The US has signaled it will not relax its August 1 deadline for higher tariffs against the European Union as the bloc struggles to reach a deal on time. Over the weekend, US Commerce Secretary Howard Lutnick said he was confident a trade deal with the EU could be reached, but cautioned that the deadline for the 30% base tariffs was fixed. "That's a tight deadline, so on August 1, the new tariffs will go into effect," Lutnick said Sunday on CBS News when asked about his EU tariff deadline. He did hint that negotiations could continue beyond that date, stating: "These are the two largest...
The dollar struggled on Wednesday to recover from a five-month low against major currencies, as concerns about the U.S. economy eased, given President Donald Trump's unpredictable trade policies. The euro held near a five-month high on growing optimism that the war in Ukraine would end. The Canadian dollar steadied after a volatile session on Tuesday, when Trump vowed to double tariffs on steel and aluminum to 50%, only to reverse course hours later. The Bank of Canada decides policy on Wednesday, with traders expecting another quarter-point rate cut. "Trade uncertainty continues to...
Gold held steady on Wednesday ahead of a key U.S. inflation data that could help gauge the Federal Reserve's interest rate path amid trade tensions and economic slowdown fears, while attention was also on a potential ceasefire deal in Ukraine. Spot gold was flat at $2,915.65 an ounce as of 0455 GMT, while U.S. gold futures were steady at $2,921.00. Investors await U.S. Consumer Price Index (CPI) data due later in the day to analyse the Fed's interest rate stance going forward this year. If rising price pressures force the Fed to keep interest rates higher, gold may lose its allure as it...
Oil prices edged up on Wednesday, buoyed by a weaker dollar, but mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth capped gains. Brent futures rose 51 cents, or 0.7%, to $70.07 a barrel at 0430 GMT, while U.S. West Texas Intermediate crude futures gained 52 cents, or 0.8%, to $66.77 a barrel. Despite the weakening economic outlook, oil held steady in a positive position, said Daniel Hynes, senior commodity strategist at ANZ. "That's a sign that near-term demand for crude remains strong." The dollar index, which fell 0.5% to fresh 2025 lows on...
The Japanese Yen (JPY) sticks to its negative bias against a mildly positive US Dollar (USD), allowing the USD/JPY pair to gain some positive traction for the second straight day on Tuesday and hold steady above the 148.00 mark through the Asian session. Concerns that Trump could impose fresh tariffs on Japan, along with a generally positive tone around the equity markets, turn out to be key factors undermining the safe-haven JPY. Data released earlier today showed that Japan's annual wholesale inflation – Producer Price Index (PPI) – rose 4.0% in February, underscoring broadening...
Gold price (XAU/USD) trades near the weekly high during the Asian session on Wednesday and looks to build on the previous day's goodish rebound from the $2,880 region, or a one-week low. Investors remain worried about the potential economic fallout from US President Donald Trump's trade tariffs, which, in turn, is seen as a key factor that continues to underpin the safe-haven bullion. Moreover, expectations that the Federal Reserve (Fed) will cut interest rates several times this year amid concerns about a tariff-driven slowdown in the US economic activity lend additional support to 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...
Russia unleashed a renewed attack on Ukraine, targeting the country's central and western regions with drone and missiles as Kyiv's allies pledged increased air defense protection to help shield the...