Asian shares mostly dip after US stocks rally
TOKYO (AP) — Asian shares are mostly lower, despite a rally on Wall Street boosted by easing oil prices, as regional investors still weighed the impact from the recent joint U.S.-Japan currency intervention. Benchmarks have fallen in early Tuesday trading in Tokyo, Seoul, Hong Kong and Shanghai, while rising in Sydney. Oil prices were rising in Asian trading, reversing course from their fall overnight. On Wall Street on Monday, the S&P 500 jumped 1.5%, the Dow Jones rose 1.3% to an all-time high, and the Nasdaq composite climbed 2.1%. Brent crude's price fell after President Donald Trump said he would hold off on ordering new strikes against Iran.
25 states sue over Trump's new tariffs, calling them 'pretext' to replace his old ones
WASHINGTON (AP) — Twenty-five states sued the Trump administration Monday over its latest tariffs, calling them a pretext for replacing import taxes the Supreme Court struck down in February. The United States last month imposed double-digit tariffs on 59 countries and the European Union, charging that they had not done enough to crack down on imports produced by forced labor. The new tariffs took effect just as the clock ran out on temporary tariffs President Donald Trump had turned to after the Supreme Court defeat. “After losing at the Supreme Court, the administration is once again trying to illegally raise taxes on families and businesses with a new round of tariffs,” said New York Attorney General Letitia James.
US stocks rally near a record as falling oil prices ease Wall Street's worries about inflation
NEW YORK (AP) — U.S. stocks rallied to the edge of their all-time high after easing oil prices helped calm Wall Street’s worries that inflation could get even worse. The S&P 500 jumped 1.5% Monday and is just 0.1% below its record set earlier this summer. The Dow Jones Industrial Average rose 1.3% to an all-time high, and the Nasdaq composite climbed 2.1%. Brent crude's price fell 4.7% after President Donald Trump said he would hold off on ordering new strikes against Iran. That helped Treasury yields to fall in the bond market. Stocks of airlines and other companies with big fuel bills rallied.
As Blanche's path to confirmation is cleared, Trump's tax audit immunity remains in place
WASHINGTON (AP) — Acting Attorney General Todd Blanche has rescinded President Donald Trump’s $1.8 billion “anti-weaponization fund” meant for his political allies. However, a tax audit immunity plan for Trump, his sons, and the Trump Organization remains in place. Blanche confirmed this in a document sent to lawmakers on Sunday. The immunity applies only retroactively and does not protect future tax filings. The deal, part of a settlement from Trump’s lawsuit against the IRS, could erase over $100 million in back taxes. Legal experts question its lawfulness, and Trump has filed an appeal.
US dollar weakens sharply against the Japanese yen after market interventions
TOKYO (AP) — The U.S. dollar has weakened sharply against the Japanese yen after U.S. President Donald Trump and Japan's finance minister confirmed both sides had intervened in markets. Before late last week, the dollar was trading above 163 yen, touching 40-year highs. It fell below 160 yen after regulators were suspected of stepping in. On Monday after the official announcement of the intervention the dollar dropped to about 155.20 yen before rebounding slightly. That's a big change for the exchange rate. Trump said the U.S. got “financial benefit” out of the intervention, calling it a “signal of friendship.” Finance Minister Satsuki Katayama said the finance ministry had purchased yen in coordination with the U.S. Treasury Department.
US companies are stepping up to cut reliance on China for critical minerals used in key weapons
EXETER, N.H. (AP) — A small refinery tucked inside a New Hampshire office park is helping produce the critical minerals needed in the missiles used in the Iran war. Phoenix Tailings is among the few U.S. companies processing these minerals and received $500 million from the Pentagon to expand its capacity. But it will take a while to ramp up its work. In addition, most new U.S. mines are years away from reality as the country tries to build up domestic supplies of critical minerals free of Chinese control. As the White House is demanding military contractors speed up weapons production, it’s also imposing stricter rules banning them from sourcing critical minerals from China.
Trump accounts were closed in 2021 due to concerns over possible money laundering, Capital One says
NEW YORK (AP) — Capital One closed President Donald Trump’s accounts in mid-2021 after flagging financial activity that resembled money laundering. The bank disclosed this in a court filing over the weekend. Trump has sued Capital One, alleging the closures were politically motivated following the Jan. 6 Capitol attacks. Capital One seeks to dismiss the lawsuit, stating the closures followed months of analysis by its anti-money laundering team. Trump has also sued JPMorgan Chase, claiming similar political motivations. Both banks deny these claims, citing unusual practices as the reason for severing ties.
Cyberattack hits Liechtenstein's register of people behind companies and foundations
BERLIN (AP) — The government of Liechtenstein says a cyberattack was made on a register of people behind companies and foundations in the wealthy principality. The data of some 31,000 people was tapped. A government statement Sunday said the “register of economic beneficiaries” was accessed at night from Wednesday into Thursday last week. The breach was noticed Thursday, measures were taken to secure data and the system was taken offline. It said there were no indications that any data was altered or deleted.
Oil prices drop after Trump orders US forces to hold off on new strikes against Iran
NEW YORK (AP) — Oil prices fell sharply Sunday after President Donald Trump said he would order U.S. forces to hold off on new strikes against Iran. He claimed that a deal to end the fighting in the Middle East was near. A resolution to the conflict could give oil shippers the ability to send vessels out of the Persian Gulf, where tankers of oil and other products have been trapped during the fighting. The price of U.S. crude oil fell about 6% to $80 per barrel Sunday night. The price of Brent crude, the international standard, fell 8% to about $83 per barrel.
Record low Danube levels push some countries in Eastern Europe to the brink of energy emergency
BUDAPEST, Hungary (AP) — Governments in Central and Eastern Europe are working to conserve electricity as low water levels on the Danube River threaten power plants. Persistent drought and heat waves have reduced the river's levels, impacting Hungary's Paks nuclear plant, which is on the brink of shutdown. The plant uses Danube water to cool its reactors and is now producing far less power. Hungary's government has asked major industrial users to reduce electricity consumption and has restricted electric freight trains during peak hours. Serbia and Romania are also facing power generation drops and disruptions to shipping and agriculture due to the low river levels.
