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 prices steadied in thin trading on Wednesday after falling in the previous session on concerns that new U.S. tariffs, set to be unveiled at 2000 GMT, may deepen a global trade war that could limit crude demand. Brent futures gained 1 cent to $74.50 a barrel by 0346 GMT after slipping 0.4% on Tuesday. U.S. West Texas Intermediate crude futures rose 3 cents to $71.23 after dropping 0.4%. Prices settled at their highest in five weeks on Monday. The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no details about the...
Silver prices fell to $33.8 per ounce, retreating from a five-month high of $34.58 reached on March 28th, as investors braced for President Donald Trump's announcement of reciprocal tariffs set to take effect Wednesday. Market participants weighed concerns over an escalating global trade war, which could weaken industrial demand for silver, against its safe-haven appeal amid growing fears of an economic slowdown. Over the weekend, Trump reaffirmed plans to impose reciprocal tariffs on all countries and reportedly urged his advisers to take a more aggressive trade stance. Meanwhile, US...
The AUD/USD pair trades on a flat note near 0.6275 during the early Asian session on Wednesday. The markets turn cautious ahead of US President Donald Trump's announcement of reciprocal tariffs. Also, the US March ADP Employment Change will be published. Trump is set to implement tariffs on US trading partners on Wednesday, potentially adding more tariffs on Chinese goods. Trump has already placed a total of 20% tariffs on all Chinese imports since taking office in January, blaming Beijing for failing to do enough to curb the flow of chemicals used to make the deadly drug fentanyl into the...
Gold rose above $3,130 per ounce on Wednesday, climbing back toward record levels reached in the previous session, driven by risk aversion as markets braced for additional US tariffs that could escalate the global trade war. The White House did not disclose details on the tariffs' scope but said they would take effect immediately after being unveiled. President Trump also hinted the duties would impact many countries, raising concerns about broad economic fallout. Additionally, gold was supported by expectations of interest rate cuts, central bank buying, and strong demand for gold-backed...
U.S. crude oil futures were roughly unchanged from post-settlement levels Tuesday despite the American Petroleum Institute reporting a large jump in weekly domestic crude stockpiles. Crude Oil WTI Futures, the U.S. benchmark, recently traded at $71.18 a barrel following the report after settling down 0.4% at $71.20 a barrel. U.S. crude inventories increased by 6.0M barrels for the week ended Mar. 28, compared with a draw of 4.6M barrels reported by the API for the previous week. Economists were expecting a build of just 1.2M barrels. Gasoline stockpiles decreased by about 1.6M barrels,...
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...