The European Union and the U.S. will form a "metals alliance" to counter the impact of subsidised Chinese production on global markets, as part of their ongoing trade deal, EU Trade Commissioner Maros Sefcovic said Monday. Following extensive talks, both sides agreed that their steel and aluminium sectors face a common threat. Under the deal, EU metal producers will receive tariff-free or low-tariff access to U.S. markets through a quota system, replacing former 50% tariffs imposed under President Trump. The system is still being finalized. "It became very, very clear that if it comes to...
Oil prices rose on Monday as attacks on Caspian Sea oil pumping stations slowed oil flows from Kazakhstan, while investors monitored developments on a possible Moscow-Kiev cease-fire agreement that could ease sanctions and boost global supplies. The dollar index, which hovered near a two-month low after weaker-than-expected U.S. retail data for January, also boosted oil prices by making crude cheaper for non-U.S. buyers. Brent crude futures settled at $75.22 a barrel, up 48 cents. U.S. West Texas Intermediate crude was up 65 cents at $71.39 a barrel at 2:33 p.m. EST, and did not close at...
Gold prices rose on Monday (17/) during the North American session, posting a gain of 0.56% amid thin trading as markets in the United States (US) were closed for Presidents Day. XAU/USD was trading at $2,898 after hitting an intraday low of $2,878. Gold posted its biggest loss since December 18 last Friday, but the outlook for the precious metal looks promising amid geopolitical uncertainty and US trade policy aimed at narrowing the deficit. Data from the US was mixed last week with the Consumer Price Index (CPI) and Producer Price Index (PPI) rising slightly. Retail Sales disappointed...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, consolidates last week's losses and trades flat at around 106.80 at the time of writing on Monday. The United States (US) economy is no longer an outlier, with several data points and the blood-red January Retail Sales data released last week pointing to slower economic growth. All eyes this week will be on Riyadh, in Saudi Arabia, where US and Russian officials are set to meet ahead of a meeting between US President Donald Trump and Russian President Vladimir Putin. The economic...
Oil held near $75 in a volatile session as OPEC+ considers pushing back a series of monthly supply increases that were due to start in April. Brent futures earlier added as much as 0.6% in London, before trading little changed. Global oil markets remain too fragile to revive production now, a delegate of the group said. A decision is yet to be made and the group is split on how to proceed, said another. At the same time, Kazakhstan's primary oil export pipeline was operating at a reduced rate after an attack by drones, the facility's operator said. The...
Gold advanced, following its biggest one-day decline in two months, on nervousness over President Donald Trump's latest trade threats. Bullion traded near $2,900 an ounce, after tumbling 1.6% on Friday. The gains on Monday came even after the 14-day relative strength index — a gauge of the pace and intensity of moves — showed the precious metal reached overbought levels in recent sessions. Market participants are waiting for more insights on Trump's reciprocal tariff plans, which could heighten global trade tensions, said Manav Modi, an analyst at Motilal Oswal Financial Services Ltd....
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...
The European Union and the U.S. will form a "metals alliance" to counter the impact of subsidised Chinese production on global markets, as part of their ongoing trade deal, EU Trade Commissioner...