President Donald Trump walks past Supreme Court Chief Justice John Roberts, Associate Justice Elena Kagan, Associate Justice Brent Kavanaugh and Associate Justice Mary Coney Barrett as he arrives for the State of the Union address during a Joint Session of Congress at the U.S. Capitol on Feb. 24, 2026, in Washington, D.C.Win Mcnamee | Getty Images News | Getty ImagesPresident Donald Trump defended his tariff agenda during his State of the Union address Tuesday, even as a Supreme Court ruling striking down h ...

Trade Relations and Government Response - South Korea's government is shifting to a collaborative defense of national trade interests, planning intensive consultations with major exporters and industry associations to address private sector concerns in discussions with the U.S. [2][9] - The U.S. Supreme Court ruled the use of the International Emergency Economic Powers Act for reciprocal tariffs as unlawful, but the Trump administration quickly responded with a new 10% global tariff, potentially increasing to 15% [3][9] Investment Commitments and Legislative Pressure - The South Korean government is under pressure to expedite a $350 billion investment commitment in the U.S., with delays in legislation potentially triggering higher tariffs [4][9] - The success of negotiations with U.S. trade officials will depend on South Korea's ability to fast-track investment-related legislation through the National Assembly [6] Impact on Key Industries - The Korean stock market is facing challenges, particularly for companies like Samsung Electronics and SK Hynix, as the tech sector prepares for the implications of new global tariffs [5] - Hyundai Motor and Kia are navigating a complex environment with existing Section 232 auto tariffs remaining in place despite recent legal victories regarding other duties [5][9]

Group 1: Trade and Tariffs - Taiwan has secured Most Favoured Nation (MFN) tariff treatment for all items under Section 232, which is expected to protect high-tech semiconductor supply chains from US tariff volatility [2][8] - The US Supreme Court ruled 6-3 that the President exceeded his authority under the International Emergency Economic Powers Act (IEEPA) to impose global tariffs, reaffirming that tariff powers primarily rest with Congress [3][8] - In response to the Supreme Court ruling, the White House is considering alternative trade measures, including a new 10% temporary import surcharge under Section 122 of the Trade Act of 1974 [4][8] Group 2: Corporate Financials - Altice France's total debts and liabilities have reached approximately €17 billion, indicating significant leverage accumulated during its expansion [5][8] - Creditors are reportedly becoming more aggressive as Altice France's founder, Patrick Drahi, attempts to restructure assets to maintain control [5] Group 3: Automotive Industry - The National Highway Traffic Safety Administration (NHTSA) has issued new recall filings affecting over 13,000 vehicles, including recalls from Triumph Motorcycles America Ltd. (8,849 vehicles), Toyota Motor Corporation (4,374 vehicles), and General Motors LLC (22 vehicles) [7][8]

Economic Outlook - Fitch Ratings projects that U.S. federal deficits will remain elevated through the 2027 fiscal year, with little political will for fiscal consolidation ahead of the November 2026 midterm elections [2] - The Trump administration may use alternative authorities to impose new tariffs, which could increase inflationary pressures while addressing trade imbalances [3] Technology Sector - Meta Platforms announced a significant agreement to acquire and deploy "millions" of chips from Nvidia, including Blackwell GPUs and Grace CPUs, aiming to enhance AI capabilities for billions of users [4][5] - This partnership solidifies Nvidia's market leadership, although it raises concerns about the substantial capital expenditure required for AI advancements, contributing to volatility in tech indices [5] Energy Sector - Devon Energy reported a strong Q4 with $702 million in free cash flow, exceeding analyst expectations for production and earnings, with an average production of 851,000 barrels of oil equivalent (Boe) per day [6] - The company anticipates a spending outlook of $3.5 billion to $3.7 billion for 2026, despite forecasting a production cut of 10,000 Boe per day in Q1 due to severe winter weather [7] Investment Strategies - Carl Icahn has shifted his investment strategy, reducing exposure in telecommunications and specialty chemicals by cutting stakes in EchoStar and International Flavors & Fragrances, while increasing holdings in Centuri Holdings and Monro, Inc. [8][9] - Netflix Co-CEO Ted Sarandos indicated a cautious approach to media industry consolidation, preferring to wait for Paramount Global's next move before making any strategic decisions [9] Global Macro Trends - The Reserve Bank of New Zealand is facing pressure to consider a rate hike as inflation remains at 3.1%, slightly above the target band [10] - Wall Street is experiencing high volatility, influenced by AI-driven growth potential and risks from rapidly evolving technology and trade policies [11]

Core Viewpoint - West Fraser Timber Co. Ltd. reported challenging financial results for Q4 2025, with significant losses attributed to elevated softwood lumber duties, oversupply issues, and reduced demand for wood-based products, while also highlighting ongoing capital investments aimed at improving operational efficiency and cost management [1][2]. Financial Performance - Q4 2025 sales were $1.165 billion, down from $1.307 billion in Q3 2025 - Q4 2025 earnings were $(751) million, or $(9.63) per diluted share, compared to $(204) million, or $(2.63) per diluted share in Q3 2025 - Full year 2025 sales totaled $5.462 billion, down from $6.174 billion in 2024, with full year earnings of $(937) million, or $(12.08) per diluted share, compared to $(5) million, or $(0.07) per diluted share in 2024 [1][2][3]. Segment Performance - Europe Engineered Wood Products (EWP) segment Adjusted EBITDA was $4 million in Q4 2025 - North America EWP segment Adjusted EBITDA was $(24) million, excluding $239 million of restructuring and impairment charges - Lumber segment Adjusted EBITDA was $(57) million, excluding $473 million of restructuring and impairment charges [1][2][6]. Capital Allocation and Share Repurchase - The company repurchased 108,079 shares for $7 million in Q4 2025 and 1,639,207 shares for $124 million in 2025 - Cash and short-term investments decreased to $202 million at the end of 2025 from $641 million at the end of 2024 - Capital expenditures in Q4 2025 were $139 million, with full year capital expenditures at $411 million [1][2][3]. Market Outlook - The U.S. housing market is expected to stabilize, with a seasonally adjusted annualized rate of housing starts at 1.25 million units in October 2025 - Demand for new home construction may face challenges due to mortgage rate fluctuations and housing affordability issues - In Europe, demand for wood products is anticipated to improve in the long term, driven by an aging housing stock and increased use of OSB [2][3][4]. Strategic Initiatives - The company is focused on modernizing its operations, including the completion of a new lumber mill in Texas and ramping up an OSB mill in South Carolina - Strategic decisions have been made to close or curtail uneconomic mills to align production with customer demand - The company aims to maintain robust liquidity and a balanced capital allocation strategy to enhance long-term shareholder value [1][2][3].

