Jerry Lin
The Latest
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U.S. GDP Shrinks 0.2% in Q1 as Trump Tariffs Trigger Import Surge, Legal Setback Clouds Outlook
The U.S. economy shrank at a 0.2% annualized pace in the first quarter of 2025, the Commerce Department said Thursday, confirming the first contraction in three years as American businesses rushed to import goods ahead of President Donald Trump's sweeping tariffs. The revised figure improved slightly from the initial 0.3% estimate, but still reflects the impact of rising trade tensions and volatile policy signals on consumer and corporate behavior. 
The U.S. economy shrank at a 0.2% annualized pace in the first quarter of 2025, the Commerce Department said Thursday, confirming the first contraction in three years as American businesses rushed to import goods ahead of President Donald Trump's sweeping tariffs. The revised figure improved slightly from the initial 0.3% estimate, but still reflects the impact of rising trade tensions and volatile policy signals on consumer and corporate behavior. -
U.S. Jobless Claims Hit Highest in Weeks Amid Trump Tariff Turmoil and Fed Caution
Initial filings for unemployment benefits in the United States rose more than expected last week, adding to signs of a cooling labor market as economic uncertainty deepens over global trade policy and President Donald Trump's sweeping tariff plans. The Labor Department reported Thursday that jobless claims climbed by 14,000 to 240,000 for the week ended May 24, exceeding analyst expectations of 226,000. 
Initial filings for unemployment benefits in the United States rose more than expected last week, adding to signs of a cooling labor market as economic uncertainty deepens over global trade policy and President Donald Trump's sweeping tariff plans. The Labor Department reported Thursday that jobless claims climbed by 14,000 to 240,000 for the week ended May 24, exceeding analyst expectations of 226,000. -
Putin’s Top Electronics Plant Explodes in St. Petersburg Inferno Amid Drone Strike Fears
A major fire erupted at the Avangard electronics factory in St. Petersburg, Russia, early Wednesday, following a series of explosions that shook the Kalininsky District and sent black smoke billowing into the night sky. The plant, a designated Federal Scientific and Production Center, is considered one of Russia's systemically important enterprises, specializing in radio electronics, microcircuitry, and instrumentation. 
A major fire erupted at the Avangard electronics factory in St. Petersburg, Russia, early Wednesday, following a series of explosions that shook the Kalininsky District and sent black smoke billowing into the night sky. The plant, a designated Federal Scientific and Production Center, is considered one of Russia's systemically important enterprises, specializing in radio electronics, microcircuitry, and instrumentation. -
April Home Sales Drop 0.5%, Inventory Rises 21% as Buyers Struggle with Mortgage Costs
U.S. existing home sales declined in April to their slowest pace for the month since 2009, as persistently high mortgage rates and eroding affordability dampened buyer activity during what is typically the peak season for the housing market. The National Association of Realtors reported Thursday that sales of previously owned homes dropped 0.5% from March to a seasonally adjusted annual rate of 4 million units. 
U.S. existing home sales declined in April to their slowest pace for the month since 2009, as persistently high mortgage rates and eroding affordability dampened buyer activity during what is typically the peak season for the housing market. The National Association of Realtors reported Thursday that sales of previously owned homes dropped 0.5% from March to a seasonally adjusted annual rate of 4 million units. -
Bitcoin Surges Past $111,000 to Record High as ETF Inflows, Institutional Buying Accelerate
Bitcoin surged to a new all-time high on Thursday, surpassing $111,000 as institutional adoption, regulatory developments, and investor demand for alternative assets continued to drive momentum. According to Coin Metrics, the cryptocurrency rose 3% to $111,529.78, after hitting an intraday peak of $111,886.41. 
