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...
Oil prices inched down on Tuesday after the International Energy Agency followed OPEC in slashing its oil demand forecast, though price falls were limited by U.S. President Donald Trump's suggestion of some new tariff exemptions. Brent crude futures were down 50 cents, or 0.8%, at $64.38 per barrel by 1005 GMT. U.S. West Texas Intermediate crude also dipped 50 cents, or 0.8%, to $61.03 a barrel. Vacillating U.S. trade policies have created uncertainty for global oil markets and prompted OPEC on Monday to lower its demand outlook. The IEA also cut its forecasts on Tuesday for global oil...
Gold prices rose on Tuesday, as investors turned to the safe-haven asset amid continued uncertainty surrounding U.S. President Donald Trump's tariff plans, which could heighten an ongoing trade war and slow global economic growth. Spot gold was up 0.7% at $3,230.48 an ounce, as of 0815 GMT. Bullion hit a record high of $3,245.42 on Monday. U.S. gold futures rose 0.6% to $3,245.70. "The environment remains supportive for higher gold prices, but the journey towards higher prices will not be a straight line, there will likely be some temporary setbacks," said UBS analyst Giovanni...
The dollar held steady on Tuesday, trading near a three-year low against the euro and a six-month trough against the yen, as investors trying to make sense of the constant changes to President Donald Trump'stariffs remained wary of U.S. assets. Much of the volatility that hit the dollar last week and sent Treasury yields soaring appeared to have abated somewhat on Tuesday, although investor sentiment was still fragile. The euro , which has been one of the biggest beneficiaries of this month's dumping of U.S. assets, was a touch weaker on the day at $1.1336, narrowly below last week's...
The pound rose above $1.32, a six-month high, as markets responded to easing trade fears and shifting Bank of England (BoE) expectations. Hopes that Trump might delay auto tariffs helped UK exporters, especially car parts makers reliant on US trade, lifting sentiment for sterling. On the other hand, the BoE is seen as likely to cut rates soon — with markets nearly fully pricing in a rate cut in May — as UK firms shed jobs ahead of tax hikes and higher wage costs. While private-sector wage growth remains high at 5.9%, employment fell sharply in March, hinting at economic weakness. A...
Oil prices rose after a sluggish session on Monday, with traders monitoring the latest U.S. moves in the trade war and the prospect of easing curbs on Iranian crude. Brent traded around $65 a barrel after rising 0.2% on Monday, while West Texas Intermediate held near $62. Wall Street regained some calm on Monday, with stocks and bonds gaining after a tumultuous week amid President Donald Trump's disruptive tariff policies. "Macro sentiment has stabilized for now, and crude oil is on a slow path to recovery," said Huang Wanzhe, an analyst at Dadi Futures. "With the first wave of ‘tariff...
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...