The German economy grew at 0.6% in 2019, according to Destatis, the country’s federal statistics office, marking a sharp slump in growth and the weakest expansion since 2013. The expansion in gross domestic product (GDP) was in line with forecasts from economists polled by Reuters. The 2019 full-year gross domestic product (GDP) figure shows a slowdown from the 1.5% growth recorded in 2018 and the 2.2% expansion seen in Germany’s economy in 2017. “The German economy thus has grown for the tenth

Vladimir Putin, Russia’s president, as he speaks during his annual state of the nation address in Moscow, Russia, on Wednesday, Jan. 15, 2020. Russian President Vladimir Putin said Russia is leading the world in terms of its weaponry, during his annual address to lawmakers, but added that the country is not a threat. It’s the other way around, the other leading powers are yet to create the weapons that Russia already has,” he claimed. In December 2019, Russia’s Defense Minister Sergei Shoigu dec

Tax policy is the key risk to U.S. stock prices arising from the 2020 U.S. election, according to Goldman Sachs. Goldman Sachs Chief U.S. Equity Strategist David Kostin told CNBC Wednesday that the best way to think about the U.S. equity market relative to the election is “united we fall, divided we rise.” “What happened in the tax cut is the effective tax rate for U.S. companies went from 27% to 19%, so all of that incremental income inured to the equity investor. That is the reason for stocks

But the big-box retailer said Wednesday that its holiday sales were weaker than planned. Target said its same-store sales during November and December were up just 1.4%, compared with growth of 5.7% a year earlier. Especially this holiday season, Target was expected to be a winner in the toys category. But this holiday season, Target said toy sales were about flat with the prior year. Macy’s, J.C. Penney and Kohl’s all in recent days have reported same-store sales declines during the holiday sea

Bank of America posted profit that exceeded analysts’ expectations on a rebound in trading revenue and as the company repurchased shares. The impact of lower interest rates was felt widely at Bank of America, impacting its core lending and banking operations. He also said that fourth-quarter trading revenue is expected to climb 7% to 8% from a year earlier (his guidance proved conservative — trading revenue actually climbed 13% in the quarter) and that investment banking revenue was headed 3% t

Hassan Rouhani, Iran’s president, looks on during a news conference in Tehran, Iran, on February 6, 2018. U.S. troops are “insecure” in the region today, and EU troops “might be in danger tomorrow,” Rouhani declared, according to a Reuters translation, marking the first time the leader has directed a threat toward European forces in the region. EU forces are also stationed in the Gulf Cooperation Council (GCC) countries, and France and Britain have small numbers of special forces in Syria. “The

The People’s Bank of China (PBOC) said on its website the interest rate on one-year MLF loans remained at 3.25%, unchanged from the previous operations. Separately, the PBOC also extended 100 billion yuan of 14-day reverse repos with the interest rate unchanged at 2.65%. The MLF now acts as a guide for the PBOC’s new lending benchmark Loan Prime Rate (LPR), with the monthly fixing due next Monday. “While MLF rate can serve as guidance for LPR, an adjustment in the LPR is in theory possible with

Tsai Ing-Wen (C) waves as she addresses supporters following her re-election as President of Taiwan on January 11, 2020 in Taipei, Taiwan. Taiwan President Tsai Ing-wen urged China on Wednesday to review its policy towards the island, days after she won a landslide re-election victory, in a rebuke that could fuel further tensions with China. “We hope China can understand the opinion and will expressed by Taiwanese people in this election and review their current policies,” Tsai told reporters in

Regional airline Flybe was rescued on Tuesday after the British government promised to review taxation of the industry and shareholders pledged more money to prevent its collapse. After crunch talks with shareholders, Britain’s finance ministry said that it would review both air passenger duty (APD) and Britain’s regional connectivity as part of the plan. “The reviews we are announcing today … will ensure that regional connections not only continue but flourish in the years to come.” Under the

Aerial view of the Hong Kong Container Terminals and the Stonecutters Bridge with the back ground of the Hong Kong island. We’ll be able to plan better and we’ll be able to bring more volume back to Hong Kong.” The Port of Hong Kong was the world’s busiest container port by volume in 2004, according to the Hong Kong Port and Maritime Board. According to the World Shipping Council, Hong Kong Port was the seventh largest in the world in 2018. “There is very little exported from here that is manufa

