The International Monetary Fund on Tuesday raised its global growth forecasts for 2025 and 2026 slightly, citing stronger-than-expected purchases ahead of an August 1 jump in U.S. tariffs and a drop in the effective U.S. tariff rate to 17.3% from 24.4%.
Oil prices steadied in Asian trade on Wednesday, cooling after strong gains in the prior session as focus turned to a potential build in U.S. inventories, as well as an upcoming interest rate decision.
Asian stock markets were mixed on Wednesday, with Australia gaining on a soft quarterly inflation print, though investors remained cautious ahead of key central bank decisions from the Bank of Japan and the Federal Reserve.
A tactic used by Chinese automakers and dealers to inflate car sales has grown increasingly common in recent years in response to a bruising price war in the world's largest auto market, a Reuters analysis of consumer complaints has found.
Most Asian stock markets fell on Tuesday, led by declines in Japan and Hong Kong, as investors turned cautious ahead of the approaching U.S. tariff deadline and braced for key central bank decisions from the Bank of Japan and the Federal Reserve.
President Trump’s One Big Beautiful Bill ends $7,500 tax credits for new electric vehicle purchases on September 30, along with $4,000 for used models, seven years earlier than planned by the Biden administration.