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 Australian Dollar (AUD) halted its three-day losing streak against the US Dollar (USD) on Wednesday, supported by comments from US President Donald Trump suggesting a willingness to negotiate with trade partners. Trump's remarks boosted optimism for a potential easing of global trade tensions. The AUD faced headwinds as market volatility remains elevated after the US imposed an expected additional 50% tariff on Chinese imports, particularly as Australia maintains strong economic ties with China. Beijing denounced Trump's latest threat as "blackmail" and vowed to safeguard its...
Gold prices climbed nearly 2% on Wednesday as the dollar weakened after U.S. President Donald Trump's tariffs on China took effect, with most traders flocking to safe-haven bullion for cover as global trade and recession jitters intensified. Spot gold was up 1.9% at $3,038.54 an ounce, as of 0700 GMT. U.S. gold futures rose 2.2% to $3,056.60. Trump ratcheted up duties on Chinese imports to 104% to counter Beijing's retaliatory tariffs, accusing Beijing of manipulating the yuan to offset the levies. China refused to bow to what it called a blackmail, vowing to "fight to the...
Oil prices dropped to their lowest in more than four years on Wednesday on looming demand concerns fuelled by an escalating tariff war between the U.S. and China, the world's two biggest economies, and a rising supply outlook. Brent futures lost $2.38, or 3.79%, to $60.44 a barrel as of 0423 GMT. U.S. West Texas Intermediate crude futures fell $2.46, or 4.13%, to $57.12. Both contracts touched their lowest level since February 2021. The six-month spread for Brent slumped to 79 cents, its lowest level since mid-November, as the market was seen moving into a potential surplus. The spread has...
US President Donald Trump's global reciprocal kick in on Wednesday, fuelling a fresh risk-aversion wave across the financial markets, spiking up the demand for the traditional safe haven Gold. China is hit hardest with 104% tariffs by the US, heighening US-Sino trade tensions. Gold price is underpinned by US tariffs-inspired global flight to safetyThe White House press secretary Karoline Leavitt confirmed that the US will proceed with a sweeping 104% tariff on Chinese imports starting this Wednesday. This continues to fuel worries that an all-out trade war would push the global economy into...
The EUR/USD pair rises to near 1.1065 during the early European session on Wednesday. The US Dollar weakens against the Euro after US President Donald Trump's tariff policy takes effect. Later on Wednesday, traders will take more cues from the release of the FOMC Minutes. The Euro (EUR) gathered balance and prompted EUR/USD to leave behind two daily drops in a row and refocus on the upside, briefly flirting with the psychological 1.1000 hurdle. In fact, the US Dollar (USD) succumbed to the resurgence of the selling pressure on Tuesday as hopes of some negotiation surrounding US tariffs seem...
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...