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 rose on Friday, and were set for second consecutive weekly gains, as fresh U.S. sanctions on Iran and a new plan from the Organization of Petroleum Exporting Countries and its allies (OPEC+) to cut output raised bets on tighter supply. Brent crude futures climbed 21 cents, or 0.3%, to $72.21 per barrel by 0435 GMT. U.S. West Texas Intermediate crude futures were up 25 cents, or 0.4%, to $68.32 a barrel. On a weekly basis, both Brent and WTI were on track to rise about 2%, their biggest weekly gains since the first week of 2025. The United States Treasury on Thursday announced...
The GBP/USD pair lacks any firm intraday direction on Friday and oscillates in a narrow trading band, around the 1.2960 area during the Asian session. Spot prices, however, remain close to the highest since early November – levels beyond the 1.3000 psychological mark touched on Thursday – and remain at the mercy of the US Dollar (USD) price dynamics. The Federal Reserve (Fed) maintained its forecast for two 25 basis points rate cuts in 2025 at the end of March policy meeting on Wednesday and gave a bump higher to its inflation projection. Adding to this, the uncertainty surrounding US...
Gold traded around $3,030 per ounce on Friday, remaining near record highs, and headed for a third weekly gain, driven by dovish signals from the Federal Reserve and safe-haven demand. On Wednesday, the Fed acknowledged rising economic uncertainty and reaffirmed plans for two rate cuts this year, boosting non-yielding gold. Fed Chair Powell also downplayed President Trump's tariff impact on inflation as "transitory", however he reiterated no urgency to cut rates. Meanwhile, tensions continued to escalate in the Middle East, as Israel expanded its Gaza offensive, Hamas struck Tel Aviv, and...
The Japanese yen slipped to around 149 per dollar on Friday, snapping a two-day advance as investors reacted to the latest inflation figures. Japan's core inflation rate slowed to 3% in February from 3.2% in January but still exceeded forecasts of 2.9%. This marked the second consecutive month that inflation surpassed expectations, highlighting persistent price pressures and reinforcing the case for further interest rate hikes. Earlier this week, the Bank of Japan kept its policy rate steady at 0.5%, as widely anticipated. Policymakers maintained a cautious stance, opting to assess the...
The US dollar index held its recent advance to around 103.8 on Friday as investors continued to assess the Federal Reserve's monetary policy stance. On Wednesday, the Fed kept policy unchanged but signaled two interest rate cuts this year. The central bank also highlighted rising risks to growth, employment, and inflation in its latest economic projections. Meanwhile, Fed Chair Jerome Powell downplayed concerns over the inflationary impact of President Donald Trump's tariffs, calling them "transitory," but reiterated that the central bank is in no rush to cut rates further. Traders are...
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.
It...
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...