the U.S. stock market fell sharply in early trading on Thursday, with the Dow Jones Industrial Average plummeting more than 1500 points and the Nasdaq falling more than 1000 points. U.S. President Trump announced additional "equal tariffs" of 10% to 49% on almost all countries, which could trigger a global trade war and severely damage the already weak U.S. economy. The number of initial jobless claims in the U.S. unexpectedly dropped last week. Trump's tariffs and the OPEC+ production increase plan have caused oil prices to plummet. The Dow fell by 1543.14 points, or 3.65%, to 40682.18 points; the Nasdaq dropped 1004.16 points, or 5.71%, to 16596.89 points; and the S&P 500 index fell by 246.47 points, or 4.35%, to 5424.50 points.
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Trump's tariffs hit US stocks hard, Nasdaq plunged more than 1,000 points
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Economists expect the Federal Reserve to cut interest rates in December, with two more cuts possible in 2026.
according to economists surveyed, Federal Reserve officials are expected to vote next week to cut interest rates again to guard against the rising risk of a sharp deterioration in the labor market. The median of respondents shows that the Fed is expected to implement two more 25 basis point rate cuts within the year starting from March 2026. Next week's rate cut will continue the momentum of rate cuts from the policy meetings in September and October. A considerable majority also expect Fed officials to once again reiterate the statement that "the downside risks to employment have increased in recent months," as they did in October. The Federal Reserve will announce its decision at 2 PM Washington time on December 10, followed by a press conference held by Chairman Jerome Powell. -
Bank of America: Markets will soon digest expectations of a Fed rate cut in January.
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He Lifeng held a video call with U.S. Treasury Secretary Bessant and Trade Representative Greer.
He Lifeng, China's lead for China-US economic and trade relations and Vice Premier of the State Council, held a video call with the US leads, Treasury Secretary Janet Yellen and Trade Representative Katherine Tai. The two sides had in-depth and constructive exchanges on implementing the important consensus reached by the Chinese and US heads of state at the Busan meeting and the November 24 call, focusing on carrying out pragmatic cooperation and properly addressing mutual concerns in the economic and trade field. Both sides positively evaluated the implementation of the outcomes of the China-US economic and trade consultations in Kuala Lumpur, stating that under the strategic guidance of the two heads of state, they will continue to make good use of the China-US economic and trade consultation mechanism, continuously extend the cooperation list, reduce the list of issues, and promote the sustained, stable, and positive development of China-US economic and trade relations. -
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White House National Economic Council Director Hassett: It's Time for the Fed to Cautiously Cut Interest Rates
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The yield on the 10-year U.S. Treasury note rose 2 basis points to 4.12%, a new high since November 2020.
yield on the US 10-year Treasury rose 2 basis points to 4.12%, reaching a new high since November 2020. -
Social media platform "X" has been fined €120 million by the European Union for violating content regulations.
social media platform "X" was fined 120 million euros by the European Union for violating content regulations. The European Commission stated that X violated three provisions of the Digital Services Act and gave X 60 days to provide a solution and 90 days to implement it. (Jin10) -
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