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Stocks rise, led by tech shares. Dollar falls after recent gains
Investors weighed up the latest comments about the U.S. China trade conflict, and the data that showed the U.S. labour market is holding steady. The dollar also fell after recent gains. S&P technology rose more than 2%, leading all S&P sectors. Alphabet was scheduled to release its quarterly results, which were up 1.7%. Beijing said that the U.S. would have to remove "all unilateral tariff measures" against China if the U.S. "truly wanted" the solution of the trade dispute. On Wednesday, the White House signaled that it was willing to reduce sweeping tariffs against China. Investors also considered the possibility that the Federal Reserve would cut interest rates for the first time in June. Beth Hammack, President of the Fed Bank of Cleveland, called on Thursday for patience in monetary policy, given the high level of uncertainty. However, she did not exclude a rate cut by June depending on economic indicators. Benchmark 10-year yields are at 4.33%. This is about five basis points less than on Wednesday. The yields on two-year US2YT=RR are about six basis points lower, at 3.807%. In the past week, U.S. president Donald Trump verbally attacked Fed chair Jerome Powell before retracting calls for his resignation. The first-quarter earnings report has been mixed. Businesses across industries have said they are increasing prices and are uncertain about the future because of Trump's policies and trade war. Unilever, the maker of Dove soap, pointed to a deteriorating consumer confidence in the United States. Meanwhile, shares of International Business Machines plummeted after the company announced that 15 of its government contract were cancelled as part of a cost-cutting initiative by the Trump Administration. The economic data released on Thursday revealed, among other things that the number of Americans who filed new claims for unemployment benefits increased marginally in the last week. This suggests the labor market is still resilient. The U.S. data showed that durable goods orders in March jumped much higher than expected. Jamie Cox said in a Harris Financial Group note that companies are ahead-running tariffs. Therefore, these durable goods data is not something to be excited about. The good news is companies are protecting earnings and margins. Investors will be pleased about this, he said. The Dow Jones Industrial Average increased 250.81 points or 0.63% to 39,857.38, while the S&P 500 rose by 69.93 or 1.29 percent to 5,445.79, and the Nasdaq Composite gained 304.24 or 1.82% to 17,012.29. The MSCI index of global stocks rose by 7.48 points or 0.93% to 815.69. The pan-European STOXX 600 Index rose by 0.38%. Japan's Nikkei rose 0.5%. Ryosei Acazawa, the Japanese tariff negotiator, was reportedly making final preparations to visit the United States on April 30 for a second round with his counterpart. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) fell by 0.24%, while the euro rose 0.37%, reaching $1.1355. The dollar fell 0.52% against the Japanese yen to 142.7. Oil prices rose as well, with spot gold rising 1.05%, to $3,321.99 per ounce. U.S. crude rose 0.32% to a price of $62.47 per barrel. Brent was up 0.21% to $66.26 a barrel.
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According to the rebel-appointed governor of eastern Congo, at least 10 people were killed by a mine collapse in eastern Congo.
The rebel-appointed governor of South Kivu Province said that at least 10 people died in the collapse of a goldmine in eastern Democratic Republic of Congo. Since January, M23 rebels have taken control of the two largest cities in east Congo. This is an intensification of a longstanding conflict that has its roots in the Rwandan genocide of 1994 and the struggle to control Congo's vast minerals resources. In a joint statement, the Congolese government and M23 made a commitment Released on Wednesday After talks in Qatar, there is a glimmer hope that the violence will stop. Douglas Dunia Masumbuko (the M23 South Kivu Governor) said on Thursday that 10 people had died at the Luhihi Mine, and the number could increase given the injuries. He blamed "uncontrolled construction" and "poor maintenance of gold-wells" for the incident. In the vast Central African nation, mining accidents are common, particularly at smaller, artisanal mines. The collapse of the mine was confirmed by Governor Jean-Jacques Purusi who was South Kivu's governor before M23 came into power. However, he did not give a number of deaths.
