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 steadied after a two-day climb as traders focused on tariff threats from President Donald Trump and the outlook for US monetary policy. Bullion traded above $3,332 an ounce, after posting modest gains on Wednesday and Thursday that pared a weekly drop. The president proposed a slew of country-specific tariffs this week, including moves against Canada and Brazil, while pushing the overall deadline for implementation to Aug. 1. In addition, he's planning a substantial levy on imports of copper. Elsewhere, investors were considering the outlook for US...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $65.75 during the early Asian trading hours on Friday. The WTI price tumbles amid concerns about a supply hike for August by OPEC+, a surprise increase in US crude inventories, and intensifying US tariff pressures. The Organization of the Petroleum Exporting Countries and allies (OPEC+) agreed at a July 6 meeting to hike their collective crude production by 548,000 barrels per day (bpd), as they continue to unwind a set of voluntary supply cuts. The group previously announced hikes of 411,000 bpd for May, June,...
EUR/USD weakened during the North American session, down more than 0.23%, as market participants digested the US jobs report that strengthened the Federal Reserve's case for maintaining interest rates at its upcoming July meeting. At the time of writing, the pair was trading at 1.1695 after peaking at 1.1749. Wall Street ended Thursday's session with gains as traders assessed the current US labor market situation. Initial Jobless Claims for the past week were below estimates and the previous reading, signaling strength. However, Continuing Claims rose to their highest level since 2022. On...
Oil prices plunged more than 2% on Thursday (July 10th), as investors weighed the potential impact of US President Donald Trump's tariffs on global economic growth. Brent crude futures closed at $68.64 per barrel, down $1.55, or 2.21%. US West Texas Intermediate crude futures closed at $66.57 per barrel, down $1.81, or 2.65%. On Wednesday, Trump threatened Brazil, Latin America's largest economy, with punitive 50% tariffs on exports to the US, pressuring his Brazilian counterpart, Luiz Inácio Lula da Silva, over the trial of former President Jair Bolsonaro in Brazil on charges of plotting...
Gold prices were little changed on Thursday (July 10) as a stronger U.S. dollar offset the impact of U.S. President Donald Trump's latest tariffs, prompting buying by investors seeking protection from geopolitical risks. Spot gold rose 0.1% to $3,317.44 an ounce at 1:50 PM ET (17:50 GMT). U.S. gold futures closed 0.1% higher at $3,325.7. The U.S. dollar index rose 0.2%. Gold tends to lose traction when the U.S. dollar strengthens, as it becomes more expensive for investors holding other currencies. "Unless there's a major geopolitical escalation, I don't see gold breaking above $3,400. In...
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...