The US has signaled it will not relax its August 1 deadline for higher tariffs against the European Union as the bloc struggles to reach a deal on time. Over the weekend, US Commerce Secretary Howard Lutnick said he was confident a trade deal with the EU could be reached, but cautioned that the deadline for the 30% base tariffs was fixed. "That's a tight deadline, so on August 1, the new tariffs will go into effect," Lutnick said Sunday on CBS News when asked about his EU tariff deadline. He did hint that negotiations could continue beyond that date, stating: "These are the two largest...
The Pound Sterling (GBP) recovers early losses and turns slightly positive to near 1.3340 against the US Dollar (USD) during European trading hours on Thursday. The GBP/USD pair attracts bids as the US Dollar (USD) faces pressure, while extending its two-day recovery, a move that is driven by hopes that fears of global disruption due to the imposition of additional tariffs by United States (US) President Donald Trump have peaked. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, struggles to break above the fortnightly high around 100.00. The USD...
A sliding yen boosted the dollar on Thursday as the Bank of Japan lowered growth forecasts in light of U.S. tariffs and left rates on hold, while investors watched for signs of the trade war cooling and awaited U.S. labour market data. The yen dropped by as much as 1.1% to 144.74 per dollar, its weakest since April 10. It was last at 144.33 per dollar. The central bank's hold on interest rates was unanimous and anticipated, but investors saw the downgraded outlook as reducing the likelihood of future hikes. "It was no surprise that they revised both the growth and inflation down but both...
Silver prices fell over 1% toward $32 per ounce on Thursday, marking a third consecutive session of decline, as easing global trade tensions dampened demand for safe-haven assets. Sentiment shifted after US President Donald Trump signaled potential trade agreements with India, Japan, and South Korea, and voiced optimism about a deal with China. At the same time, silver's industrial demand outlook came under pressure amid weaker economic data from major economies. The US economy unexpectedly contracted by 0.3% on an annualized basis in the first quarter—its first negative growth in three...
Oil prices steadied on Thursday a day after a steep decline triggered by signs that Saudi Arabia, the world's biggest crude exporter, may raise output and data showing a contraction in the economy of the U.S., the world's biggest oil consumer. Brent crude futures fell 6 cents, or 0.1%, to $61 a barrel as at 0730 GMT. U.S. West Texas Intermediate crude futures fell 12 cents or 0.2%, to $58.09. WTI closed at its lowest since March 2021 on Wednesday. "In the near term, the path of least resistance remains tilted to the downside," said Sugandha Sachdeva, founder of SS WealthStreet, a New...
Gold eased to hit its lowest level in two weeks on Thursday as the dollar's strength and easing trade tensions dulled the metal's safe-haven allure, while investors awaited the U.S. non-farm payrolls report. Spot gold was down 1.6% at $3,235.55 an ounce as of 0629 GMT, after hitting its lowest level since mid-April. The dollar (.DXY), opens new tab rose 0.4% against its peers, making bullion more expensive for overseas buyers. U.S. President Donald Trump said he has "potential" trade deals with India, South Korea and Japan as he sought to convert his tariff policy into trade...
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...
Russia unleashed a renewed attack on Ukraine, targeting the country's central and western regions with drone and missiles as Kyiv's allies pledged increased air defense protection to help shield the...