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Trump is expected to sign an executive order relating to deep-sea mines on Thursday, according sources
The U.S. president Donald Trump will sign an executive order to boost the deep sea mining industry on Thursday, the latest effort to tap into international deposits of nickel and copper, which are widely used across the economy. According to previous reports, the order is likely to speed up permitting for deep sea mining in international water and allow mining companies to bypass a United Nations review process. After the report about the executive order, shares of The Metals Company rose by 40% on Thursday to a 52-week-high of $3.39. Trump has already taken several steps to boost the domestic production of vital minerals and to combat China's dominant position in the industry, which supplies raw materials for many modern technologies and industries. This includes those related to clean technology and defense. He has, among other things, expedited the permitting process on 10 mining project across the United States. Since years, the International Seabed Authority, created by the United Nations Convention on the Law of the Sea (which the U.S. does not have ratified), has been examining standards for deep sea mining in international waters. However, it hasn't formalized them because of unresolved disagreements over acceptable levels of noise, dust and other factors. Trump's deep sea mining order will likely stipulate that the U.S. aims at exercising its rights to extract crucial minerals on the ocean floor and allow miners to bypass the ISA and apply for permits through the U.S. Department of Commerce National Oceanic and Atmospheric Administration mining code. Reporting by Jarrett Renshaw, Ernest Scheyder and Aidan Lewis
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USTR holds productive commercial meeting with Vietnam
In a Thursday statement, the U.S. Trade Rep Jamieson Greer said that he and his Vietnamese counterpart had a productive meeting in which they both agreed to make rapid progress in reciprocal trade. Greer and Vietnam’s Minister of Industry and Trade Nguyen Han Dien spoke Wednesday and "instructed [their] teams to engage in technical discussion in the coming days in order to discuss efforts on expanding market access and addressing unfair trade practices," according to the statement. The statement stated that "Both sides agreed it is important to make rapid progress toward reciprocal and equal trade between the United States of America and Vietnam." Vietnam had the fourth largest trade surplus of all U.S. trading partner countries, valued at $123.5 billion in last year. The U.S. has imposed a 46% tariff on it as part of the reciprocal measures announced early in this month by President Donald Trump. The U.S. has suspended the imposition of tariffs until July in order to facilitate negotiations. However, a 10% flat rate still applies. A tariff of 46% could seriously undermine the growth of Vietnam, which is heavily dependent on its main market, the United States and large investments from foreign manufacturers. Vietnam is a major industrial hub in Southeast Asia and a key security partner of the United States as it faces China's rising power. Pham Minh Chinh, the Prime Minister of Vietnam, instructed his officials on Tuesday to combat fraud in trade and counterfeiting as well as other issues that concern the United States. He also stated that Vietnam would buy more American products, including defense and safety products, as well as seek quicker deliveries of the commercial planes Vietnamese Airlines have ordered from America. Vietnam, under pressure from the United States, is tightening its controls on certain trade with China. This is to ensure that goods exported to the United States bearing the "Made in Vietnam label" have enough added value in Vietnam to justify this. Xi Jinping, the Chinese president, visited Hanoi in Hanoi and called for closer ties between Vietnam and China on trade and supply chain. (Reporting and editing by Katharine Wallis and Daniel Wallis; Doina Chiacu, David Brunnstrom)
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Executives at Valero US say that the license for Valero to import fuel from Mexico has been reinstated.
