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 GBP/USD pair advances for a second straight session, trading near 1.2820 during Asian hours on Wednesday. The pair's uptick is supported by easing trade tensions after US President Donald Trump signaled openness to negotiations with global partners, fueling hopes of a potential de-escalation in trade conflicts. US Customs and Border Protection confirmed on Tuesday that it is prepared to begin collecting country-specific tariffs from 86 trade partners. While President Trump maintained his broader tariff plans despite requests for exemptions, he indicated a willingness to engage in...
The Australian Dollar (AUD) halts 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. US Treasury Secretary Scott Bessent revealed that nearly 70 countries have reached out to the White House seeking to negotiate tariffs. Despite this, market volatility is expected to remain elevated after Trump threatened to impose an additional 50% tariff on Chinese imports if Beijing does not...
Oil prices fell to a four-year low on Wednesday in its worst five-day losing streak in three years, while several commodities, including base metals, tumbled as the trade war between China and the U.S. is set to intensify. Stocks in Asia extended a slide on Wall Street as U.S. President Donald Trump looked set to press ahead with whopping 104% duties on Chinese goods as global recession fears gripped financial markets. "Crude oil extended losses amid signs of escalation in the trade war," ANZ said in a note. "Copper has lost nearly 10% since Trump announced his reciprocal tariffs on major...
The Japanese Yen (JPY) retains its bullish bias for the second straight day against a broadly weaker US Dollar (USD) and drags the USD/JPY pair back closer to the 145.00 psychological mark during the Asian session on Wednesday. Investors continue to take refuge in traditional safe-haven assets, including the JPY, amid concerns about a tariffs-driven global recession. Adding to this reports that US President Donald Trump has agreed to meet Japanese officials to initiate trade discussions fuel optimism about a possible US-Japan trade deal, which further underpins the JPY. Meanwhile, investors...
Gold price (XAU/USD) regains positive traction following the previous day's failed attempt to surpass the $3,022-3,023 hurdle and retakes the $3,000 psychological mark during the Asian session on Wednesday. Persistent worries about escalating trade tensions and fears of a recession continue to prompt investors to take refuge in the traditional safe-haven bullion. Apart from this, bets for multiple rate cuts by the Federal Reserve (Fed) this year and some follow-through US Dollar (USD) selling for the second straight day turn out to be key factors that underpin the non-yielding yellow...
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...