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 dollar index fell below 103 on Thursday, hitting its lowest level in nearly six months as traders digested President Donald Trump's sweeping tariff measures. Late Wednesday, Trump announced a comprehensive tariff package aimed at reshaping US trade relationships. The measures include a 10% baseline tariff on all imports, with higher rates for key trade partners, such as China (34%), the European Union (20%), and Japan (24%). Additionally, a 25% tariff on all foreign-made automobiles took immediate effect. Meanwhile, fresh economic data painted a mixed picture. The ADP report showed a...
Gold price (XAU/USD) shot to a fresh record high during the Asian session on Thursday as investors rushed to take refuge in traditional safe-haven assets amid the risk-off impulse. US President Donald Trump announced sweeping reciprocal tariffs on Wednesday evening, sparking concerns about global economic growth and a recession in the US. This, in turn, sparked a severe risk-off move, which is evident from a sea of red across the equity markets, and provided a strong boost to bullion. Meanwhile, the anti-risk flow, along with the growing acceptance that a tariff-driven US economic slowdown,...
Silver prices slid over 1% to dip below $33.50 per ounce on Thursday, reaching a one-week low as traders grappled with market uncertainties following US President Donald Trump's sweeping tariff measures. Trump imposed a 10% baseline tariff on all imports, with steeper levies targeting major trading partners such as China (34%), the EU (20%), and Japan (24%). Additionally, a 25% tariff on foreign-made automobiles took immediate effect. Defending the move, Trump framed the tariffs as a strategy to bolster domestic manufacturing and reduce trade deficits. While gold surged to a record high in...
Oil prices fell sharply in Asian trade on Thursday as fears of a demand slowdown and a global recession ramped up in the face of sweeping trade tariffs from U.S. President Donald Trump. Oil was already nursing some losses this week, as a rebound from over three-year lows ran out of momentum, while tensions in the Middle East and between Russia and Ukraine attracted only a small risk premium. Brent oil futures expiring in June fell 2.5% to $73.11 a barrel, while West Texas Intermediate crude futures fell 2.7% to $69.30 a barrel by 22:05 ET (02:05 GMT). Both contracts had fallen as much as...
The dollar traded mixed against its Group-of-10 peers while the yen surged in early Asian trading after President Donald Trump's sweeping trade tariffs sparked a flight to haven assets on fears it will impact the global economy. USD/JPY fell 0.8% to 148.02. Treasury futures advanced while US equity futures contracts slumped. Trump said he will apply a minimum 10% tariff on all exporters to the US and slap additional duties on around 60 nations with the largest trade imbalances with the US. That includes substantially higher rates on some...
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...