Funding & Business
Trump Says 50% Tariff on Copper Imports to Take Effect August 1
President Donald Trump said the US would begin levying a 50% tariff on copper imports from Aug. 1, confirming a move that will batter producers of everything from automobiles to homes and appliances who rely on the industrial metal.
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Infineon Technologies Supervisory Board Chair says that his firm is continuously looking for more efficiencies and that AI will help with that, but so far it hasn’t led to any significant headcount reductions. He also commented on the trade war, saying the impact of tariffs on Infineon is hard to judge as the impacts are mostly on finished products. He spoke with Bloomberg’s Tom Mackenzie at the Bank of America’s Breakthrough Technology Dialogue in Goodwood, UK. (Source: Bloomberg)
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A breakout rally in the shares of US regional banks may be setting investors up for disappointment, according to some Wall Street strategists, who recommend betting on a pullback in the sector as earnings season gets underway.
The SPDR S&P Regional Banking ETF (KRE), an exchange-traded fund that tracks the performance of Main Street lenders, is up more than 8% over the last month, nearly double the S&P 500 Index’s gains over the same period. Tailwinds for the sector include the prospects of an M&A boom, an easier regulatory environment and expectations of higher-for-longer interest rates.
Oil steadied as traders weighed a large increase in US crude stockpiles and a wave of new tariff rates from President Donald Trump. Meanwhile senior officials from three of OPEC’s core producer nations, Saudi Arabia, UAE, and Kuwait have said that the global market needed the recent decision to further hike supply. Daan Struyven, Co-Head of Global Commodities Research at Goldman Sachs spoke to Bloomberg’s Horizons Middle East and Africa anchor Joumanna Bercetche on the sidelines of the OPEC Seminar in Vienna. (Source: Bloomberg)
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