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 futures rise, benefiting from market uncertainty. Futures are up 1.6% at $3,127.20 a troy ounce, nearing its all-time record of $3,201.60 an ounce, set in early April. The precious metal was sharply sold off as investors liquidated positions to cover losses elsewhere after President Trump's "Liberation Day" tariff announcements, but has since mounted a strong rally on the ensuing uncertainty. Trump hiked Chinese tariffs to 125% on Wednesday and announced a 90-day suspension of the so-called reciprocal tariffs for other countries, adding to the confusion and further boosting safe-haven...
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades in negative territory for the third consecutive day near 102.70, down 0.28% on the day. Investors will keep an eye on the US March Consumer Price Index (CPI) inflation and weekly Initial Jobless Claims reports, which are due later on Thursday. The Greenback edges lower after US President Donald Trump ramped up his trade war against China while temporarily pausing tariffs on many other countries for 90 days. "It seems likely that the U.S. President blinked...
Silver prices rose above $31 per ounce on Thursday, extending gains for a second session as commodities rebounded after Trump's reversal on his reciprocal tariff policy. Trump dropped new tariff rates on imports from most US trade partners to 10% for 90 days to allow for trade negotiations. However, top consumer China remains subject to a steep 125% tariff amid continued tit-for-tat escalations between Washington and Beijing—maintaining a level of geopolitical and economic uncertainty that continues to support safe-haven demand. Meanwhile, minutes from the latest FOMC meeting revealed that...
USD/CHF pair loses ground to near 0.8530 during the early European session on Thursday. The US Dollar (USD) weakens against the Swiss Franc (CHF) amid the escalating trade tension between the US and China, the world's two largest economies. President Donald Trump announced a 90-day pause on many new tariffs on trading partners to 10% to allow trade negotiations with those countries. However, US-China trade relations have reached a crisis level, with Trump raising tariffs to 125% on Chinese imports on Thursday, up from the 104% implemented just a day earlier. Escalating trade war between...
The EUR/USD pair attracts some buyers to around 1.0980 during the Asian session on Thursday. The Euro (EUR) edges higher against the Greenback as German conservative leader agreed on a coalition deal with the center-left Social Democrats on Wednesday. The US March Consumer Price Index (CPI) inflation report will be the highlight later on Thursday. On Wednesday, German conservatives under Friedrich Merz clinched a coalition deal with the center-left Social Democrats (SPD) to boost growth in Europe's biggest economy amid a global trade war that threatens recession. This development is likely...
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...