Oil prices are headed for a second weekly decline as concerns over a growing oversupply outweigh geopolitical risks to supply. Brent crude edged up to $60 a barrel on Friday but is still down about 2% for the week, while West Texas Intermediate is trading near $56 a barrel. Ukraine attacked an oil tanker linked to a shadowy Russian fleet in the Mediterranean Sea, a new escalation in a series of attacks on ships that help Moscow export oil. Despite these risks, nearly all of the world's largest traders see the market in oversupplied territory by early next year, with industrial giant...
U.S. President Donald Trump said Wednesday he is not planning to fire Federal Reserve Chair Jerome Powell, after a Bloomberg report that the president is likely to do so soon sparked a drop in stocks and the dollar, and a rise in Treasury yields. Such reports are not true, Trump said. "I don't rule out anything, but I think it's highly unlikely unless he has to leave for fraud," Trump said, a reference to recent White House and Republican lawmaker criticism of cost overruns in the $2.5 billion renovation of the Fed's historic headquarters in Washington. Stocks pared losses and Treasury...
President Donald Trump told a room full of Republican lawmakers that he will fire Federal Reserve Chair Jerome Powell, after receiving approval from them to make the move, a senior White House official told CNBC. Amid repeated denials from administration officials and high-ranking Republicans, the exchange came Tuesday evening in the Oval Office, following Republicans blocking a vote on cryptocurrency legislation that Trump has favored. "The President asked lawmakers how they felt about firing the Fed Chair. They expressed approval for firing him. The President indicated he likely will...
The Producer Price Index (PPI) for final demand in the US rose 2.3% annually in June, according to data published by the US Bureau of Labor Statistics on Wednesday. This followed a 2.6% increase in May and was below market expectations of 2.5%. The annual core PPI rose 2.6% in the same period, down from 3% in May. On a monthly basis, both the PPI and core PPI were unchanged. (alg) Source: FXstreet
Indonesia's president said his US counterpart, Donald Trump, is a "tough negotiator" after the two countries reached a trade deal that resulted in a reduction in proposed tariffs to 19% from 32%. The deal is one of a handful reached so far by the Trump administration ahead of the August 1 negotiation deadline, but Indonesia, Southeast Asia's largest economy and a member of the G20, has not provided further details. Trump said Indonesia has committed to buying 50 Boeing (BA.N) aircraft, opening up new jets, $15 billion worth of U.S. energy supplies, and $4.5 billion worth of U.S....
The annual inflation rate in the UK rose to 3.6% in June 2025, the highest since January 2024, up from 3.4% in May and above expectations that it would remain unchanged. The main upward pressure came from transport prices, which increased by 1.7% (vs 0.7% in May), driven largely by motor fuel costs. Additional upward contributions came from airfares, particularly on long-haul and European routes, as well as rail fares and maintenance and repair of personal transport equipment. Clothing and footwear prices also rose (0.5% vs -0.3%) and food inflation climbed to 4.5%, the highest since...
The U.S. central bank will probably need to leave interest rates where they are for a while longer to ensure inflation stays low in the face of upward pressure from the Trump administration's tariffs, Dallas Federal Reserve Bank President Lorie Logan said on Tuesday. "My base case is that we'll need to keep interest rates modestly restrictive for some time to complete the work of returning inflation sustainably to the 2% target," Logan said in remarks prepared for delivery to the World Affairs Council of San Antonio. "It's also possible that some combination of softer inflation and a...
US President Donald Trump plans to impose tariffs of over 10% on smaller countries, including nations in Africa and the Caribbean, as the Associated Press reported. "We'll probably set one tariff for all of them," Trump told reporters on Tuesday. He added that it could be "a little over 10% tariff on goods from at least 100 nations." At the same time, Commerce Secretary Howard Lutnick said that the nations with goods being taxed at these rates would be in Africa and the Caribbean—places that generally do relatively modest levels of trade with the US and would be relatively insignificant...
President Donald Trump on Tuesday said the U.S. would impose a 19% tariff on goods from Indonesia under a new agreement with the Southeast Asian country and said more deals were in the works as he continued to press for what he views as better terms with trading partners and a path to reducing a massive U.S. trade deficit. The pact with the relatively minor U.S. trading partner is among the handful struck so far by the Trump administration ahead of an August 1 deadline for tariffs on most U.S. imports to rise again, and it came as the top U.S. trading partner - the European Union - readied...
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....