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 (XAU/USD) touches a fresh all-time peak, around the $3,039 region during the Asian session on Wednesday, though it lacks follow-through as traders opt to wait for the outcome of a two-day FOMC policy meeting. The Federal Reserve (Fed) is scheduled to announce its decision later today and is expected to keep the federal funds rate unchanged at the current range of 4.25% to 4.50%. Hence, the focus will be on updated economic projections and Fed Chair Jerome Powell's comments at the post-meeting press conference. Investors will look for cues about the future rate-cut path, which, in...
Oil prices fell on Wednesday after Russia agreed to U.S. President Donald Trump's proposal that Moscow and Kyiv stop attacking each other's energy infrastructure temporarily, which could lead to more Russian oil entering global markets. Brent crude futures fell 19 cents, or 0.3%, to $70.37 a barrel by 0420 GMT. U.S. West Texas Intermediate crude (WTI) was down 20 cents, or 0.3%, to $66.70. Russian President Vladimir Putin agreed on Tuesday to stop attacking Ukrainian energy facilities but stopped short of endorsing a full 30-day ceasefire that Trump hoped for. Russia is one of the world's...
The dollar index hovered around 103.3 on Wednesday as investors awaited the Federal Reserve's latest policy decision, with the central bank widely expected to keep interest rates unchanged. Market focus will be on the Fed's quarterly updates on rate projections and its outlook for growth, inflation, and unemployment. Meanwhile, the dollar remained near five-month lows as President Donald Trump's aggressive tariff policies fueled economic uncertainty. Treasury Secretary Scott Bessent told Fox News that while the US economy remains fundamentally strong, he could not rule out the possibility...
The Japanese Yen (JPY) edges lower during the Asian session on Wednesday in reaction to weaker-than-expected domestic data, though it lacks follow-through selling as traders seem reluctant ahead of the Bank of Japan (BoJ) decision. The Japanese central bank is widely anticipated to keep the short-term interest rate steady at 0.50% amid the uncertainty over US President Donald Trump's trade policies and their impact on the economy. Hence, investors will look for signals on the timing and the scope of future rate hikes by the BoJ. The focus will then shift to the outcome of a two-day FOMC...
Gold edges lower in early Asian trade, after touching another record-high on Tuesday. Investors await the Federal Reserve's rate decision, where interest rates are widely expected to be kept on hold. The central bank's economic projections will also be closely monitored, says Bas Kooijman, CEO and asset manager at DHF Capital S.A. in a note. Any dovish signals may strengthen the precious metal's momentum, while a more cautious stance could limit its upside, Kooijman adds. Gold typically has an inverse relationship with interest rates, with high rates damping demand for the...
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...