News

Macy's forecasts 2025 sales, profit below estimates on inflation, tariff uncertainty

Macy's forecast annual sales and profit below Wall Street expectations on Thursday, reflecting a broader trend among U.S. retailers grappling with reduced consumer spending amid the added pressure of new trade restrictions. The department-store chain, which sources a significant portion of its self-branded goods from China, is also expected to take a hit as President Donald Trump's newly announced tariffs will likely place an additional burden on already tight American household budgets. "I don't think the consumer is going to feel a sense of relief in the short term," CEO Tony Spring said in a post-earnings call.

Morning Bid: Trouble on Main Street and Wall Street

Morning Bid U.S. We've revamped Morning Bid U.S. to offer you more in-depth markets analysis and commentary. The European Central Bank will almost certainly deliver an interest rate cut today despite the recent surge in euro area government yields, but the central bank may be forced to pause after today as it assesses Germany's extraordinary fiscal reboot.

Turkey's central bank lowers key interest rate as inflation slows

Turkey’s central bank lowered its key interest rate by a further 2.5 percentage points on Thursday, days after official figures indicated a slowdown in inflation that has eroded households’ purchasing power. The bank’s Monetary Policy Committee said it was reducing its benchmark one-week repo rate from 45% to 42.5%. “While inflation expectations and pricing behavior tend to improve, they continue to pose risks to the disinflation process,” the bank said.