Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. "Gold's breakout above yet another round handle is simply fuelling the bullish momentum given the lack of any major selling activity," the analyst says. Gold could test next major level of $4,000/oz, with $3,900/oz broken, Razaqzada adds. Spot gold is 0.3% higher at $3,969.75/oz after earlier touching a fresh record intraday high of $3,976.18/oz, ICE...
European stocks plunged to the lowest in more than a year on Monday, as President Donald Trump issued a fresh tariff threat to China and foreign leaders raced to the negotiating table to persuade him to lower his steep tariff charges. The Stoxx Europe 600 Index was 4.5% lower at the close in London, the lowest since end-January 2024, having earlier shed as much as 6.5%. The DAX slid 4.2%, recouping some of its earlier 10% plunge. Shortly before the closing bell in Europe, Trump threatened to impose an additional 50% tariff on China unless...
U.S. stocks plunged for a third straight session on Monday, as the White House doubled down on aggressive tariffs against key trading partners despite growing market turmoil. The S&P 500 sank 3.7%, pushing its decline from its February record high to 20%, officially entering bear market territory. The Dow Jones dropped another 1,200 points, or 3.3%, while the Nasdaq fell 3.7%, having already entered a bear market last week amid mounting recession fears sparked by President Trump's sweeping trade policies. On Friday, China announced a 34% tariff on all U.S. imports instead of returning...
The Hang Seng plunged 3,021 points or 13.2% on Monday, marking its steepest one-day loss since 2008, to end below the 20,000 mark at 19,828. It was the second session of heavy selling, dragging the index to an over two-month low as most sectors, particularly tech, consumer, and financials, posted double-digit losses. The plunge followed escalating trade tensions, with the White House standing firm on tariff plans and China announcing retaliatory levies on U.S. goods. President Trump said markets would have to "take their medicine," saying no deal would be made until the U.S. trade gap was...
Japan's Nikkei share average slumped on Monday to the lowest level in 1-1/2 years, with the index of Japanese bank stocks diving more than 17% at one point, as concerns over a tariff-induced global recession continued to rip through markets. The Nikkei dropped as much as 8.8% to hit 30,792.74 for the first time since October 2023, before ending the day down 7.8% at 31,136.58. All 225 component stocks of the index finished in the red. The broader Topix sank as much as 9.6% before closing down 7.8%. Speaking on Sunday aboard Air Force One, U.S. President Donald Trump characterized his...
European stocks dropped sharply on Monday, deepening a global market rout that kicked off last week following the latest announcements of U.S. President Donald Trump's tariffs regime. The pan-European Stoxx 600 was 6% lower shortly after the opening bell, with all sectors and major bourses suffering significant losses. Germany's DAX index was more than 9.5% lower during early deals. Last week, the regional Stoxx 600 index notched an 8.4% loss, marking its worst week in five years. In the past decade, the Stoxx 600 only performed worse at the beginning the Covid-19 pandemic in 2020. Trump...
Asia-Pacific markets extended their sell-off Monday as fears over a global trade war sparked by U.S. President Donald Trump's tariffs fueled a risk-off mood. Hong Kong markets led losses in the region, with the Hang Seng Index declining 10.37%. Mainland China's CSI 300 fell 6.31%. Over in Japan, the benchmark Nikkei 225 lost 6.20% to hit an 18-month low while the broader Topix index plummeted 6.50%. Earlier in the day, trading in Japanese futures was suspended due the market hitting circuit breakers. In South Korea, the Kospi index was last down 4.74%, while the small-cap Kosdaq declined...
(Hong Kong) The escalation of the trade war has reached new heights as U.S. President Trump announced last Wednesday the imposition of "reciprocal tariffs" on all trading partners. In response, China declared countermeasures last Friday, imposing a 34% tariff on all goods from the United States. The global stock markets have been reeling since last Thursday, with a significant downturn witnessed this morning in the Asia-Pacific region. The Japanese stock market plummeted by around 3,000 points, breaching the 31,000 point mark. Investors are seeking refuge in the bond market, leading to a...
Asia-Pacific markets extended their sell-off Monday as fears over a global trade war sparked by U.S. President Donald Trump's tariffs fueled a risk-off mood. Japanese markets led losses in the region in early trade. The benchmark Nikkei 225 plunged 8.03% while the broader Topix index plummeted 8.64%. Over in South Korea, the Kospi index fell 4.34% at the open, while the small-cap Kosdaq fell 3.48%. Australia's S&P/ASX 200 declined 6.07% at the open. The benchmark slid into correction territory with an 11% decline since its last high in February, in its previous session. Futures for...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....