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 rise in early trade on a softer U.S. dollar, but are still on course for a weekly loss as traders worry President Trump's trade war with China will weigh on global economic growth. Brent crude is up 1.4% at $64.18 a barrel, while WTI rises 1.4% to $60.93 a barrel. The dollar index--which measures the greenback against a half-dozen currencies--fell below 100, making commodities cheaper for holders of other currencies. Still, the crude benchmarks are poised to drop for a second straight week after Trump said tariffs on China add up to 145%, further raising concerns over a...
Silver rose above $31.20 per ounce on Friday, marking a third consecutive session of gains, as broad-based weakness in the U.S. dollar and renewed economic concerns fueled demand for alternative assets. The metal also benefited from rising haven flows, with the dollar losing some of its traditional safe-haven appeal. Despite a 90-day tariff reprieve, investors remain uneasy about President Trump's trade policies and their potential to tip the U.S. economy into recession. The White House recently confirmed cumulative tariffs on Chinese goods have reached 145%, raising the threat of further...
The Australian Dollar (AUD) loses ground against the US Dollar (USD) on Friday. The AUD/USD pair depreciates as the White House confirmed that the cumulative US tariffs on Chinese goods have risen to 145%. The announcement heightened tensions in the ongoing trade dispute between the world's two largest economies, raising concerns for Australia given its strong trade ties with China. The AUD found support on Thursday from reports that Australia is preparing to resume trade negotiations with the European Union (EU). Moreover, the Wall Street Journal reported that China also held talks with EU...
Gold price is retreating from fresh all-time highs of $3,220 in early Europe on Friday. The US Dollar downward spiral and escalating trade war between the United States and China continue to underpin the safe-haven appeal of Gold price. US PPI inflation data and tariff updates remain on tap. Mounting concerns over the financial stability and the economic situation in the United States (US) have accelerated the selling interest around the US Dollar (USD), pushing Gold price for another ride higher. The US Federal Reserve's (Fed) independence has always been under threat, and on April 9 US...
EUR/USD extends its gains for the second successive day, trading near 1.1350 during Friday's Asian session. The Euro (EUR) strengthened after the European Union (EU) announced a 90-day pause on new 25% tariffs on the United States (US), aiming to create space for trade negotiations. A sudden policy reversal by the White House on Wednesday now means the EU will face a 10% duty on exports to the US until July—rather than the 20% "reciprocal tariff" that was briefly implemented. However, Trump's 25% tariffs on steel, aluminum, and cars remain in effect. Traders adjusted their expectations for...
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...