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...
Silver price (XAG/USD) extends its upside to around $33.90, its highest level since October 30, 2024, during the Asian trading hours on Tuesday, bolstered by the weaker US Dollar (USD). The escalating geopolitical tensions in the Middle East, economic uncertainty and growing industrial demand provide some support to the white metal. The mounting fears of a recession in the United States (US) and persistent uncertainty over trade relations weigh on investor sentiment, boosting safe-haven assets like Silver. Late Monday, US President Donald Trump said that he would be imposing both broad...
Oil prices rose slightly on Tuesday, supported by instability in the Middle East as well as China's stimulus plans and data, although global growth concerns, U.S. tariffs and Russia-Ukraine ceasefire talks curbed gains. Brent futures ticked up 17 cents, or 0.2%, to stand at $71.24 a barrel by 0350 GMT, while U.S. West Texas Intermediate crude futures rose 14 cents, or 0.2%, to $67.72 a barrel. "Along with U.S. strikes on the Houthis in Yemen, several factors provided support to the market," ING analysts said in a research note. "China unveiled plans to revive consumption, while Chinese...
GBP/USD retreats after gaining in the previous session, hovering around 1.2970 during Asian trading on Tuesday. The pair faces pressure as the US Dollar (USD) attempts to recover losses from the last two sessions. However, downside movement may be limited, as the Greenback remains vulnerable amid rising trade tensions and growing economic concerns in the United States (US). The US Dollar Index (DXY), which tracks the USD against six major currencies, trades positively around 103.50 at the time of writing. However, the US Dollar could further lose ground as weak US economic data and Trump's...
Gold rose above the $3,000 level mark on Tuesday, hitting a new record high as safe-haven demand strengthened ahead of the U.S. Federal Reserve's interest rate decision. With the Fed expected to keep rates unchanged, investors will focus on the central bank's updated economic projections and Chair Jerome Powell's press conference for signals on future policy direction, particularly amid trade and tariff woes. Geopolitical tensions have also contributed to market uncertainty. On Monday, President Donald Trump has warned that Iran will be held directly responsible for any further attacks by...
The Australian Dollar (AUD) gains ground for the third successive session on Tuesday. The AUD/USD pair strengthened as the US Dollar (USD) weakened amid rising trade tensions and growing economic concerns in the United States (US). Reserve Bank of Australia (RBA) Assistant Governor (Economic) Sarah Hunter stated late Monday that the central bank will take a cautious approach to rate cuts. The February statement indicated that the RBA board is more conservative than market expectations regarding further easing. Hunter also emphasized monitoring US policy decisions and their impact on...
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...