020 bipartisan Senate Intelligence Committee report, backed by then-Sen. Marco Rubio, R-Fla., found that Russia did not "hack" election infrastructure, such as changing votes or manipulating voting machines. It did, however, conclude that the Russian government worked to undermine confidence in U.S. democratic institutions and voting processes. Rubio, now the Secretary of State, said in a 2020 press release that the committee's investigation did not find evidence that then-candidate Trump or his campaign colluded with the Russian government. Fox News' David Spunt and Jake Gibson contributed to this report. Original article source: Gabbard meets with DOJ prosecutors as grand jury probes Trump-Russia collusion 'hoax' claims
Yahoo
18 minutes ago
- Yahoo
Sean 'Diddy' Combs' Attorney Says They've Asked Trump Administration About Pardon
Sean 'Diddy' Combs' attorney said they have reached out to President Donald Trump's administration regarding a potential pardon. Last month, the music mogul was found guilty on two charges of transportation to engage in prostitution, but was acquitted of sex trafficking and racketeering conspiracy charges. More from The Hollywood Reporter 'South Park' to Tackle ICE Raids, Hit Trump Again in Next Episode Sean "Diddy" Combs Denied Release From Jail Until Sentencing Trump Takes on L.A. Olympics: Will Lead Task Force on 2028 Games (Exclusive) 'It's my understanding that we've reached out and had conversations in reference to a pardon,' attorney Nicole Westmoreland told CNN on Tuesday. Her comments came a day after U.S. District Judge Arun Subramanian denied Combs' bid to be released from prison as he awaits sentencing in October. In May, prior to Combs' conviction, Trump said during a press conference that he 'would certainly look at the facts' regarding the mogul's case, as he hadn't 'been watching it too closely.' Then, when he was asked about whether he would pardon Combs again last week during an interview with Newsmax, Trump responded, 'I was very friendly with him, I got along with him great and he seemed like a nice guy. I didn't know him well. But when I ran for office, he was very hostile.' The president added that while 'we don't like to have things cloud our judgment,' Combs' 'terrible statements' about him in the past make pardoning him 'more difficult to do.' Despite Trump's latest remarks on a potential pardon, Westmoreland told CNN that Combs 'is a very hopeful person, and I believe that he remains hopeful' about his chances. The Hollywood Reporter reached out to the White House, but they declined to comment. After a jury acquitted Combs on his most serious charges, the hip-hop mogul now faces a maximum sentence of 20 years, whereas he was previously facing up to life in prison. The two prostitution-related offenses under the Mann Act carry a maximum sentence of 10 years each. Best of The Hollywood Reporter From 'Party in the U.S.A.' to 'Born in the U.S.A.': 20 of America's Most Patriotic (and Un-Patriotic) Musical Offerings Most Anticipated Concert Tours of 2025: Beyoncé, Billie Eilish, Kendrick Lamar & SZA, Sabrina Carpenter and More Hollywood's Most Notable Deaths of 2025
