European Commission President Ursula von der Leyen said she will travel to Scotland this weekend to meet with US President Donald Trump, as both sides aim to reach a trade deal before the August 1 deadline when 30% tariffs on the bloc's exports are due to take effect. After months of negotiations and back-and-forth diplomacy between Brussels and Washington, D.C., the two sides have zeroed in on a deal last week that will see the EU face 15% tariffs on most of its trade. Limited exceptions are expected to apply to aviation, some medical devices and generic drugs, some alcoholic beverages,...
Brent crude oil futures fell to around $73 per barrel on Friday, trimming gains of over 2% from the previous session, as traders continued to assess supply risks. On Thursday, President Trump revoked Chevron's license to operate in Venezuela, potentially tightening global supply. Chevron exports about 240,000 barrels per day from Venezuela, and halting its operation would disrupt more than a quarter of the country's entire oil output. Trump also affirmed tariffs on Mexico and Canada, including a 10% levy on Canadian energy imports, effective March 4. Meanwhile, investors weighed these...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, continued to strengthen on Thursday (27/2), breaking above 107.00 as markets digested the second reading of the United States (US) Gross Domestic Product (GDP) and its inflation component. Traders were surprised by the higher-than-expected Personal Consumption Expenditures (PCE) data, which reinforced concerns over persistent inflation. Daily Market Movers Summary: US dollar strengthens after GDP inflation surprise US GDP for Q4 2024 came in line with estimates at 2.3%,...
Gold prices fell to $2,880 an ounce on Thursday (27/2) after hitting a record high of $2,950 on Monday, pressured by a stronger U.S. dollar after President Donald Trump announced a new set of tariffs on major trading partners. The U.S. president announced 25% tariffs on Canada and Mexico for next week, minutes after Treasury Secretary Bessent only hinted at them for April. In addition, Trump announced restrictions on China and new levies on the European Union, further hurting demand for foreign currencies and boosting the U.S. dollar. On the economic data front, recent data continued to show...
Oil prices rose more than 2% on Thursday as supply concerns resurfaced after U.S. President Donald Trump revoked a license granted to U.S. oil major Chevron (NYSE:CVX) to operate in Venezuela. Investors, however, were still watching for signs of a potential peace deal in Ukraine, which could lead to higher Russian oil flows. Brent crude futures were up $1.53, or 2.1%, at $74.06 a barrel by 1:28 p.m. EST (1828 GMT). U.S. West Texas Intermediate crude futures were up $1.64, or 2.4%, at $70.26. The contracts had settled the previous session at their lowest since Dec. 10. "The market prefers...
EUR/USD struggles around the psychological level of 1.0500 in North American trading hours on Thursday. The major currency pair falls as United States (US) President Donald Trump reiterated tariff threats on the Eurozone. President Trump said in a press conference on Wednesday that he will announce 25% tariffs on "cars and other things" on the Eurozone "very soon." However, Trump didn't provide a timeline for the tariff imposition. In response to Trump's tariff threats, a European Commission (EC) spokesperson said, "The EU will react firmly and immediately against unjustified barriers to...
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 locked horns with Federal Reserve Chair Jerome Powell during a rare presidential visit to the U.S. central bank on Thursday, criticizing the cost of renovating two historical...