European stocks inched lower on Wednesday as investors await the signing of the so-called “phase one” trade deal between the U.S. and China, with optimism slightly dented by comments from the U.S. Treasury. The pan-European Stoxx 600 slid 0.2% in early trade, with autos falling 0.9% to lead losses white health care stocks bucked the trend to add 0.2%. Mnuchin also claimed that documents due to be released later on Wednesday will show that the “phase one” deal is fully enforceable and includes a

Investment in the U.K.’s technology sector grew at a faster pace than in the U.S. and China last year, according to new research released Wednesday. Venture capital funding for British start-ups grew 44% to a record $13.2 billion in 2019, a report prepared for the government by industry group Tech Nation and research firm Dealroom said. The stats showed that nearly half of the total amount invested in U.K. tech came from U.S. and Asian investors. Health firm Benevolent AI raised $90 million and

U.S. government debt prices were higher Wednesday morning, as investors await the imminent signing of an interim trade deal between the world’s two largest economies. ET, the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.8056%, while the yield on the 30-year Treasury bond was also lower at around 2.2621%. Market focus is largely attuned to global trade developments, with the U.S. and China expected to agree on the terms of their so-called “phase one” trad

China could face difficulties fulfilling its commitment in the so-called phase one trade deal with the U.S., allowing President Donald Trump to once again raise tariffs on Chinese goods, a trade expert warned on Wednesday. To meet that additional $200 billion, China would have to buy a “crazy amount” of U.S. “agricultural goods, machinery especially aircraft and energy products,” noted Elms. The U.S., especially the agriculture sector, could also find it challenging to supply that amount of prod

Other digital coins including ethereum and XRP have followed suit, posting more than 20% gains in the first two weeks of 2020. In December 2017, bitcoin hit an all-time high of nearly $20,000 but fell sharply to just over $3,000 in December 2018. “Alt coins” refer to alternative coins, a name for digital tokens other than bitcoin such as XRP or ethereum. These are a way for institutional investors to get invested in bitcoin which is seen as positive for the price. “While sentiment still drives w

U.S. stock index futures were slightly lower Wednesday morning as investors await the signing of the U.S.-China “phase one” trade deal. ET, Dow futures fell 49 points, indicating a negative open of more than 14 points. Wednesday will mark a key day in U.S.-China trade relations. Both countries are set to sign a “phase one” trade deal in Washington, D.C. On the data calendar, the New York Empire State Fed survey will be released at 8:30 a.m.

Asia Pacific markets looked set to trade mixed on Wednesday ahead of the U.S. and China signing a phase one trade deal. Nikkei shares pointed to a fractionally lower open for the Japanese market. In Australia, the benchmark ASX 200 rose 0.25% in early trade, with most sectors trading up. The session follows a muted finish on Wall Street overnight where major investment banks posted quarterly earnings. “Market moves have been relatively subdued ahead of the signing,” said Tapas Strickland, direct

Americans are going into 2020 feeling better than they have in years about paying off their debt. Just 7% of people expect that they will die with outstanding debt, according to a recent survey from CreditCards.com that polled 2,602 adults. Just over half of respondents (52%) are confident that they’ll make a significant dent in their credit card debt during 2020. Making a plan can boost your debt-repayment confidenceBefore you do anything, it’s important to know exactly what your outstanding de

Save and invest enough money to become financially independent and leave the 9-to-5 workforce while you’re still (relatively) young: Sounds exciting, maybe, but also daunting. “FIRE” stands for “financial independence, retire early.” Video by Stephen ParkhurstWhat FIRE means in practice depends on the personThe FIRE movement generally requires some sacrifices. The biggest challenge on the financial independence path was to choose to live my life differently than the other people in my life. “You

Brannan, a 41-year-old first-term city councilman from Bay Ridge, represents New York City’s 43rd district, comprising the Brooklyn neighborhoods of Bay Ridge, Bensonhurst, Bath Beach, and Dyker Heights. Like all other New York City council members, he now earns an annual salary of $148,500 for trying to solve problems for his constituents. Before running for office, Brannan was most well-known for being a member of two hardcore bands, Indecision (which he started in high school) and, later, Mos