China’s exports grew 2.5% in March in a sharp slowdown as Iran war raises uncertainty
HONG KONG (AP) — China’s exports grew 2.5% in March from a year ago, significantly slowing from the previous two months as uncertainties rose from the Iran war and its impact on energy prices and global demand. The March export data released by China’s customs agency Tuesday missed analysts’ estimates and was sharply down from the 21.8% export growth recorded for January and February. Imports last month surged 27.8%, up from the 19.8% year-on-year increase in the first two months of this year.
US stocks rally and return to where they were before the US-Iran war
NEW YORK (AP) — U.S. stocks rallied and recovered the last of their losses caused so far by the U.S.-Iran war, as hope remains on Wall Street that the global economy can still avoid a worst-case scenario. The S&P 500 rose 1% Monday and is back to where it was before the United States and Israel attacked Iran in late February, just 1.3% below its record set early this year. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite climbed 1.2%. Even in the oil market, where prices jumped above $100 per barrel after ceasefire talks failed to end the war, prices pared their gains as Monday progressed.
How a US blockade near the Strait of Hormuz could work and the impact ahead for the global economy
A blockade of Iranian ports that President Donald Trump said began Monday could further disrupt oil prices. It also is spurring questions about international law and leaves doubts about whether the pressure tactic will force Tehran to reopen the vital Strait of Hormuz. Trump threatened to impose the blockade after talks to further a fragile ceasefire ended without a deal this past weekend. Experts say enforcing the blockade is likely to demand significant resources from the U.S. Navy and could prompt concerns about military force and international law. Supply chain restrictions alsp could undermine the flow of oil, fertilizer, food and other goods to consumers already facing higher prices.
The US is short 10 million houses. A new White House report lays out a blueprint to fix that
WASHINGTON (AP) — White House economists estimate the United States has a shortage of 10 million houses. That’s according to a report out Monday. It says more construction would lower prices, increase home ownership and fuel faster economic growth. President Donald Trump’s approval ratings have slumped because of concerns over his handling of the economy. Trump has taken some steps to make it easier to build houses, but he’s been slow to embrace other measures. The new report is from the White House Council of Economic Advisers. It lays out a blueprint for how more construction could help the middle class and the economy, setting up an argument Trump could make to voters.
Judge dismisses Trump’s $10B lawsuit against WSJ, Murdoch over reporting on ties to Epstein
WASHINGTON (AP) — A federal judge has dismissed President Donald Trump’s $10 billion defamation lawsuit against the Wall Street Journal and Rupert Murdoch over a story on his ties to Jeffrey Epstein. U.S. District Judge Darrin P. Gayles in Florida wrote in the order issued Monday that Trump had failed to make the argument that the article was published with the intent to be malicious, but gave the president a chance to file an amended complaint. Trump's lawsuit came after the Journal published an article that described a sexually suggestive letter the newspaper said bore Trump’s signature and was included in an album compiled for Epstein’s 50th birthday. Trump has denied writing it. After the ruling, Trump said he has a “powerful case” and will be refiling the complaint.
Trump family deal spree could open door for future presidents to profit from office
NEW YORK (AP) — For the Trump family, business is booming. Whereas the Trump Organization didn’t do a single deal overseas in Donald Trump's first term as president, it did eight in the past year. It got more than double the money in four months selling Trump “meme” coins than it did in four years running a massive Washington D.C. hotel. And there are more potential conflicts as the family makes money investing in companies dependent on federal contracts and seeking taxpayer funded grants and loans. While past presidents avoided even the appearance of profiting from their office, some historians worry how Trump's approach might influence future holders of the office.
Hollywood heavyweights voice 'unequivocal opposition' to Paramount-Warner merger in open letter
NEW YORK (AP) — More than a thousand movie stars, writers, directors and other Hollywood professionals announced their “unequivocal opposition” to the proposed Paramount merger with Warner Bros. Discovery in an open letter published Monday. A large swath of the movie industry, including Denis Villeneuve, Kristen Stewart, J.J. Abrams and Joaquin Phoenix came out forcefully against the $111 billion deal that would consolidate two legacy studios into one, arguing it would further reduce jobs and movies in an already downsized Hollywood. In late February, David Ellison’s Paramount Skydance reached a deal to acquire Warner Bros. Discovery in one of the largest media mergers ever. The deal awaits a shareholder vote and regulatory approval.
Iran war's global energy crisis sharpens China’s advantage in clean tech
HONG KONG (AP) — The war in Iran is sharpening China’s advantage in promoting a renewable energy future, as oil disruptions expose the fragility of fossil fuel systems. Higher fuel prices are accelerating interest in electric vehicles and other clean technologies across Asia. China, with firms such as its biggest electric vehicle maker BYD and battery maker CATL, is well positioned to meet that demand. That contrasts a more fragmented U.S. approach that has promoted fossil fuels. Analysts say this fundamental shift will likely remain even if the Iran war ends and ultimately may lead to the strengthening of China's global influence.
US home sales fall in March, marking a slow start to the spring homebuying season
Sales of previously occupied U.S. homes fell in March to their slowest pace nine months, as easing mortgage rates and more properties on the market failed to motivate home shoppers during what’s traditionally the busiest time of the year for the housing market. The National Association of Realtors said Monday that existing home sales fell 3.6% last month from February to a seasonally adjusted annual rate of 3.98 million units. Sales also fell 1% compared with March last year. The latest sales figure fell short of the roughly 4.06 million pace economists were expecting, according to FactSet. The national median sales price increased 1.4% in March from a year earlier to $408,800.
Sánchez returns to China as Spain seeks deeper ties amid Iran war tensions
MADRID (AP) — Spanish Prime Minister Pedro Sánchez is in China again this week where he will meet with Chinese President Xi Jinping. This marks his fourth visit in just over three years. Spain wants to diversify relations with major powers like China, especially as its relationship with the U.S. has been strained over the U.S.-Israeli war in Iran. In addition to Xi, Sánchez will meet with Premier Li Qiang, and China’s top lawmaker, Zhao Leji. Spain has been less adversarial toward China compared with other EU countries, aiming to reduce its trade deficit and boost commercial ties.
