U.S. President Donald Trump said on Wednesday that Canadian Prime Minister Mark Carney reached out ahead of an August 1 tariff deadline, but no conversations between the two took place. Trump has warned that any country that does not strike a deal with the U.S. before Friday will be subjected to higher tariffs imposed on goods, which for Canada could mean a 35% rate on all products not covered by the U.S.-Mexico-Canada trade agreement. "We haven't spoken to Canada today. He's (Carney) called and we'll, we'll see," Trump told reporters during an event at the White House. Carney's office...
Oil prices steadied in Asian trade on Thursday as traders digested hawkish signals from the Federal Reserve, while U.S. President Donald Trump reiterated plans to increase domestic energy production. Oil prices were nursing losses over the past week after Trump called for lower oil prices and higher output in the U.S. and other major suppliers. Data showing a bigger-than-expected build in U.S. oil inventories also weighed on crude prices. Markets remained largely skittish over Trump's plans to impose more trade tariffs on major global economies, especially China. The White House on...
Dollar bulls were ready to pounce on the euro on Thursday should the European Central Bank sound dovish on rates later in the day, given the Federal Reserve had pressed the pause button on its easing cycle overnight Markets are more than fully priced for the ECB to trim rates by 25 basis points to 2.75% later on Thursday, with even a small chance of 50 basis points given how weak the EU economy is. "The euro area's inflationary pulse is evaporating, and the risk of a sustained inflation undershoot is material," warned analysts at ANZ. "The complex economic and political challenges facing...
Gold prices edged lower as the US Federal Reserve (Fed) delivered a hawkish hold. The Fed removed inflation language, an indication of a pivot towards maintaining rates unchanged. The XAU/USD trades volatile within the $2,750 - $2,740 range as Fed Chair Jerome Powell crossed the wires. Powell's first question was about having been contacted by US President Donald Trump. He answered he had not spoken with Trump and firmly stated that he wouldn't comment on Trump's policies or politics. In addition, Powell said that monetary policy is "less restrictive than it had been," adding that the Fed...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $72.60 during the late American session on Wednesday. The WTI price edges lower after US crude stockpiles rose more than expected last week. US crude inventories rose last week. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the United States for the week ending January 24 increased by 3.463 million barrels, compared to a decline of 1.017 million barrels in the previous week. The market consensus estimated that stocks would rise by 3.7 million barrels. The White House...
Gold prices edged lower as the US Federal Reserve (Fed) delivered a hawkish hold. The Fed removed inflation language, an indication of a pivot towards maintaining rates unchanged. The XAU/USD trades volatile within the $2,750 - $2,740 range as Fed Chair Jerome Powell crossed the wires. Powell's first question was about having been contacted by US President Donald Trump. He answered he had not spoken with Trump and firmly stated that he wouldn't comment on Trump's policies or politics. In addition, Powell said that monetary policy is "less restrictive than it had been," adding that the Fed...
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...
US President Donald Trump announced a new trade deal with South Korea, stating that the United States (US) would charge a 15% tariff on imports from South Korea, Reuters reported on Wednesday. The...