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 104.5 on Thursday, paring gains from the previous session as investors weighed the impact of Trump's new auto tariffs. Late Wednesday, President Trump announced a 25 percent tariff on all imported cars and light trucks, which will go into effect on April 2, along with reciprocal tariffs on countries with levies on U.S. goods—measures he has vowed to maintain during his second term. The escalating trade war has stoked concerns about slower U.S. economic growth and renewed inflationary pressures, unsettling financial markets. U.S. consumer confidence plunged to its...
The Australian Dollar (AUD) remains under pressure against the US Dollar (USD) for the second consecutive day on Thursday, as risk-off sentiment rises amid concerns over impending US auto tariffs. The AUD/USD pair weakened following President Donald Trump's decision late Wednesday to impose a 25% tariff on auto imports, further escalating global trade tensions. The tariffs are set to take effect on April 2, with collection beginning the following day. President Trump suggested plans on Wednesday to impose tariffs on copper imports within weeks, although the Commerce Department initially had...
Oil continued to rise after U.S. crude inventories fell the most since December, signaling a near-term supply squeeze. West Texas Intermediate was trading near $70 a barrel after closing 0.9% higher on Wednesday, while Brent settled below $74. U.S. stockpiles fell by 3.34 million barrels last week, the lowest in a month, while gasoline inventories also fell, government data showed. Oil has been on an upward trend since early March as sanctions and tariffs from U.S. President Donald Trump raised the prospect of supply disruptions from producers including Iran and Venezuela. That prompted...
Gold edged higher in early Asian trade, supported by the prospect of rising investor demand. "The Shanghai gold exchange has accepted four Chinese life insurers as exchange members, allowing them to buy gold as part of a pilot program that could expand the network of gold buyers and create a major new buying impulse," TD Securities' Daniel Ghali said in a research note. The four life insurers have combined assets of nearly CNY13 trillion and represent nearly two-thirds of the potential buying impulse from the pilot program, the senior commodity strategist added. Spot gold edged up 0.1% to...
EUR/USD remains on their toes as the outlook of the Euro (EUR) is uncertain amid growing expectations that the European Central Bank (ECB) would cut interest rates again. The Eurozone economy is expected to face significant downside economic risks after the imposition of reciprocal tariffs by US President Trump. Trump had signaled plenty of times that he will impose tariffs on the Eurozone for not buying enough American goods. Such a scenario will be negative for the old continent. Historically, economies move to strengthen their domestic economy by lowering interest rates when external...
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...