Bitcoin surged to a new all-time high on Thursday, surpassing $111,000 as institutional adoption, regulatory developments, and investor demand for alternative assets continued to drive momentum. According to Coin Metrics, the cryptocurrency rose 3% to $111,529.78, after hitting an intraday peak of $111,886.41. -
UK Inflation Surges to 3.5% in April, Water Bills Jump 26.1% as BOE Faces New Policy Pressure
The U.K.'s inflation rate unexpectedly accelerated to 3.5% in April, according to the Office for National Statistics, marking the highest level in over a year and raising questions about the timing of future interest rate cuts from the Bank of England. The increase, driven by soaring household bills and regulated price hikes, surpassed analysts' expectations of a 3.3% rise and defied recent trends of cooling inflation. 
The U.K.'s inflation rate unexpectedly accelerated to 3.5% in April, according to the Office for National Statistics, marking the highest level in over a year and raising questions about the timing of future interest rate cuts from the Bank of England. The increase, driven by soaring household bills and regulated price hikes, surpassed analysts' expectations of a 3.3% rise and defied recent trends of cooling inflation. -
OPEC+ Targets U.S. Shale as Output Hike Risks Renewed Price War Below $60 a Barrel
OPEC+ is ramping up oil production with the dual aim of disciplining overproducing members and regaining market share from U.S. shale producers, according to officials and sources briefed on the strategy. The coordinated increase by Saudi Arabia and Russia threatens to reopen a price war that could squeeze American drillers already hit by inflation, declining well quality, and market volatility. 
OPEC+ is ramping up oil production with the dual aim of disciplining overproducing members and regaining market share from U.S. shale producers, according to officials and sources briefed on the strategy. The coordinated increase by Saudi Arabia and Russia threatens to reopen a price war that could squeeze American drillers already hit by inflation, declining well quality, and market volatility. -
China Cuts Key Lending Rates for First Time Since October in Bid to Bolster Fragile Recovery
China's central bank on Tuesday cut its key benchmark lending rates for the first time in seven months, part of a broader policy push to support a slowing economy as trade tensions with the U.S. ease and the yuan shows signs of stabilization. 
China's central bank on Tuesday cut its key benchmark lending rates for the first time in seven months, part of a broader policy push to support a slowing economy as trade tensions with the U.S. ease and the yuan shows signs of stabilization. -
Dimon Warns of ‘Extraordinary Complacency’ as S&P 500 Earnings Growth Set to Collapse
JPMorgan Chase CEO Jamie Dimon warned Monday that markets are dangerously underestimating the economic impact of U.S. tariffs, ballooning federal deficits, and rising geopolitical tensions, signaling that S&P 500 earnings growth could collapse to zero within months. Speaking at the bank's annual Investor Day in New York, Dimon said he sees a disconnect between market optimism and the underlying risks that threaten corporate profits and global stability. 
JPMorgan Chase CEO Jamie Dimon warned Monday that markets are dangerously underestimating the economic impact of U.S. tariffs, ballooning federal deficits, and rising geopolitical tensions, signaling that S&P 500 earnings growth could collapse to zero within months. Speaking at the bank's annual Investor Day in New York, Dimon said he sees a disconnect between market optimism and the underlying risks that threaten corporate profits and global stability. -
China Manufacturing Resilient as U.S. Tariffs Bite into Retail, Housing, and Investment
China's industrial output showed unexpected resilience in April despite escalating trade tensions with the U.S., even as retail sales, property investment, and consumption indicators painted a more fragile picture of the recovery. Industrial production rose 6.1% year-over-year, beating the 5.5% consensus forecast in a Reuters poll but slowing from March's 7.7% pace, according to data released Monday by the National Bureau of Statistics. 
China's industrial output showed unexpected resilience in April despite escalating trade tensions with the U.S., even as retail sales, property investment, and consumption indicators painted a more fragile picture of the recovery. Industrial production rose 6.1% year-over-year, beating the 5.5% consensus forecast in a Reuters poll but slowing from March's 7.7% pace, according to data released Monday by the National Bureau of Statistics.
