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Stock markets rose on Tuesday as US inflation data showed a still-subdued impact from US President Donald Trump’s tariffs.That, combined with Trump extending by 90 days a trade truce with China, cheered investors.New York jumped after the US consumer price index (CPI) reading for July showed annualised inflation at 2.7 percent, unchanged from a month earlier.European markets were likewise boosted by the US inflation numbers, with all but Frankfurt rising.While the headline CPI figure was lower than expected, underlying price increases indicated that Trump’s tariffs were nevertheless starting to ripple through the US economy.Core inflation, which strips out volatile costs such as food and energy, accelerated in July to the fastest pace in six months.”Inflation from tariffs is beginning to feed into the core figure but not yet at the stage that is a major concern for markets,” said Lindsay James, investment strategist at Quilter, a wealth management firm.The dollar slipped against major currencies.Investors calculated that the CPI data was not enough to sway the US Federal Reserve away from an expected interest rate cut next month.The US central bank, which has an inflation target of two percent, also has to weigh other recent data, including signs in the labour market of slower economic growth.Trump has been pressuring Fed chief Jerome Powell to cut rates, and on Monday he renewed his attack.The US leader accused Powell of causing “incalculable” damage by keeping interest rates steady. Trump said he may allow “a major lawsuit” against Powell for his oversight of renovations of Federal Reserve buildings.Katy Stoves, investment manager at Mattioli Woods, warned however: “This gentle cooling of the economy will certainly not justify a cut of interest rates to one percent as President Donald Trump is calling for.”Oil prices were lower, after OPEC’s latest growth projections maintained estimates for 2025. The oil cartel raised its demand forecast for 2026, signalling it expected stronger global activity next year.Trump’s announcement on Monday that he would put off reimposing sky-high levies on China to November, to give more time for talks, buoyed market sentiment.Stock markets in Asia rose on the news, with Tokyo hitting a record.Investors are also awaiting a summit between Trump and Russian leader Vladimir Putin on Friday, with the US president playing down the possibility of a breakthrough in ending the war in Ukraine.In corporate news, China’s real estate giant Evergrande Group said on Tuesday it will delist from Hong Kong Stock Exchange in the wake of its 2021 default. The company is emblematic of a years-long crisis in China’s property market.- Key figures at around 1530 GMT -New York – Dow: UP 1.0 percent at 44,412.68 pointsNew York – S&P 500: UP 0.7 percent at 6,420.90New York – Nasdaq: UP 0.8 percent at 21,556.82London – FTSE 100: UP 0.2 percent at 9,149.28 (close)Paris – CAC 40: UP 0.8 percent at 7,757.59 (close)Frankfurt – DAX: DOWN 0.1 percent at 24,050.12 (close)Tokyo – Nikkei 225: UP 2.2 percent at 42,718.17 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 24,968.68 (close)Shanghai – Composite: UP 0.5 percent at 3,665.92 (close)Euro/dollar: UP at $1.1680 from $1.1617 on MondayPound/dollar: UP at $1.3507 from $1.3435 Dollar/yen: DOWN at 147.88 yen from 148.12 yenEuro/pound: DOWN at 86.44 pence from 86.47 penceBrent North Sea Crude: DOWN 0.1 percent at $66.57 per barrelWest Texas Intermediate: DOWN 0.3 percent at $63.75 per barrel

