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 futures surged to a new record high on a weaker U.S. dollar and rising tensions in the Middle East. Gold futures rose 1% to $3,037.60 an ounce, beating Friday's previous record high of $3,017.10 an ounce. The U.S. dollar has been under downward pressure due to weak economic data and concerns about the pace of U.S. growth, alongside the growing burden of public debt, Linh Tran of XS.com said in a note. At the same time, geopolitical tensions continue to rise in the Middle East. The Israel-Hamas conflict escalated dramatically early Tuesday when Israel launched a series of attacks on...
The silver market is facing increasing pressure as trade war fears escalate, with higher interest rates on borrowing the metal adding to signs of global dislocation. A surge in rental rates for the precious metal has been the latest warning sign, with concerns growing over the impact of further tariffs from US President Donald Trump. That has prompted a rush to ship silver to the US in a bid to capture a premium in New York, which could put pressure on London. The precious metals gold and silver have been in a bearish spiral this year, as Trump has challenged the global trade order. That...
The pound rose above $1.30 for the first time since November on bets UK interest rates will stay above those of other major currencies this year. Sterling rose 0.1% on Tuesday to $1.3001, also supported by a broadly weaker dollar amid concerns about U.S. economic growth and uncertainty over the outlook for trade tariffs. The currency has gained nearly 4% this quarter. The Bank of England meets this week and is widely expected to keep interest rates unchanged at 4.5%, as rising inflation and geopolitical uncertainty support a gradual pace of easing. Traders see the BOE lowering borrowing...
Gold price (XAU/USD) retains its bullish bias through the early European session on Tuesday and currently trades around the $3,010 area or the all-time peak. Persistent uncertainty over US President Donald Trump's policies, US recession fears, and geopolitical risks continue to push the safe-haven precious metal higher for the second straight day. This also marks the fifth day of a positive move for the commodity in the previous six and is further fueled by expectations that the Federal Reserve (Fed) will lower borrowing costs several times this year. The XAU/USD bulls, meanwhile, seem...
The Japanese Yen (JPY) extends its steady intraday descent through the early European session on Tuesday, lifting the USD/JPY pair to a fresh two-week high, around the 149.85 region in the last hour. The global risk sentiment remains well supported by the optimism over China's stimulus measures and hopes for a Ukraine peak deal, which, in turn, is seen undermining the safe-haven JPY. Apart from this, a modest US Dollar (USD) recovery from a multi-month low touched on Monday lends additional support to the currency pair. Meanwhile, the markets have been pricing in the possibility that 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.
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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...