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...
WTI crude prices rose 2.4% to settle at $61.50 a barrel on Friday, after U.S. Energy Secretary Chris Wright hinted the U.S. may block Iranian oil exports in a bid to pressure Tehran over its nuclear program. However, concerns over the U.S.-China trade dispute continue to weigh on demand expectations. China announced a sharp increase in tariffs on U.S. goods to 125%, while the White House confirmed total U.S. tariffs on Chinese imports now stand at 145%. In response, the U.S. Energy Information Administration cut its global oil demand forecast, warning that prolonged trade tensions could hurt...
Gold prices continued their rally for the third straight day on Friday (11/4) with the yellow metal hitting a new all-time high of $3,245. The gain of over 2% was recorded amid the escalating trade war between the US and China and its impact on the global economy. At the time of writing, XAU/USD was trading at $3,233. During the North American session, China imposed 125% tariffs on the US in retaliation for US President Donald Trump's decision to raise its import duties to 145% on Chinese products. Hence, investors seeking safety pushed the Bullion prices higher, driven by a weaker...
Oil prices were heading for their second straight weekly fall on Friday against a backdrop of investor concern over recession sparked by the burgeoning trade war between the United States and China. Brent crude futures were down 25 cents on the day, or 0.39%, at $63.08 a barrel by 1312 GMT while U.S. West Texas Intermediate crude fell 30 cents, or 0.50%, to $59.77. Brent and WTI are poised to register weekly declines of 3.8% and 3.5%, respectively, having both lost about 11% last week. Brent dipped below $60 a barrel at one point this week for its lowest since February 2021. "China's...
Gold traded at a fresh record high early on Friday as the dollar continued to plunge amid an escalating tariff between the United States and China, while another U.S. inflation measure weakened last month. Gold for June delivery was last seen up US$69.30 to US$3,246.80 per ounce, rising off Thursday's record close of US$3,177.50. The rise comes as investors seek a safe haven with China and the United States continuing a tariff battle. China on Friday hiked its tariff on U.S. imports to 125%, a day after U.S. President Donald Trump raised levies on Chinese goods to 145%. The heightened...
The U.S. dollar slumped further Friday, falling to an almost two-year low, on weakening confidence in the American economy as the trade war between the two largest economies in the world escalated, with China once more raising the tariffs on U.S. goods. At 04:20 ET (08:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, dropped 1.2% to 99.430, falling below the 100 level for the first time since July 2023. Dollar slumps to near two-year low U.S. President Donald Trump's pausing of widespread tariffs for 90 days helped the dollar, and global...
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.
It...
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...