China's industrial profits in April grew at the fastest pace since November 2023, despite financial pressures stemming from softening domestic demand and rising component costs exacerbated by the Middle East crisis.
Asian stock markets retreated on Thursday as fresh U.S. military strikes on Iran dampened recent investor optimism over a near-term peace agreement, while traders turned cautious ahead of key U.S. inflation data later in the day.
Federal Reserve Vice Chair Philip Jefferson said on Thursday it was appropriate to focus on returning inflation to the central bank's 2% target given the U.S. labour market has been "very resilient" to the current energy shock.
Federal Reserve Governor Lisa Cook on Wednesday said she feels the U.S. central bank should hold short-term interest rates steady for now but, with tariffs, the Iran war and a surge in AI-related investment pushing prices higher, she is prepared to hike rates if needed.
U.S. banks reported a 3.6% increase in their profits in the first quarter of 2026, rising to $80.5 billion as domestic deposits grew again and banks set aside slightly more against potential losses, the Federal Deposit Insurance Corporation reported Wednesday.
New-vehicle sales in May are forecast to reach a seasonally adjusted annual rate of 16.1 million units, according to Cox Automotive. The projected pace represents an increase from April’s 15.9 million level and a rise from last May’s 15.6 million rate.