The EU and the U.S. are reportedly nearing a trade agreement that would impose a 15% tariff on most imports, including potentially cars and pharmaceuticals, Bloomberg News reported, citing diplomats. The proposed rate mirrors a similar deal the U.S. reached with Japan. While EU Commission officials briefed member states on the negotiations, any final decision would rest with U.S. President Donald Trump. The 15% tariff would not be added to existing U.S. duties, which average just under 5%. Certain sectors, such as the aircraft, lumber, certain medicines, and agricultural goods, may be...
Oil prices fell for a third session on Wednesday as plans by major producers to raise output in April combined with concerns that U.S. tariffs on Canada, Mexico and China will slow economic growth and hit fuel demand. Brent futures fell 24 cents, or 0.3%, to $70.80 a barrel at 0500 GMT. U.S. West Texas Intermediate (WTI) crude slipped 58 cents, or 0.9%, to $67.68 a barrel. In the previous session, the contracts settled at close to multi-month lows. "Unfavourable supply-demand dynamics have created a double whammy, with tariff uncertainties posing downside risks to global growth, and in...
The GBP/USD pair trades with mild gains to near 1.2790 during the early European trading hours on Wednesday. The US Dollar (USD) hovered near a three-month low amid concerns over slowing US economic growth and the impact of tariffs. "Fears about weaker U.S. and global economic activity are manifesting in the markets, with cyclicals driving the sell-off," said Kyle Rodda, senior financial markets analyst at capital.com. Additionally, Trump's 25% levies on Mexican and Canadian imports took effect on Tuesday, alongside a hike in Chinese duties to 20% Investors will take more cues from the US...
Gold eased below $2,910 per ounce on Wednesday, pausing recent gains as rising US Treasury yields pressured prices. Still, the metal remained relatively near its record highs, supported by safe-haven demand amid implementation of US tariffs. Trump's 25% levies on Mexican and Canadian imports took effect Tuesday, alongside a hike in Chinese duties to 20%, escalating trade tensions and prompting retaliation. However, US Commerce Secretary Howard Lutnick suggested possible tariff relief for Canada and Mexico. Further boosting gold's safety appeal, the US paused military aid to Ukraine amid...
The USD/JPY pair attracts some buyers to around 149.75 during the Asian trading hours on Tuesday. The US Dollar (USD) gains ground as traders await more cues from US President Donald Trump's speech. Later on Wednesday, the US ISM Services Purchasing Managers Index (PMI) for February will be in the spotlight. Meanwhile, the US Dollar Index (DXY), a measure of the USD's value relative to its most significant trading partners' currencies, currently trades around 105.75, adding 0.18% on the day. However, the upside for the Greenback might be limited amid concerns over slowing economic growth...
The Australian dollar slipped below $0.625 on Wednesday, reversing a two-day rally despite stronger-than-expected economic growth data. Australia's economy grew by 0.6% in the fourth quarter, up from 0.3% in the previous quarter and surpassing market expectations of 0.5%. On the monetary policy front, RBA Deputy Governor Andrew Hauser noted that the central bank is closely monitoring the impact of the escalating global trade war on domestic inflation. He emphasized that it's too early to declare victory over inflation and called for a cautious approach to further interest rate...
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...
The EU and the U.S. are reportedly nearing a trade agreement that would impose a 15% tariff on most imports, including potentially cars and pharmaceuticals, Bloomberg News reported, citing...