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BEIJING — One of the Chinese economy’s few growth drivers lost steam in July, according to the latest survey of businesses by China Beige Book. “U.S.-bound shipments fell outright for the first time in several months,” the U.S.-based research firm said Friday. The findings are based on a survey of 1,436 Chinese businesses between July 20 and 28. The last time China’s exports to the U.S. fell was in March, when they plunged more than …

BEIJING — The U.S. Federal Communications Commission has repeatedly ignored Beijing’s restrained stance on product bans, China’s commerce ministry said Thursday, threatening retaliation. The FCC on Tuesday said due to cybersecurity concerns, it added foreign-made advanced robotic devices, including humanoids, to a list restricting imports to the U.S. The statement did not specify a country, and said retailers could still import models the FCC has previously approved. As the FCC keeps escalating restrictions on Chinese …

BEIJING — The artificial intelligence race between the U.S. and China is heating up in the world’s largest continent: Asia. “The American strategy is to stop China from becoming the leading AI supplier for the rest of Asia … and frankly the whole world,” said Gary Dvorchak, managing director at The Blueshirt Group. While China’s alternatives are cheaper, he pointed out the U.S. currently offers a more complete solution from chips to AI models. But …

The Dow Jones Industrial Average fell more than 1,000 points on Wednesday after the Federal Reserve decided to keep interest rates steady while U.S. oil neared $85 per barrel. In the last five years, the blue-chip index has closed down more than 1,000 points nine times. Typically, the index tends to fall in the week after the large decline, but then performs well in the one-month and three- month periods that follow. The Dow is …

The Federal Reserve on Wednesday followed through on expectations for no interest rate change, and Chairman Kevin Warsh offered little direction in his news conference. The meeting was notable for a surge in dissenting votes, while Warsh looked to provide some clarity on the board’s thought process. Here are the five biggest takeaways from this week’s Fed actions: The “family fight” returns: Three voters on the Federal Open Market Committee voted against the hold, favoring …

DoubleLine Capital CEO Jeffrey Gundlach said the Treasury market is signaling that the Federal Reserve will need to do more than talk tough if policymakers are serious about reaching their 2% inflation target. “If you really want to get to 2%, I think you have to raise interest rates,” Gundlach said on CNBC’s “Closing Bell” Wednesday after the Fed’s latest policy decision. “I think getting 2% is going to take a long time. We might …

Economists and investors got their latest look at the Federal Reserve‘s new era of communication with Wednesday’s Federal Open Market Committee statement. Below is a comparison of Wednesday’s FOMC statement with the one issued after the Fed’s previous policymaking meeting in June. Text removed from the June statement is in red with a horizontal line through the middle. Text appearing for the first time in the new statement is in red and underlined. Black text appears in both statements. Wednesday’s …

WASHINGTON – The Federal Reserve on Wednesday voted to hold its key interest rate steady but not without opposition from three officials who have expressed concern over inflation and wanted to hike. Despite increasing support among some officials for a rate increase, the Federal Open Market Committee voted 9-3 to leave the federal funds rate in a range between 3.5% and 3.75%. All of the “no” votes came from regional presidents – Beth Hammack of …

A coalition of 44 state attorneys general wrote in a letter to the Commodity Futures Trading Commission on Monday that the agency doesn’t have the power to regulate sports-related event contracts on prediction market platforms.  The letter was sent as the public comment period for the CFTC’s first proposed rule on prediction market regulation expired Monday evening. The measure primarily focuses on exchanges’ sports offerings. “The Proposed Rule goes beyond the CFTC’s statutory powers, is …

Meta is set to report earnings after the market close Wednesday, and traders on prediction market platform Kalshi think the Instagram parent will use its conference call to highlight its Ray-Ban Meta smart glasses and push into the cloud market, while steering clear of social media policy debates.  In a “mentions market” — where speculators on Kalshi are asked to place trades on whether specific words will be used during a call or speech — …