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 steadied in the first session of the new year as an industry report signaled US crude stockpiles continued to shrink. Brent traded below $75 a barrel after giving up an earlier gain, and West Texas Intermediate was near $72. A report from the American Petroleum Institute showed inventories fell by 1.4 million barrels last week, which would be a sixth straight draw if confirmed by government data later Thursday. Oil has been stuck in a narrow range since mid-October, with Brent posting a modest annual decline and WTI ending 2024 little changed. Investors...
Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China's economy and fuel demand following a pledge by President Xi Jinping to promote growth. Brent crude futures rose 17 cents, or 0.06%, to $74.82 a barrel by 0547 GMT after settling up 65 cents on Tuesday, the last trading day for 2024. U.S. West Texas Intermediate crude futures gained 19 cents, or 0.26%, to $71.91 a barrel after closing 73 cents higher in the previous session. China's factory activity grew in December, according to the private-sector...
The Japanese yen remained largely unchanged around 157 per dollar on Thursday, amid thin trading volumes as Japan observed the holiday season. Investors continued to digest the Bank of Japan's interest rate outlook, following an uptick in both headline and core inflation in November. Minutes from the BoJ's December meeting revealed that policymakers had debated the possibility of a near-term rate hike, with some members suggesting that conditions were starting to align for such a move. Meanwhile, traders are keeping a close eye on potential Japanese government intervention, after Finance...
Gold prices inched higher on Thursday, continuing its momentum from 2024, while traders sought more clarity on the U.S. Federal Reserve's interest rate trajectory and President-elect Donald Trump's policies. Spot gold rose 0.39% to $2,634.15 per ounce, as of 0255 GMT. U.S. gold futures edged up 0.2% to $2,646.30. Bullion surged over 27% in 2024, its largest annual gain since 2010, driven by Fed's substantial rate cuts and escalating geopolitical tensions. The dollar index (.DXY), opens new tab slipped 0.1%, making dollar-priced bullion more affordable for holders of other...
The dollar index slipped to around 108.3 on Thursday, starting the year on a subdued note following a strong performance in 2024. Last year, the dollar strengthened by approximately 7% against a basket of major currencies, as the Federal Reserve signaled a more cautious stance on interest rate cuts amid ongoing inflationary pressures. The dollar also received a boost from Trump's imminent return to the White House, with his proposed policies—such as deregulation, tax cuts, higher tariffs, and stricter immigration measures—seen as pro-growth and inflationary. Additionally, concerns over...
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...