Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economic force. "When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly," Trump said without specifying which nations he was referring to. The BRICS group currently includes Brazil, Russia, India, China, South Africa, and has recently expanded to include other nations. In addition to...
The Australian Dollar (AUD) held near a three-month low against the US Dollar (USD) on Friday. The recent downtrend in the AUD/USD pair was largely driven by key economic data from Australia released on Thursday. Moreover, the AUD remained unaffected by mixed economic data from its close trading partner, China. China's Retail Sales rose 4.8% year-on-year in October, beating the 3.8% forecast and the 3.2% increase seen in September. Meanwhile, the country's Industrial Production grew by 5.3% YoY, slightly below the 5.6% forecast but higher than the 5.4% growth recorded in the previous...
Oil is headed for a weekly decline, weighed down by the impact of a stronger dollar and concerns that the global market will shift into a supply glut next year. West Texas Intermediate was steady near $69 a barrel, and more than 2% lower this week, while Brent closed above $72. The International Energy Agency said on Thursday it expects a surplus next year as demand growth in China slows while production increases. The supply glut would be even greater if OPEC+ goes ahead with a plan to revive stalled output, it said. Commodities including crude have struggled this week as the dollar gauge...
Gold recovered on Thursday but remained below its opening price for the fifth straight day, undermined by the Greenback's rise for the fifth straight day. A tepid US inflation report and solid jobs data sponsored the XAU/USD's decline towards the 100-day Simple Moving Average (SMA). At the time of writing, gold was trading at $2,568. The market mood shifted negative but failed to boost Gold prices and support the US Dollar. The US Bureau of Labor Statistics revealed that the Producer Price Index (PPI) rose in October, beating estimates and the September reading. This suggests that the...
A Bloomberg gauge of the dollar rose along with short-term Treasury yields, while swaps traders pared bets on a December Federal Reserve interest-rate reduction after Chair Jerome Powell said the central bank does not need to hurry rate cuts. The Bloomberg Dollar Spot Index is up 0.3%. "The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said in prepared remarks. "The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully". Earlier, US producer...
Oil edged higher for a third day, settling below $69 a barrel, as traders weighed bullish gasoline draws in the US with a dour long-term outlook. A US government report showing gasoline stockpiles slid to a 10-year seasonal low supported prices, with gasoline futures outpacing crude's gain. But the market remained capped by the International Energy Agency warning of a looming supply glut. The agency forecast a 1 million barrel-a-day surplus next year, which could swell further if OPEC+ decides to reverse its production cuts. Barring disruptions 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.
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...
President Donald Trump said Wednesday he plans to send a single letter to over 150 countries outlining the tariff rate they will face, saying, "It's all going to be the same for everyone, for that...