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 fell after US President Donald Trump rolled out stiff tariffs on major trading partners, including China and the European Union, ratcheting up a trade war that threatens global demand. West Texas Intermediate declined as much as 3.3% to $69.38 a barrel, tracking a slump in wider markets. The latest salvo of levies represents Trump's biggest assault yet on a global economic system he has long bemoaned as unfair, and comes after earlier rounds of tariffs against countries including Canada, Mexico and China. Trump said he will apply a minimum 10% tariff on all...
Gold hit a new record of nearly $3,160 an ounce after President Donald Trump unveiled his sweeping "reciprocal" tariffs, imposing a minimum levy of 10% on imports and stoking fears it may trigger a global economic slowdown. Bullion was one of the few commodities exempted from the tariffs, according to a White House factsheet. The metal's haven status was underlined when it rose as much as 0.8% at Thursday's open in Asia, shortly after the president's Rose Garden address. It closed 0.7% higher on Wednesday. Trump said he will apply a minimum 10% tariff on all exports to the US, with...
The US Dollar Index (DXY) moved lower during Wednesday's session, lingering near the 104.00 area after President Donald Trump confirmed sweeping tariffs on global imports. The initial surge in yields and volatility gave way to a more cautious tone as details revealed a 10% blanket tariff and an additional 25% duty on imported vehicles. The announcement, while bold, lacked the aggressive edge markets feared, prompting a partial retreat in safe-haven flows. Source: FXstreet
Gold prices rose towards their record high on Wednesday, supported by safe-haven demand as markets braced for U.S. President Donald Trump's latest tariff plans later in the day. Spot gold was up 0.4% at $3,123.05 an ounce at 01:46 a.m. EDT (1746 GMT). U.S. gold futures settled 0.6% higher at $3,166.20. "Risks remain that tariffs could stoke inflation, which has buoyed gold prices. While a U.S. recession is not our base-case scenario, the risk of such has helped maintain strong interest in gold as a safe haven," said Standard Chartered analyst Suki Cooper. "If the tariffs are not as...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, starts to turn red and dips below 104.00 at the time of writing on Wednesday, while equities sell off and bond yields drop. The Greenback remains sidelined just hours before United States (US) President Donald Trump announces the reciprocal tariff implementation at the White House at 20:00 GMT. The White House and the Trump administration are very sketchy in details, and until now, it remains unclear what the tariffs will mean for markets. On the economic data releases, this...
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...