Gary Simmons, the Chief Operating Officer of Valero Energy Corp. told analysts during a conference call on its first-quarter earnings that Valero Energy Corp.'s license for fuel imports into Mexico had been reinstated after a suspension early in April. The Mexican tax authorities, who are the biggest buyers of U.S. fuels in Mexico, have suspended Valero’s import license since the beginning of this month, amid a crackdown on illegal motor fuel flows into the country. Simmons stated that Valero received the notice of suspension on April 9, as the Mexican customs had questions about Valero arising from an investigation Valero wasn't privy to. He added that Mexican authorities acknowledged the company's full compliance with import reporting and tax obligations after the company reviewed its records and data. Simmons stated that the suspension caused Valero to experience significant disruptions in their supply. The government was trying to curb illegal fuel imports and this action would have a positive impact on Valero’s business in the future, Simmons said. The Mexican government has intensified its efforts in combating illicit fuel trade by halting the importation of gasoline and diesel from This came after authorities in Mexico had seized several fuel trucks and a vessel in recent months, for what they claimed were illegal imports. (Reporting from Shariq Khan in New York and Nicole Jao; editing by Mark Porter.)
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German prosecutors launch homicide investigation after police shoot and kill a Black man
State prosecutors announced on Thursday that a German police officer had been suspended from his duties pending an investigation into homicide after shooting and killing a Black man aged 21. The case has raised questions about racism. The police said that the man started spraying tear-gas at the security staff in a nightclub in Oldenburg, located north of Berlin, early Sunday morning after being denied entry. He caused minor injuries. He then ran away, threatening people with a blade. Police said that a patrol car caught up to the man who sprayed tear-gas again while walking "menacingly", towards a 27 year-old officer, who then opened fire. Oldenburg's prosecutors announced on Wednesday that a coroner's report found that three bullets hit the back of a man's skull, his upper body, and his hip. The authorities have not identified the victim citing German privacy laws, but local media has identified him as Lorenz A. A spokesperson from the Oldenburg prosecutor's office said on Thursday that it is likely that the homicide probe will "take some time", with an emphasis on possible surveillance camera footage. Human rights groups have condemned the incident. Tahir Della is a spokesperson of the Initiative Black People in Germany. It is a systemic, institutional problem that must be addressed. Amnesty International Germany demanded that structural racism within the police be addressed, and independent investigation mechanisms uncontrolled by local authorities or police forces. The "Justice for Lorenz", initiative, has planned a rally in Oldenburg on Friday. It was launched on social media with over 10,000 followers. According to social media accounts, more than 1,000 people will attend. In Germany, fatal police shootings are rare. In 2020, racism in German police forces was brought to light when an investigation into officers suspected of sending racist messages on their mobile phone about Africans and Muslims migrants. (Reporting and editing by Kirstiknolle and Gareth Jones, with reporting by Miranda Murray and Ludwig Burger)
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100 Days of DOGE: Lots of chaos and not much efficiency
The Social Security Administration is sending lawyers, statisticians, and other senior agency officials from its Baltimore headquarters to the regional offices in order to replace veteran claim processors that have either been fired by the Trump administration or bought out. Two people who are familiar with the situation say that most of the new employees don't have the skills to perform the tasks, which will lead to longer waiting times for the disabled and elderly Americans, who depend on the benefits. In an email, a SSA official responded that reassigned staff "have vast knowledge of our programs and services." Since President Donald Trump sent remote workers to overcrowded offices, the Internal Revenue Service's internet is so patchy that employees are using personal hotspots to access the web, which crashes their computers during tax season. IRS officials did not respond when asked for a comment. The IRS did not respond to a request for comment. Jessica Riedl is a fellow of the Manhattan Institute. A fiscally conservative think-tank that advocates streamlining government, she said, "DOGE does not seem like a serious undertaking." She believes that DOGE is only saving $5 billion and will cost more in the end. These examples, which were previously unknown, span 14 government agencies. They were revealed in interviews conducted with 30 federal workers and experts on governance. These accounts don't provide a complete picture of Musk's Department of Government Efficiency's project to reduce the size and cost of the federal bureaucracy. However, they reveal the collateral damage caused by DOGE's attempts to make the sprawling bureaucracy of the federal government more efficient. Harrison Fields, White House spokesperson, responded to questions regarding the impact of DOGE cuts on government efficiency in a press release. Fields stated that Musk's group "has already modernized and improved government technology, prevented fraudulent activity, streamlined processes, identified billions in savings for American tax payers." Fields didn't give any examples of how the government's computer systems and workforce have improved. SAVE