Luke Tilley of Wilmington Trust writes in The US labour market is in an extremely weakened condition. We are officially projecting a 60,000 gain in private payrolls and the unemployment rate to tick up to 4.5%. Lo joins us now for more.Welcome back. I feel like I've been asking this question for the best part of 12 months now. What is a good number on Wednesday.What does that look like these days. Well, it's obviously a lot lower because of the low labor force growth that we have. But I don't spend a lot of ...

Minutes after US President Donald Trump announced that India and United States have agreed to a trade deal, GIFT Nifty futures rose 3.8%. Minutes after US President Donald Trump announced that India and United States have agreed to a trade deal, GIFT Nifty Futures rose 3.8%. The futures contract based on the benchmark Nifty 50 as of 11:21 p.m. was trading 821 points higher at 25,950.In addition, US-listed iShares MSCI India ETF hit session highs and was up as much as 2.4%. The rupee also rallied in the offs ...

Core Viewpoint - The US dollar index has reached a 4.25-month low, primarily influenced by speculation regarding potential currency intervention with Japan and domestic political uncertainties [1][2]. Group 1: Currency Market Dynamics - The dollar index (DXY00) has decreased by 0.79%, hitting a 4.25-month low [1]. - Speculation about US coordination with Japan for currency intervention has contributed to the dollar's decline, as it aligns with President Trump's view that a weaker dollar benefits US exports [2]. - The yen has appreciated to a 2.5-month high against the dollar, influenced by reports of US authorities checking dollar/yen prices, indicating possible intervention [2]. Group 2: Political and Economic Factors - Political risks are prompting foreign investors to withdraw capital from the US, exacerbating the dollar's weakness [3]. - President Trump's threat of 100% tariffs on US imports from Canada if Canada signs a trade agreement with China has added to the uncertainty surrounding the dollar [4]. - The potential for another partial US government shutdown is creating additional pressure on the dollar, with Senate Democrats threatening to block funding deals [5]. - Concerns regarding the Federal Reserve's independence, a growing US budget deficit, and increasing political polarization are also contributing to the dollar's decline [5]. Group 3: Economic Indicators - ADP reported that US private payrolls increased by an average of 7,750 per week in the four weeks ending January 3, marking the smallest job growth in six weeks [6]. - The Conference Board's US January consumer confidence index unexpectedly fell by 9.7 points to an 11.5-year low of 84.5, which is weaker than anticipated [6].

Core Viewpoint - The U.S. is increasing tariffs on imported autos, pharmaceuticals, and lumber from South Korea from 15% to 25% due to delays in legislative approval of a trade deal [1][2][3] Group 1: Tariff Increases - Tariffs on South Korean imports, specifically autos, pharmaceuticals, and lumber, will rise from 15% to 25% [1][3] - The increase in tariffs is a response to the South Korean legislature's failure to approve a trade agreement reached in July 2025 [2][3] Group 2: Trade Agreement Context - The trade deal was initially agreed upon by U.S. President Donald Trump and South Korean President Lee Jae Myung on July 30, 2025 [2] - The terms of the trade agreement were reaffirmed during Trump's visit to South Korea on October 29, 2025 [2] Group 3: Impact on Companies - Hyundai Motor, a South Korean automaker, is identified as the largest importer of new vehicles from South Korea into the United States [3]

Core Viewpoint - The EU is considering retaliatory measures in response to U.S. President Trump's proposed tariffs on several EU nations, which could significantly impact European businesses [1][6]. Group 1: EU's Response to U.S. Tariffs - The EU has frozen its trade deal with the U.S. following Trump's announcement of 10% tariffs on six EU nations, the U.K., and Norway starting February 1 [1]. - Business leaders are urging the EU to review all trade defense instruments, including the Anti-Coercion Instrument (ACI), which should be considered a last resort [2]. - There are calls for Europe to act decisively to protect its interests and not to be coerced by the U.S. [4]. Group 2: Economic Impact of Proposed Tariffs - If the tariffs are implemented, U.K. businesses could face costs of £6 billion, potentially rising to £15 billion (approximately $20 billion) by June if tariffs increase to 25% [6]. - The U.K. has significant bilateral trade with the U.S., valued at £300 billion, and substantial investments on both sides, indicating a high level of economic interdependence [7]. - Deutsche Bank analysts noted that European countries' substantial holdings in U.S. assets could provide leverage in counter-measures against new tariffs [8]. Group 3: Industry-Specific Concerns - The European mechanical and plant engineering industry is particularly vulnerable, facing 50% tariffs on steel and aluminum, which could affect over half of all exported machinery [9]. - High bureaucratic costs are also cited as a barrier to transactions, compounding the impact of tariffs on the industry [9].