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...
Gold price extended its drop for the third consecutive trading day as sentiment improved on news that reciprocal tariffs would be focused on some United States (US) trading partners. At the time of writing, XAU/USD trades at $3,002, down 0.67%. Wall Street trades on a positive mood, edging higher. The rise of US Treasury bond yields and broad US Dollar (USD) strength kept Bullion prices from prolonging its rally, with the yellow metal gaining over 13% in the year.An article by Bloomberg showed that the US President Donald Trump administration would target specific countries on April 2,...
Oil prices gained 1% on Monday as U.S. President Donald Trump said he will impose a 25% tariff on countries that buy oil and gas from Venezuela. Price gains were capped, however, as the U.S. gave oil producer Chevron (NYSE:CVX) until May 27 to wind down its oil operations and exports from Venezuela. Trump had initially given Chevron 30 days from March 4 to wind down that license. The two moves taken together alleviate some pressure on Chevron while putting more pressure on other consumers of Venezuelan oil, though it is uncertain how the Trump administration will enforce the tariff. Brent...
The EUR/USD tanks and breaks below 1.08 after the March preliminary United States (US) Purchase Manager's Index (PMI) reading came in stronger on the Services sector than expected. Overall, the pair is expected to stay around 1.08 for now after United States (US) officials commented on Monday that the upcoming reciprocal tariffs will rather be targeted by sector and country, not at all simply broad-based as US President Donald Trump had originally announced. Meanwhile, on the economic data front, the preliminary Purchasing Managers Index (PMI) for March is being released on Monday. In the...
The Pound Sterling (GBP) is trimming some of its earlier gains versus the US Dollar (USD) on Monday and begins the week on an upbeat mood after Flash PMIs in both sides of the Atlantic came mixed. At the time of writing, GBP/USD trades at 1.2933, up 0.16%. Sterling trims early strength but stays afloat above 1.29, traders digest PMIs and brace for UK CPI, US PCEThe market mood improved as traders seemed relieved that the United States (US) reciprocal tariffs will be targetted to certain countries. Data-wise, S&P Global revealed that manufacturing activity in the US deteriorated...
The US dollar index rose above the 104.3 mark, reaching its highest level since March 4, as investors assessed the latest PMI data and awaited further clarity on President Trump's trade policies ahead of the April 2 deadline for his reciprocal tariffs. The latest survey revealed that US business activity picked up in March, with a significant rebound in the service sector offsetting a renewed decline in manufacturing output. However, business expectations for the year ahead fell to their second-lowest level since October 2022, driven by concerns over demand, tariffs, and broader policy...
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...