May 20, 2025
United States:
US Stocks Lag After Six-Day Climb Puts S&P 500 Near Bull Market
US equities edged lower on Tuesday after climbing for six consecutive trading sessions, with investors awaiting a bevy of Federal Reserve speeches and parsing corporate earnings.
The S&P 500 Index slumped 0.3% at 9:35 a.m. in New York, while the technology-heavy Nasdaq 100 Index declined 0.5%.
Europe:
ECB’s Knot ‘Can’t Rule Out’ Another Interest-Rate Cut in June
European Central Bank Governing Council member Klaas Knot said another reduction in borrowing costs is possible next month, though stressed that it’s “too early” to make decisions without seeing fresh quarterly forecasts.
The Dutch official said policymakers face a “complicated constellation” of challenges. US trade policy represents both a negative demand shock and a negative supply shock, with the latter potentially stoking inflation in the medium term, he warned.
Asia:
China Ran Record Budget Deficit with Spending Blitz Amid Tariffs
China’s fiscal stimulus pushed its four-month budget deficit to a record high, as the government ramped up support for the economy during an escalation in its trade conflict with the US.
The broad deficit reached 2.65 trillion yuan ($367 billion) in January-April, the most ever for the period, according to Bloomberg calculations based on data released by the Finance Ministry on Tuesday. The shortfall swelled by more than 50% compared with a year earlier.
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