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,...
Oil prices jumped more than 4% on Friday to their highest since October as traders focused on potential supply disruptions from further sanctions on Russia. Brent crude futures rose $3.50, or 4.6%, to $80.42 a barrel by 1422 GMT, hitting $80 a barrel for the first time since Oct. 7. U.S. West Texas Intermediate crude futures rose $3.57, or 4.8%, to $77.49. The United States is set to impose some of the toughest sanctions on Russia's oil industry to date, designating 180 vessels, dozens of traders, two major oil companies and several Russian oil executives, according to a document seen by...
Gold (XAU/USD) price is set to close the week on a high note as it trades for the fourth straight day of gains. The upbeat nonfarm payrolls figure came in at 256,000 jobs, which was very close to the maximum expected gain of 260,000. The figure was enough to stoke further inflation concerns, with markets pricing in a Federal Reserve (Fed) rate cut as early as October 2025, compared to July earlier this week. Source: FXStreet
Silver (XAG/USD) prices rose near $31.30 during the European session on Friday. The white metal strengthened ahead of the United States (US) Nonfarm Payroll (NFP) data for December, due to be released at 13:30 GMT. The labor market data will influence market expectations on whether the Federal Reserve (Fed) will continue its cautious stance on further policy easing. The NFP report is expected to show that the US economy added 160,000 new jobs in December, down from 227,000 in November. The Unemployment Rate is expected to remain steady at 4.2%. Investors will also be watching the Average...
Brent crude rose more than 2% to above $78.50 a barrel on Friday, hitting its highest since October, boosted by a draw in U.S. crude stockpiles. Cold weather in the U.S. reduced inventory levels at Cushing, Oklahoma, to the lowest since 2014. Global oil markets are tight due to reduced supplies from major exporters such as Russia and Iran, as well as a surge in demand for heating fuel. The rise in oil prices is also linked to concerns about U.S. policy under President-elect Donald Trump, including potential sanctions on Iran and a trade conflict that could disrupt energy flows. Trump's...
The U.S. dollar rose on Friday, holding onto recent gains ahead of the highly influential monthly jobs report, while the pound continued to weaken. At 4 AM ET (0900 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.1% higher at 109.040, heading for a weekly gain of 0.3%. That would be its sixth straight weekly gain, the longest winning streak since an 11-week streak in 2023. Dollar holds strength ahead of payrolls announcement The dollar was trading near its strongest level since November 2022, holding onto recent gains as the U.S....
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...