BILLIONS Musk confirmed Tuesday that he would step down from his position as DOGE's leader next month. The end of May was the deadline for his 130-day special government employee mandate. He said that he would continue to work with Trump on the overhaul of government but not full time. The future of DOGE is in doubt because of his reduced role, but experts say that cost-cutting measures will continue. Musk and his lieutenants are yet to provide any concrete evidence of how the government will operate more efficiently due to the massive layoffs and the termination of government contracts. Dozens of government officials told us that DOGE teams have buried themselves into government agencies, and their computers systems are operated in secrecy. DOGE's website, which provides regular updates about the $160 billion it claims to have saved U.S. tax payers so far, is riddled with mistakes and corrections. The White House gave examples of cost-savings, including the discovery of $630 million worth of fraudulent loans by the Small Business Administration made to applicants aged over 115 but under 11 years old in 2020-2021. $382 million was fraudulently paid out by the Labor Department in unemployment benefits since 2020. I was not able to independently verify these claims. DOGE has not responded to any requests for comments. Musk told Fox News' Bretbaier that his team was careful in making cuts, admitted and fixed errors, and had discovered "astonishing amounts" of fraud and waste. You can't buy dry ice DOGE has announced that it has cancelled almost 500,000 government-issued credit cards in its efforts to reduce costs. The agency has also imposed a limit of $1 on some cards and centralized decision-making within certain agencies. This means that managers at some regional offices cannot buy basic supplies. It took a scientist a whole month to obtain authorization from the National Institute for Occupational Safety and Health to purchase $200 worth of dry ice for preserving urine samples. This is a purchase that would normally be made in a local grocery store. A colleague from another regional office, who had a government-issued credit card, paid for the dry air, but the cost was $100 more because the administration barred employees from purchasing. The Centers for Disease Control and Prevention (CDCP), which supervises NIOSH did not respond when asked for a comment. DOGE and White House also prohibited many agencies from contacting outside vendors, as they stopped thousands of federal contracts. A chemical analysis machine worth nearly half a million dollars at a CDC in Cincinnati has been sitting idle for months, because scientists cannot schedule training with the supplier to begin using the device, according to a source familiar with the situation. The CDC has not responded to a comment request. In the first week in March, the Social Security Administration's computer systems crashed ten times in four days. One IT worker said that because a quarter the agency's staff has quit or been terminated, it takes longer to bring the systems back online, which disrupts the processing of claims. Few would dispute that the SSA computer systems are outdated, frequently crash and in need of updating. Musk told Baier that the agency's computers are "failing" and "we're fix it." HUMANITARIAN AID CUT DOGE, since its creation on Trump's very first day as President, has largely closed down the U.S. Agency for International Development (USAID), which provides humanitarian aid to those in need around the globe, and canceled more than 80% of its programs. By September, almost all the employees of the agency will be terminated, and all its overseas offices will close. Some functions are being absorbed by the State Department. A tally shows that the overhaul of the government has led to the dismissal, resignation and early retirement of 260,000 civil service employees. In February, over 20,000 probationary employees (newly hired or recently reassigned workers) were terminated. After court rulings, they were reinstated. However, most were sent back home with full pay. After further court rulings, many are being fired once again. Trump and Musk both said that the U.S. Government is plagued by fraud and waste. Many civil servants, governance experts and others do not dispute that efficiencies could be made. However, they say that there are people within the federal bureaucracy who already try to save taxpayer dollars. DOGE has targeted some of these offices for cutbacks. Trump fired 17 inspectors in January. Their mission as government watchdogs included reducing fraud and waste. Christi Grimm was fired from her position as inspector general of the Department of Health and Human Services. She said she expected $14.5 billion in "cold, hard cash" to be recovered over the next three years through audits and fraud investigation. The DOGE eliminated 18F, one of only a few government units tasked with streamlining technology throughout the federal government. Waldo Jaquith who worked at 18F from 2016 to 2020 said that the team saved the Pentagon $500,000,000 in just one project lasting three days after noticing two departments doing the same unknowingly work. I was not able independently to verify this figure. Musk and his team have a very specific idea of how they want the government to function. Jaquith stated that when Musk's team discovered it, it was destroyed. Thomas Shedd, an appointee of Trump at the General Services Administration (GSA), in an email sent to staff members last month, called 18F "noncritical". (Reporting and editing by Ross Colvin, Suzanne Goldenberg, and Julie Steenhuysen; additional reporting by Alexandra Alper, Leah Douglas and Julie Steenhuysen)
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Georgieva: IMF will continue to support countries in climate change and stability while focusing on the IMF.
