US equity benchmarks rose slightly on Thursday ahead of the outcome of the US Federal Reserve’s policy meeting later in the day.  Benchmark averages extended gains from Wednesday and hit new record highs after Donald Trump won the 2024 US presidential elections.  At the time of writing, the S&P 500 index rose 0.5%, while the Nasdaq Composite advanced more than 1%. The Dow Jones Industrial Average was largely steady from the previous close. Earlier in...

The Bank of England reduced interest rates by 25 basis points on Thursday, even as Labour’s expansive budget announcement complicates the prospects for future policy easing. The decision to lower the bank’s main rate to 4.75% was supported by an 8-1 vote among policymakers. This marks the central bank’s second rate cut this year, following the start of its easing cycle in August. Financial markets had already anticipated a 97% likelihood of this quarter-point cut...

The cryptocurrency market surged today as news of Donald Trump’s US election win sent ripples through the digital asset world. Bitcoin (BTC) briefly hit a new all-time high of $76,000, boosting overall investor sentiment. While Ethereum (ETH), Solana (SOL), and XRP also saw notable gains, Dogecoin (DOGE) diverged from the upward trend, experiencing a significant drop in value. The global crypto market cap jumped 4% to $2.54 trillion, while trading volumes rose by 86.5% to...

Japan’s Nissan Motor has announced a series of aggressive cost-cutting measures, including laying off 9,000 employees and reducing its global production capacity by 20%. This marks the second time this year that the automaker has revised its profit outlook downwards as it contends with slowing demand, particularly in key markets like China. The company’s revised forecast for operating profit now stands at 150 billion yen (approximately $975 million), a significant drop from the previous estimate...

ON Semiconductor, the $31 billion chip manufacturer based in Scottsdale, Arizona, has faced significant challenges lately. Despite the broader market momentum, with the S&P 500 index climbing 29% from July 2023, ON Semi’s stock has plummeted 31%, reaching $72 from its record high. The chipmaker’s primary customers, auto manufacturers, and industrial firms, have struggled amid a slowing market, impacting ON’s financial performance. The company’s dependence on automotive semiconductors, which make up over half of its...