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...
A gauge of the dollar inched higher after erasing much of its post-election gains in the previous session. Australia's dollar underperformed its Group-of-10 peers amid jitters before the outcome of China's key legislative meeting. The Bloomberg Dollar Spot Index rose 0.1%. It closed 0.8% lower Thursday, after spiking 1.3% following Donald Trump's victory in the US election. Aussie fell on leveraged sales ahead of event risk posed by the National People's Congress meeting in Beijing, according to an Asia-based FX trader. "There are many people who want to buy the dollar on...
Oil headed for a weekly gain as the market digested the implications of a second Trump presidency, including whether it would spur an expansion of stimulus efforts from No. 1 importer China. Brent crude traded above $75 a barrel, and was up more than 3% for the week. West Texas Intermediate was near $72. China's top legislative body is set to unveil the largest fiscal package since the pandemic on Friday, and there are also signs the prospect of an extended trade war with the US means there will be more stimulus going into next year. A Donald Trump presidency may...
Gold held a gain at the end of a volatile week's trading, after the Federal Reserve reduced interest rates and investors assessed the implications of Donald Trump's White House victory. Bullion was little changed below $2,707 an ounce after rising almost 2% on Thursday as the Fed cut borrowing costs by 25 basis points, in line with expectations. Chair Jerome Powell said he didn't rule "out or in" a cut in December, noting recent indicators suggested the economy was still expanding solidly. Lower rates tend to benefit the metal, as it doesn't pay interest. The gain on...
Crude futures reverse course and settle higher as the market continues to debate implications for oil of a second Trump administration, from facilitating more U.S. output to settling geopolitical conflicts that have added a premium to prices, or tightening sanctions against producers such as Iran and Venezuela. While Hurricane Rafael is seen tracking well south of the U.S. Gulf coast, platform evacuations had shut in around 22% of offshore production versus 17% yesterday, according to the Bureau of Safety and Environmental Enforcement. Earth Science Associates estimates overall output...
Gold prices rose more than 1% on Thursday, helped by a retreat in the U.S. dollar, while the Federal Reserve cut interest rates by a quarter of a percentage point as widely expected. Spot gold was up 1.2% at $2,691.36 per ounce as of 2:22 p.m. EST (1919 GMT), after dropping to a three-week low on Wednesday. U.S. gold futures settled 1.1% higher at $2,705.80. At the end of a two-day policy meeting, the U.S. central bank lowered the benchmark overnight interest rate to the 4.50%-4.75% range, with policymakers taking note of a job market that has "generally eased". The dollar index (.DXY),...
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 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...