Renewed tensions between the United States and Russia have resurfaced following an incident involving an oil tanker, sparking market concerns about potential disruptions to global energy supplies. Washington's move, associated with tightening oversight and enforcement of sanctions on Russian oil shipments, is viewed by Moscow as provocative and could worsen relations between the two countries. Russia views these actions as an attempt by the United States to suppress Russian energy exports and strengthen its dominance in the global oil market. Meanwhile, Washington argues that these measures...
The Pound Sterling (GBP) recovers early losses against the US Dollar (USD), after hitting a bottom of 1.3415, and trades flat around 1.3470 during European trading hours on Thursday. The GBP/USD pair rebounds as the US Dollar surrenders a chunk of its initial gains, as the United States (US) Court of International Trade's verdict against President Donald Trump's tariffs increases economic uncertainty further. The event also seems critical for business owners, who started designing their procurement strategies, considering Trump's levies as the new normal for the global economy. The US...
Oil prices rose by around $1 a barrel on Thursday after a U.S. court blocked most of President Donald Trump's tariffs, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures climbed $1.12, or 1.7%, to $66.02 a barrel. U.S. West Texas Intermediate crude advanced by $1.14, or 1.8%, to $62.98 a barrel at 0800 GMT. A U.S. trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The court was not asked...
Gold futures slide after the U.S. Court of International Trade ruled President Trump didn't have the authority to impose sweeping tariffs on nearly every nation. Futures are down 0.6% at $3,288.0 a troy ounce. The court blocked Trump's "Liberation Day" tariffs on Wednesday, voiding the levies that triggered a global trade war and threatened an economic slowdown. The court's tariff ruling does dim some of the safe-haven appeal of gold and table some headline uncertainty, RBC Capital Markets analysts say in a note. The stronger U.S. dollar is also adding pressure on gold, forming an...
The GBP/USD pair trades in negative territory around 1.3435 during the early European session on Thursday. The Greenback strengthens against the Pound Sterling (GBP) after the US trade court blocks US President Donald Trump's sweeping tariffs. The preliminary reading of the US Gross Domestic Product (GDP) report for the first quarter (Q1) will be the highlight later on Thursday. The summary of the May meeting of the Federal Open Market Committee (FOMC) suggested that uncertainty about the economic outlook has increased further. Federal Reserve (Fed) officials said meeting its dual goals of...
The Australian Dollar (AUD) remains subdued for the fourth successive session on Thursday, following disappointing Private Capital Expenditure data for the first quarter. The AUD/USD pair extends its losses as the US Dollar (USD) is trading higher after a US federal court blocked US President Donald Trump's "Liberation Day" tariffs from taking effect. A Reuters report showed that a federal trade court ruled Trump didn't have the authority to impose sweeping tariffs on imports from countries that sell more to the US. The Trump administration has halted some sales of jet engines,...
Asian stock markets fell in unison on Thursday, following Wall Street's decline. A brief rally in tech stocks led by Nvidia quickly faded, prompting investors to turn away from riskier assets like...
European stock indices closed marginally lower on Wednesday as equities took a breather from their recent strong momentum, while investors continued to assess the outlook for the ECB's policy this...
The upcoming Supreme Court ruling on the legality of President Donald Trump's massive tariffs, which rocked markets in April, is one of the next major tests for US stocks and bonds.
Equity markets...