US consumer inflation held steady in July, with an uptick in underlying price pressures that could spell trouble for President Donald Trump and his promises of an economic boom.The 2.7 percent consumer price index (CPI) figure was probably not high enough to derail a potential interest rate cut in September, but Trump responded with yet another direct attack on Federal Reserve chair Jerome Powell, whom he blames for not lowering rates fast enough.In a separate Truth Social post, Trump claimed that “even at this late stage, Tariffs have not caused Inflation.”But analysts warn that the pass-through from Trump’s duties is not yet complete.CPI rose 2.7 percent from a year ago in July, the same rate as in June, said the Department of Labor on Tuesday.But, excluding the volatile food and energy segments, “core” CPI in July accelerated to 0.3 percent on a month-on-month basis, up from a 0.2-percent rise before.From a year ago, underlying inflation rose 3.1 percent, picking up pace too from 2.9 percent in June.”Many companies have announced plans to pass along higher costs to their customers soon,” said Navy Federal Credit Union chief economist Heather Long.”It’s only a matter of time before more goods become more expensive,” she added in a note.Analysts are closely watching CPI numbers amid increasing fears over the reliability of economic data from the Trump administration, which fired the head of the Bureau of Labor Statistics recently after a jobs report showed significantly lower hiring numbers.They are also monitoring for weakening amid Trump’s trade war, as he tries to reshape the global economy.- ‘More price hikes’ -The president has ordered a 10-percent tariff on goods from almost all trading partners. For dozens of economies including Japan, South Korea and the European Union, this level rose to various higher rates last Thursday.Sectors that have been targeted individually — or are under investigation by officials — have been spared from these countrywide levies so far. But Trump has been progressively imposing steep duties on different sectors.”Brace for more price hikes as we move into late summer and early fall,” said KPMG chief economist Diane Swonk.”The pass-through of the most recent rise in tariffs is expected to be faster than the initial round because there was less time to stockpile,” she added.While Swonk believes a September interest rate cut remains possible, she expects this would only happen if “if we see much weaker demand, notably from the labor market, between now and then.”CME’s FedWatch tool has investors seeing a 92.2-percent chance of a quarter-point cut at the Fed’s next policy meeting in September.On Tuesday, Trump said he was considering allowing “a major lawsuit against” Powell to proceed, taking aim at the Fed chair’s oversight of the central bank’s renovations in Washington.Trump has repeatedly lashed out at Powell recently, floating the idea of ousting him over the Fed’s revamp, as he criticized the bank’s decisions to keep rates unchanged this year.Tuesday’s headline CPI figure was a touch below the 2.8-percent rate expected in a median forecast of analysts surveyed by Dow Jones Newswires and The Wall Street Journal.But experts have cautioned that a cooler figure could also point to a slowing economy.For now, policymakers are trying to balance between supporting the jobs market and keeping cost increases under control.While businesses have stocked up in anticipation of Trump’s tariff hikes this year and may not have raised consumer costs directly, economists warn that companies will not be able to do so indefinitely.While the indexes for energy and gasoline dropped in the month, shelter costs rose in July.Indexes that rose over the month included medical care, airline fares and household furnishings, the Labor Department report showed.”It remains the case that prices have risen the most since January for goods that are primarily imported,” said Samuel Tombs, chief US economist at Pantheon Macroeconomics.

An American woman was on Tuesday found guilty at a UK court of participating in a 2019 plot to murder a British man caught up in a bitter feud between families.After a years-long police hunt, Aimee Betro, 45, was extradited earlier this year from Armenia where she was living, to face trial in the central English city of Birmingham.Prosecutors told the court Betro had covered her face in a niqab as she climbed out of a car in September 2019 and tried to shoot Sikander Ali at point-blank range.But the handgun jammed and Ali fled in his car which was parked outside his home.Prosecutors said Betro was part of a plot with co-conspirators Mohammed Aslam, 56, and his 31-year-old son, Mohammed Nabil Nazir. Betro had met Nazir on an online dating site, and told the jury she was in love with him.Both men were jailed last year for their roles in the “violent” feud which erupted after they were injured in a brawl at Ali’s father’s clothing store in July 2018.”Betro tried to kill a man in a Birmingham street at point-blank range. It is sheer luck that he managed to get away unscathed,” said prosecutor Hannah Sidaway.The case had been brought to trial after “years of hard work doggedly pursuing Aimee Betro across countries and borders,” she added.Graphic design graduate Betro did not know Ali and denied three charges including conspiracy to murder and possessing a self-loading pistol, saying she had no knowledge of the plot.Betro, who is originally from Wisconsin, told jurors it was “just a terrible coincidence” that she had been close to the scene of the attack.She maintained the real shooter was “another American woman” who sounded similar to her and had the same phone and brand of trainers.Police said they had seen no evidence that Betro was paid for her role in the attempted attack. She will be sentenced on August 21.

