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 edged down as uncertainty about US President Donald Trump's tariff plans muddies the economic outlook. West Texas Intermediate futures fell 0.4% to settle above $71 a barrel, after gaining 3.1% on Monday. The S&P 500 also edged lower as Trump prepared to implement reciprocal tariff plans that have raised worries about the strength of the world's largest economy. Trump has also threatened so-called "secondary tariffs" on buyers of Russian oil, potentially hurting flows from one of the world's top three producers, before later softening his tone. Elsewhere, Iran's...
Gold prices eased on Tuesday on profit-taking but remained near record highs as investors turned to the safe-haven asset ahead of President Donald Trump's planned announcement of sweeping tariffs on countries that have a trade imbalance with the U.S. Spot gold was down 0.3% at $3,113.43 per ounce as of 1:46 p.m. ET (1746 GMT), after hitting an all-time high of $3,148.88 earlier in the day. U.S. gold futures settled 0.1% lower at $3,146. It's "not surprising to see a little bit of profit taking, particularly given that the market had become rather overbought ... I don't really see much of...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is falling flat after the US data release. Clearly, market participants are not fond of the Greenback at this moment amidst tariff uncertainty. Richmond Federal Reserve (Fed) Bank President Thomas Barkin said the economic reading is wrapped in a thick fog and is unclear for the Fed to read where rates should go, while recession fears are still on the table, CNBC reports. The economic data releases for this week could get things moving in the runup to the Nonfarm Payrolls data to be...
Oil steadied after President Donald Trump dialed back comments on Russia that triggered the biggest price jump since January, while markets count down to the arrival of tariffs. Brent crude for June traded below $75 a barrel, after the contract gained 2.8% on Monday. US equity futures retreated and gold extended its increase as traders awaited details on President Trump's reciprocal tariff plan, in what he has dubbed "Liberation Day." Trump also threatened so-called "secondary tariffs" on buyers of Russian oil, potentially hurting flows from one of the world's top three producers. But...
Gold prices hit an all-time high on Tuesday amid strong demand for safe havens driven by concerns that US retaliatory tariffs might fuel inflationary pressures and hinder economic growth. Spot gold rose 0.2% to $3,131.00 per ounce, after hitting a record high of $3,148.88 earlier in the session. Gold futures also gained to reach $3,158.50 per ounce. In the previous session, gold prices recorded their highest quarterly performance since 1986. "The anticipation of the April 2 US reciprocal tariffs has led market participants to lean towards a defensive stance, with some de-risking and...
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...