Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economic force. "When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly," Trump said without specifying which nations he was referring to. The BRICS group currently includes Brazil, Russia, India, China, South Africa, and has recently expanded to include other nations. In addition to...
Gold gained, bolstered by haven demand as traders weighed fresh tariff threats from President Donald Trump after he declared a 30% rate for the European Union and Mexico effective next month. Bullion traded near $3,370 an ounce, following a 0.6% increase last week. US trading partners continued to navigate the final weeks of negotiations as Trump's patience with talks appeared to wear thin before his Aug. 1 deadline. The president on Saturday gave trade ultimatums to Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen, the latest in a string of...
Oil prices rose more than 2% on Friday (July 11) as the International Energy Agency (IEA) stated that the market is tighter than it appears, while US tariffs and the possibility of further sanctions against Russia were also in focus. Brent crude futures closed up $1.72, or 2.5%, at $70.36 per barrel. US West Texas Intermediate crude rose $1.88, or 2.8%, to $68.45 per barrel. For the week, Brent rose 3%, while WTI recorded a weekly gain of about 2.2%. The IEA stated that the global oil market may be tighter than it appears, with demand supported by peak refinery production in the summer to...
Gold prices rose more than 1% on Friday (July 11th) as investors sought safe-haven assets following the announcement of new tariffs by US President Donald Trump, while silver hit its highest level in more than 13 years. Spot gold prices rose 1% to $3,356.93 an ounce at 2:43 p.m. EDT (18:43 GMT), after hitting their highest level since June 24 earlier in the session. US gold futures closed up 1.4% at $3,371.20. Global stocks weakened after Trump escalated his tariff attack on Canada, saying the US would impose a 35% tariff on imports next month and plans to impose across-the-board tariffs of...
The US dollar strengthened on Friday (July 11th), supported by new tariff threats from US President Donald Trump, which have reignited global trade tensions and triggered a new wave of risk aversion. As tensions escalate, investors have become increasingly cautious, bolstering the greenback's status as a safe-haven asset. This shift in sentiment has pushed the US Dollar Index (DXY) higher, as markets brace for potential monetary policy changes. The US Dollar Index (DXY), which measures the greenback's value against a basket of major currencies, traded flat during the American trading...
Gold prices surged more than 1% to their highest level in more than two weeks on Friday (July 11), as investors turned to safe-haven assets after U.S. President Donald Trump escalated the global trade war with the announcement of new tariffs. Spot gold rose 1.2% to $3,363.46 an ounce at 11:32 a.m. EDT (15:32 GMT), its highest level since June 24. U.S. gold futures rose 1.6% to $3,377.80. Global stocks weakened after Trump escalated his tariff attack on Canada, saying the U.S. would impose a 35% tariff on imports next month and plans to impose across-the-board tariffs of 15% or 20% on most...
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
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Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
President Donald Trump said Wednesday he plans to send a single letter to over 150 countries outlining the tariff rate they will face, saying, "It's all going to be the same for everyone, for that...