Equity markets began the year high on expectations that incoming president Donald Trump would cut taxes and regulations, setting off another burst of growth in stock values. Stock prices rose on that expectation of a “Trump bump.”
Tag: U.S. Economy
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SPOTLIGHT: BIGS GETTING BIGGER
Italy’s Saipem and Norway’s Subsea7 will combine in a merger worth an estimated $4.86 billion, The Wall Street Journal reported. The union will create a global company offering construction, drilling, engineering, and logistics services to the oil and gas industry.
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TOP TREND 2023: OFFICE BUILDING BUST
The Trump administration’s plan to slash the federal workforce will dump millions of square feet of empty square feet onto the office property market nationwide at a time when the sector is just beginning to stabilize after sliding for the past five years, The Wall Street Journal reported.
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U.S. ECONOMIC BRIEFS
Berkshire Hathaway, Warren Buffet’s investment vehicle, has sold all of its shares of exchange-traded funds (ETFs) managed by State Street Advisors and Vanguard, leaving it with no investments in ETFs.
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WHEN THE ECONOMY FALLS, JOBS GO WITH IT
Nearly one hundred companies are expected to lay off employees in March, according to a report in the Economic Times.
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GOOGLE CO-FOUNDER SAYS AI PUSH NEEDS WORKERS TO RETURN TO OFFICES
Google, in a race to lead progress in artificial intelligence (AI), will have a better chance of achieving that goal if workers on the project are in the company’s central offices five days a week, Google cofounder Sergei Brin said in an internal memo reported by The New York Times.
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TRUMP NAMES CRYPTOCURRENCIES FOR STRATEGIC RESERVE, SPARKING RALLY
In a 2 March social media post, Donald Trump named Bitcoin and Ethereum as mainstays in a U.S. strategic crypto reserve that would include tokens Cardano, Solana, and XRP.
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FALLING BOND YIELDS DRIVE THE DOLLAR DOWN
The recent drop in bond yields has devalued the dollar. The bellwether 10-year treasury note’s yield fell as low as 4.24 percent on 28 February, sliding from above 4.8 percent in January and reaching its lowest point since mid-December.
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INFLATION EASES IN JANUARY AS CONSUMERS CUT BACK SPENDING
The U.S. annual inflation in January ran at 2.5 percent, a slight slowdown from December’s 2.6 percent, the Bureau of Labor Statistics reported. The month-to-month rate was up 0.3 percent, the same as it was in December.
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HOME SALES SLUMP IN JANUARY
The number of signed contracts for the purchase of existing homes fell 4.6 percent in January compared to December and were down 5.2 percent year on year, marking the fewest since the National Association of Realtors (NAR) began recording the number in 2001.