Consumer inflation in the United States held steady in July, data showed Tuesday, but underlying price increases picked up as President Donald Trump’s sweeping tariffs ripple through the world’s biggest economy.The consumer price index (CPI) rose 2.7 percent from a year ago in July, the same rate as in June, said the Department of Labor.But, excluding the volatile food and energy segments, “core” CPI accelerated to 0.3 percent on a month-on-month basis last month, up from a 0.2-percent rise before, the CPI report said.From a year ago, underlying inflation rose 3.1 percent, picking up pace too.Analysts are closely watching CPI amid increasing fears over the reliability of economic data from the Trump administration, which fired the head of the Bureau of Labor Statistics recently after a jobs report showed significantly lower hiring numbers.They are also watching closely for weakening amid Trump’s trade war, as he tries to reshape the global economy.He has ordered a 10-percent tariff on goods from almost all trading partners. For dozens of economies including Japan, South Korea and the European Union, this level rose to various higher rates last Thursday.Sectors that have been targeted individually — or are under investigation by officials — have been spared from these countrywide levies so far. But Trump has been progressively imposing steep duties on different sectors.The headline CPI figure was a touch lower than the 2.8-percent rate expected in a median forecast of analysts surveyed by Dow Jones Newswires and The Wall Street Journal.But experts have warned that a cooler figure could also point to a slowing economy.Some say that even a slight acceleration in inflation would not deter the Federal Reserve from cutting interest rates soon to boost the economy.But policymakers are trying to balance between supporting the economy and keeping cost increases under control. They are monitoring for signs that goods prices in particular have risen due to tariffs.While businesses have stocked up in anticipation of Trump’s tariff hikes this year and may not have raised consumer costs directly, economists warn that companies will not be able to do so indefinitely as narrower margins bite.While the indexes for energy and gasoline dropped in the month, shelter costs rose in July.Indexes that rose over the month included medical care, airline fares and household furnishings, the Labor Department report showed.”With activity growth below potential and job growth below its breakeven pace, the case for (rate) cuts has become much clearer,” Goldman Sachs analysts said in a recent note.

Two workers died and 10 were wounded Monday after blasts at a US Steel plant in the state of Pennsylvania, officials said.”Multiple explosions occurred today at U.S. Steel Clairton Coke Works,” the state’s Governor Josh Shapiro said in a post on X, naming a plant some 15 miles (25 kilometers) outside the city of Pittsburgh.”Injured employees have now been transported to local hospitals to receive care, and search-and-rescue efforts remain active at the plant,” he added.US Steel and Allegheny County Police reported two people were found dead, with the second fatality requiring “an extensive search and rescue effort” to locate the body.One injured victim who had previously been reported missing was rescued and taken to a hospital for treatment, authorities said, adding that “nine [other] people were transported to area hospitals to be treated for a variety of injuries.”US Steel said the incident happened at around 11 am (1500 GMT) on Monday and that emergency teams were immediately dispatched to the scene. “During times like this, U.S. Steel employees come together to extend their love, prayers, and support to everyone affected,” David Burritt, CEO of the company, said in a statement. Some US media outlets had reported that people were trapped under the rubble of the explosion. Videos on social media, not verified by AFP, appeared to show firefighters battling the blaze in front of a gutted industrial building, under a thick plume of white smoke. The Clairton Coke Works is the largest coking factory in the United States — a facility where coal is processed to produce coke, a key fuel in steelmaking. 

At least one person died and 10 were wounded Monday after blasts at a US Steel plant in the state of Pennsylvania, officials said.”Multiple explosions occurred today at U.S. Steel Clairton Coke Works,” the state’s Governor Josh Shapiro said in a post on X, naming a plant some 15 miles (25 kilometers) outside the city of Pittsburgh.”Injured employees have now been transported to local hospitals to receive care, and search-and-rescue efforts remain active at the plant,” he added.One person was still believed to be missing Monday night, according to Allegheny County Police, which confirmed in a statement there had been one fatality.One victim who had previously been reported missing was rescued and taken to a hospital for treatment, authorities said, adding that “nine [other] people were transported to area hospitals to be treated for a variety of injuries.”US Steel said the incident happened at around 11:00 am (1500 GMT) on Monday and that emergency teams were immediately dispatched to the scene. “During times like this, U.S. Steel employees come together to extend their love, prayers, and support to everyone affected,” David Burritt, CEO of the company, said in a statement. Some US media outlets reported that people were still trapped under the rubble of the explosion. Videos on social media, not verified by AFP, appeared to show firefighters battling the blaze in front of a gutted industrial building, under a thick plume of white smoke. The Clairton Coke Works is the largest coking factory in the United States — a facility where coal is processed to produce coke, a key fuel in steelmaking. 

A Chinese man faces up to five years in prison for trying to smuggle protected turtles worth more than $1 million from the United States to Hong Kong.Wei Qiang Lin, of Brooklyn, pleaded guilty on Monday in a federal district court in New York to exporting more than 220 parcels containing around 850 eastern box turtles and three-toed box turtles.The Justice Department said the live turtles had been wrapped in socks for the weeks-long journey and the boxes with the reptiles had been labeled as containing “plastic animal toys.”The turtles, which had a market value of $1.4 million, were intercepted by law enforcement at a border inspection, it said.Eastern box turtles and three-toed box turtles feature colorful markings and are a “prized feature in the domestic and foreign pet market, particularly in China and Hong Kong,” the Justice Department said in a statement.It said they are protected by the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).Sentencing was set for December 23. Lin faces a maximum penalty of five years in prison, three years of supervised release and a fine of up to $250,000.

