Housing market trends favor home shoppers, but Iran war clouds the outlook for mortgage rates
LOS ANGELES (AP) — The economic fallout from the war with Iran is driving up the cost of buying a home, even as other housing market trends in many parts of the country favor home shoppers this spring. Mortgage rates, which had been trending lower heading into this year, have been rising as the conflict stokes inflation fears. That threatens to put a damper on home sales during what’s traditionally the busiest time of the year for the housing market. At the same time, home shoppers who can afford to buy this spring are likely to benefit from more properties on the market and lower prices than a year ago in many metro areas.
Workers plan to halt strike at major US meatpacking plant and resume negotiations
Workers at one of the nation’s largest meatpacking plants plan to return to work next week and halt a three-week strike in order to resume negotiations with the plant's owner. The strike by thousands of workers at the Swift Beef Co. plant in Greeley, Colorado, began on March 16 in coordination with the United Food and Commercial Workers Local 7 union. A JBS representative said the company is preparing to ramp up the Greeley plant without yet reaching a new labor agreement. It was the first major strike at a U.S. slaughterhouse since 1985. Surging beef prices have added to economic anxiety in the U.S..
European ministers call for profit caps on energy companies as Iran war drives price surge
Finance ministers from five European Union member states are urging the bloc to introduce a windfall tax on energy companies as surging oil and gas prices raise inflation fears. Spain, Germany, Italy, Portugal and Austria warned of market distortions linked to the Iran conflict that are driving up costs for households and businesses. The proposal would revive profit caps used during the 2022 energy crisis after Russia’s invasion of Ukraine. Inflation in the eurozone has already risen to 2.5% in March. With Iran disrupting tanker traffic through the Strait of Hormuz, officials warn fuel prices may stay elevated.
US employers added a surprisingly strong 178,000 jobs last month, rebounding from a weak February
WASHINGTON (AP) — American employers added a surprisingly strong 178,000 new jobs last month, rebounding from a dismal February. And the unemployment rate dipped to 4.3%. The Labor Department reported Friday that hiring marked a rebound from the loss of 133,000 jobs in February. The job gains were about three times what economists had forecast. The unemployment rate was down from 4.4% in February. But uncertainty surrounding the war with Iran — and its impact on energy prices — is clouding the outlook for the labor market.
Meloni hails arrest of top crime family suspect after raid at an Italian resort
ROME, Italy (AP) — Italian Prime Minister Giorgia Meloni has praised police after the arrest of alleged organized crime boss Roberto Mazzarella. He is one of Italy’s most wanted fugitives. Authorities captured the 48-year-old Mazzarella during a raid on a luxury villa on the Amalfi Coast where he allegedly used false documents to stay. Mazzarella is wanted in connection with a 2000 fatal shooting in Naples. Meloni called the arrest “an important blow" against Naples-based crime syndicate Camorra.
Trump unveils 100% tariff on some patented drugs on 'Liberation Day' anniversary
NEW YORK (AP) — President Donald Trump has signed an executive order that could slap long-threatened pharmaceutical tariffs of up to 100% on some patented drugs from companies that don’t reach deals with his administration in the coming months. Companies that have signed a “most favored nation” pricing deal and are actively building facilities in the U.S. to onshore production of patented pharmaceuticals and their ingredients will have a 0% tariff. For those that don’t have a pricing deal but are building such projects in the U.S., a 20% tariff will apply but increase to 100% in four years. Companies still have months to negotiate before the 100% tariffs kick in. Also Thursday, Trump rolled out an update on his 50% tariffs on imported steel, aluminum and copper.
Wall Street closed for Good Friday, but US futures inch lower following strong March jobs report
U.S. futures were trading modestly lower following surprisingly strong jobs data from the federal government. Equities markets are closed for Good Friday, but futures markets were trading into Friday morning, albeit quietly. Futures for S&P 500 dipped 0.3% early Friday, futures for the Dow Jones Industrial Average lost 0.2% and Nasdaq futures were down 0.4%. American employers added a surprisingly strong 178,000 new jobs last month, rebounding from a dismal February that saw 133,000 job losses. Markets in Asia mostly rose, while European markets were also closed for Good Friday.
Trump gives Iran 48 hours to open Strait of Hormuz as search continues for missing US pilot
TEL AVIV, Israel (AP) — U.S. President Donald Trump has again warned Tehran over his Monday deadline to open the crucial Strait of Hormuz and allow ship traffic to flow again, and Iran has responded by threatening to open “the gates of hell.” The U.S. military meanwhile searched a remote area in Iran for a second day Saturday after a warplane was shot down and a pilot went missing. Israel confirmed striking a petrochemical complex in Iran, and state media there said at least five people are dead. Meanwhile, Iran's top diplomat signaled willingness for talks as Pakistan said efforts were “right on track.”
Company backed by Trump sons looks to sell drone interceptors to Gulf states being attacked by Iran
NEW YORK (AP) — A drone maker backed by President Donald Trump’s two oldest sons is trying to win contracts with Gulf countries under threat by Iran and protected by the U.S. military led by their father. Powerus is holding demonstrations in “several” Gulf countries of how its defensive drone interceptors could help them ward off the attacks, according to co-founder Brett Velicovich. Powerus recently struck a deal that will bring on the Trump brothers, Eric and Donald Jr., as stakeholders in the military contractor. The president’s oldest sons have expanded their business interests rapidly beyond hotels and golf courses in a little over a year since their father took office again.
White House scales back plan to dismantle the CFPB but still wants to slash staff by two-thirds
NEW YORK (AP) — The Trump administration has scaled back its plans to dismantle the Consumer Financial Protection Bureau. Under the new plan, the bureau’s headcount would be reduced from 1,700 authorized employees before Trump’s second term to roughly 550 staffers. The administration originally intended to shrink the bureau’s staff to around 200 employees. This plan, revealed in a memo and court documents this week, faces opposition from the CFPB’s employee union and likely requires a federal judge's approval. The proposed cuts would significantly shrink the bureau’s supervision and enforcement divisions.