Kristalina Georgeieva, the Managing Director of the International Monetary Fund (IMF), said that it will remain "laser-focused" on preventing balance-of payments crises. It will also incorporate concerns raised by President Trump into its policies. Georgieva said at a press conference held during the IMF and World Bank spring meetings that representatives of the Fund’s 190 member countries would discuss the directives issued by U.S. Treasury Sec. Scott Bessent. Bessent also expressed his support for the multilateral crisis lending institution. Bessent called on the IMF and World Bank on Wednesday to focus on their core missions, macroeconomic stability, and development. He said they had become distracted by issues like climate change, inclusion, and gender, which have decreased their effectiveness. Bessent's prescriptions are in line with Trump's efforts to reverse Biden's policies regarding climate change and gender equality. They also include a call to expand the World Bank energy lending program to include fossil fuels and nuclear power. The Treasury chief who controls the majority U.S. shares in both institutions said Georgieva, and World Bank president Ajay Banaga, needed to earn Trump's administration's confidence by implementing policies that were "back to basics". Georgieva stated that climate change can impact macroeconomic policies in certain cases. People think we have climate scientists. We don't. She said that the IMF's job was not hers. Our job is to ask, "If you're Dominica, and a storm can wipe out 200% of GDP, what reasonable policies are put in place?" When asked whether the IMF will now reconsider its Resilience and Sustainability Trust Georgieva, who is the head of the IMF’s financing facility, said that this financing was "really small", compared to IMF’s total funding. She added that the IMF is also a membership-based organization and its members will ultimately decide its policies. She agreed that the Bretton Woods institutions should be cost-efficient. In real terms, adjusted for inflation, the IMF budget has not changed in the past 20 years. "I like to run a tight ship." Reporting by David Lawder, Andrea Shalal and Andrea Ricci; editing by Chizu Nimiyama and Andrea Ricci
Germany temporarily closes its embassy in South Sudan amid civil war fears
The German Foreign Ministry announced on Saturday that the embassy had temporarily been closed in Juba, the capital of South Sudan. This was due to rising tensions which have brought this East African nation to the brink of civil war.
Salva Kiir, the president of South Sudan, sacked this week the governor of Upper Nile State, where escalating clashes between government troops, and an ethnic militia he claims is allied with his rival First Vice President Riek Makar, have taken place.
The standoff has raised concerns that the world’s newest nation, which emerged from a civil conflict that claimed hundreds of thousands lives seven years ago, could slip back into conflict.
The German Foreign Ministry wrote that "South Sudan is again on the verge of civil war after years of fragile peace," on x.
"President Kiir, and Vice President Machar, are plunging this country into a spiraling violence." It is their responsibility to stop this senseless violence and finally implement the peace accord.
Nicholas Haysom, the South Sudanese chief of the United Nations peacekeeping force, expressed concern that the country was "on the verge of civil war".
(source: Reuters)