Donald Trump on Monday deployed military and federal law enforcement to curb violent crime in Washington, seeking to cement his claim to be a “law and order” president with a crackdown that he said could be expanded to other major US cities. The Republican leader said he would place the capital’s Metropolitan Police under federal government control while also sending the National Guard onto the streets of the US capital.The overwhelmingly Democratic city faces allegations from Republican politicians that it is overrun by crime, plagued by homelessness and financially mismanaged — although violent offenses are down.”This is Liberation Day in DC, and we’re going to take our capital back,” the president told reporters at the White House.Trump — a convicted felon who granted blanket clemency to nearly 1,600 people involved in the 2021 US Capitol riot in Washington — has complained that local police and prosecutors aren’t tough enough. The administration says 800 DC National Guardsmen — potentially backed up by other “specialized” Guard units — will be deployed to the city of 700,000.The move was slammed by Democrats, including House Minority Leader Hakeem Jeffries, who said the aim was to “further the personal and political agenda of a wannabe king.” Richard Stengel, a former undersecretary of state in Barack Obama’s administration, pointed out that Washington is not among the most dangerous US cities.”Throughout history, autocrats use a false pretext to impose government control over local law enforcement as a prelude to a more national takeover,” he posted on X.”That’s far more dangerous than the situation he says he is fixing.”As Trump was speaking at the White House, several dozen demonstrators gathered outside.”There is absolutely no need for the National Guard here,” said 62-year-old retiree Elizabeth Critchley, who brandished a sign with the slogan “DC says freedom not fascism.”The new approach echoes Trump’s aggressive policies that have effectively sealed the southern border amid mass deportations while deploying active-duty troops against protesters in Los Angeles.- New York, Chicago next? -The president told reporters he planned to roll out the policy to other cities, spotlighting New York and Chicago.Unlike the 50 states, Washington operates under a unique relationship with the federal government that limits its autonomy and grants Congress extraordinary control over local matters.Since the mid-1970s, the Home Rule Act has allowed residents to elect a mayor and a city council, although Congress still controls the city’s budget.Data from Washington police show significant drops in violent crime between 2023 and 2024, although that was coming off the back of a post-pandemic surge.Trump posted on social media ahead of the news conference that he also wants to tackle homeless encampments, after signing an order last month making it easier to arrest rough sleepers.  Federal law enforcement have already increased their presence after a former Department of Government Efficiency staffer was beaten during an attempted carjacking. “Last week my administration surged 500 federal agents into the district including from the FBI, ATF, DEA, Park Police, the US Marshals Service, the Secret Service, and the Department of Homeland Security,” Trump said.”You know a lot of nations, they don’t have anything like that… They made dozens of arrests.”A Gallup poll in October found that 64 percent of Americans believed crime had risen in 2024, although FBI data shows the lowest levels of violent crime nationwide in more than half a century.Federal law allows Trump to control Washington’s police for 30 days, while a longer period would require authorization from Congress, which Democrats would likely block.The city’s Democratic mayor Muriel Bowser has not explicitly criticized Trump over the federal takeover, but she pushed back on White House claims of spiraling crime, noting the recent decrease.”While this action today is unsettling and unprecedented, I can’t say, given some of the rhetoric of the past, that we’re totally surprised,” she told a news conference.

At least one person died and dozens were wounded Monday after blasts at a US Steel plant in the state of Pennsylvania, officials said.”Multiple explosions occurred today at U.S. Steel Clairton Coke Works,” the state’s Governor Josh Shapiro said in a post on X, naming a plant some 15 miles (25 kilometers) outside the city of Pittsburgh.”Injured employees have now been transported to local hospitals to receive care, and search-and-rescue efforts remain active at the plant,” he added.At least two people were believed to be missing, said Allegheny County Police, which confirmed on Facebook there had been one fatality.It added that “multiple individuals have been treated for additional injuries. The status of those individuals is not known at this time.”Senator John Fetterman of Pennsylvania posted on X that “dozens” had been wounded.US Steel said the incident happened at around 11:00 am (1500 GMT) on Monday and that emergency teams were immediately dispatched to the scene. “During times like this, U.S. Steel employees come together to extend their love, prayers, and support to everyone affected,” David Burritt, CEO of the company, said in a statement. Some US media outlets reported that people were still trapped under the rubble of the explosion. Videos on social media, not verified by AFP, appeared to show firefighters battling the blaze in front of a gutted industrial building, under a thick plume of white smoke. The Clairton Coke Works is the largest coking factory in the United States — a facility where coal is processed to produce coke, a key fuel in steelmaking.