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 prices surged sharply on Thursday (3/13) and surpassed its previous record high of $2,954 despite high US Treasury yields and a stronger US Dollar. At the time of writing, XAU/USD surpassed $2,960, and hit an all-time high of $2,971 per troy ounce. Earlier, the US Bureau of Labor Statistics (BLS) revealed that prices paid by producers maintained the "status quo." PPI in February increased by 3.2% YoY, below the 3.3% estimate and down from January's 3.7%. Core PPI increased by 3.4% YoY for the same period, below the 3.5% estimate. At the same time, Initial Jobless Claims for the week...
Oil prices fell slightly in early US trading on Thursday, easing after recovering from recent lows, as sentiment remained strained amid concerns over a US recession and high production. Crude prices rebounded from more than three-year lows this week, boosted in part by a weak reading on US inflation, along with a weaker dollar. Data showing a much larger than expected drawdown in US gasoline inventories also helped ease some concerns about slowing demand. Oil is still on track to fall sharply so far in 2025, however, as traders worry about weakening demand in major economies amid a US-led...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, is back below 104.00 after briefly rising on lower PPI figures. Markets await comments from US diplomats visiting Russia to discuss a ceasefire deal, which has been greenlit by Ukraine. Meanwhile, US President Donald Trump has threatened Europe with 200% tariffs on all wine and champagne coming from the region. On the economic front, a slew of data is due out this Thursday at 12:30 GMT. In addition to the weekly US Initial Jobless Claims, the US Producer Price Index (PPI)...
Gold traded higher on Thursday (3/13) even as the dollar strengthened after another report showed U.S. inflation eased last month. Gold for April delivery was last seen up $6.20 at $2,953.00 an ounce. The gains came as the U.S. Bureau of Labor Statistics reported the February Producer Price Index (PPI), a measure of wholesale prices, rose at an annualized pace of 3.2% in February, down from 3.7% a month earlier and below the FactSet consensus estimate for a reading of 3.3%. The core PPI, which excludes volatile food and energy prices, fell 0.1% from January, down from a 0.5% gain...
Silver (XAG/USD) price is trading near a monthly high of $33.40 during North American trading hours on Thursday (3/13). The white metal is gaining as easing US consumer and producer inflation pressures pave the way for the Federal Reserve (Fed) to cut interest rates at its June policy meeting. The US Producer Price Index (PPI) report showed that headline and core producer inflation slowed at a faster-than-expected pace to 3.2% and 3.4%, respectively, in the 12 months to February. The headline PPI remained flat month-on-month while the core figure declined by 0.1%. On Wednesday, the US...
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...