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...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades broadly flat near 99.20 at the time of writing on Wednesday after an earlier attempt to test the 100.00 big figure in early Asian trading. The pop in the DXY came on the back of comments from United States (US) President Donald Trump late Tuesday, saying that he had no intention of firing Federal Reserve (Fed) Chair Jerome Powell, despite being frustrated with the high interest rates. The President also said he would be ‘nice' to China if they come to the negotiating table,...
Oil prices climbed more than 1% on Wednesday, extending the prior day's gains, as investors weighed a fresh round of U.S. sanctions on Iran, a drop in U.S. crude stocks and a softer tone from President Donald Trump towards the Federal Reserve. Brent crude futures climbed $1, or 1.5%, to $68.44 a barrel at 0640 GMT, while U.S. West Texas Intermediate crude was up 99 cents, or 1.6%, at $64.66 a barrel. The U.S. issued new sanctions targeting Iranian liquefied petroleum gas and crude oil shipping magnate Seyed Asadoollah Emamjomeh and his corporate network on Tuesday. Emamjomeh's network is...
The Pound Sterling (GBP) recovers some of its initial losses against the US Dollar (USD) in Wednesday's European session, still trading lower in the day around 1.3300. The GBP/USD pair pares some intraday losses as the US Dollar (USD) retraces after a sharp upside move on Wednesday. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, corrects to near 99.20 from the earlier high of 99.88. Investors brace for more recovery in the US Dollar on optimism over de-escalation in the United States (US)-China trade war and diminishing fears of President Donald...
Gold prices fell more than 2% on Wednesday as U.S. President Donald Trump backed down from threats to dismiss Federal Reserve Chair Jerome Powell and expressed optimism for a trade deal with top metals consumer China, denting bullion's safe-haven appeal. Spot gold declined 2.2% to $3,308.81 an ounce as of 0704 GMT. U.S. gold futures shed 2.9% to $3,320.30. Hopes for a U.S.-China trade deal and Trump's softened stance toward Powell "caused the sell-off in gold price to hit a kind of a very extreme oversold level in the short term perspective here," said Kelvin Wong, senior market analyst,...
The dollar index rose above 99 on Wednesday, building on a 0.7% gain from the previous session, as concerns over the Federal Reserve's independence eased and hopes for a de-escalation in the trade war grew. President Trump stated he has no intention of dismissing Fed Chair Jerome Powell, alleviating fears of political interference in US monetary policy. He also signaled a softer stance toward China, saying he plans to be "very nice" in any trade negotiations. Meanwhile, Treasury Secretary Scott Bessent acknowledged that the tariff standoff with China is unsustainable and stressed the need...
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...