U.S. Treasury Secretary Scott Bessent speaks as he and U.S. Trade Consultant Jamieson Greer maintain a press convention on the sidelines of the IMF/World Bank annual conferences in Washington, D.C., U.S., Oct. 15, 2025.
Ken Cedeno | Reuters
China has been utilizing its dominance within the uncommon earth trade to slash costs, driving international opponents out, U.S. Treasury Secretary Scott Bessent advised CNBC on Wednesday stateside in an unique interview. He characterised the nation as having “a nonmarket financial system.”
In response, the Trump administration will “train industrial coverage” to set worth flooring in a spread of industries. Value flooring are a restrict of how low suppliers can cost for items or providers. They’re usually set above the market charge and are basically a type of authorities worth management.
In the meantime, Bank of America and Morgan Stanley reported blockbuster second-quarter earnings that shot well past analyst expectations. They joined different main U.S. banks, similar to JPMorgan Chase and Goldman Sachs, in ihaving a blowout quarter that was turbocharged by strong dealmaking and inventory market highs.
And regardless of U.S. President Donald Trump’s continued saber-rattling at China on the trade entrance, merchants do not seem prepared to let go of equities. On Wednesday stateside, the S&P 500 and Nasdaq Composite rose, and the Russell 2000 hit a recent report. In spite of everything, earnings stories are indicating that the financial system is not but faltering, regardless of companies already experiencing larger prices due to tariffs, in accordance to the U.S. Federal Reserve’s Beige E-book.
Whether or not merchants proceed pushing equities to new highs amid fractious trade relations with China will rely, partially, on the earnings of main expertise firms similar to Tesla and Intel due subsequent week.
What you want to know at this time
And eventually…
UAE Nationwide Safety Advisor, Sheikh Tahnoon bin Zayed Al Nahyan meets with U.S. President Donald Trump within the White Home on March 18, 2025.
Courtesy: Donald J. Trump | By way of Reality Social
The Abu Dhabi investor that’s funding AI while trying to save TikTok — with help from Trump
Backed by Abu Dhabi’s sovereign wealth fund and launched in March 2024, MGX has emerged as a key supply of capital as firms race to construct out the large computing energy wanted to meet anticipated AI demand.
Sure transactions counsel a stage of coziness with Trump.
Earlier this yr, MGX reportedly offered $2 billion in funding to the crypto alternate Binance, utilizing a cryptocurrency bought from the Trump household’s World Liberty Monetary. Its chairman Tahnoon bin Zayed Al Nahyan additionally visited Trump within the White Home this spring to announce a $1.4 trillion funding within the U.S. over the subsequent decade.
— Steve Kovach
Clarification: This story has been up to date to mirror that the S&P 500 and Nasdaq Composite rose on Wednesday stateside. An earlier model didn’t specify which indexes rose.
