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 weakened to below $0.650 on Thursday, pulling back gains from the previous session, as weaker-than-expected labor data reinforced expectations of an RBA rate cut in August. The Australian Bureau of Statistics reported that the unemployment rate rose to an over three-year high of 4.3% in June, ending its five-month hold and exceeding forecasts of 4.1%, while employment increased by just 2K, well below the expected 20K gain. The soft labor market print added to evidence of a slowing economy, strengthening the case for policy easing. Markets are now pricing in an 89%...
The Japanese yen fell to around 148 per dollar on Thursday, as investors reacted to disappointing trade figures that fueled concerns about a potential technical recession. Japan's trade surplus narrowed to JPY 153.1 billion in June 2025, from JPY 221.3 billion a year earlier and well below market expectations of a JPY 353.9 billion surplus. Exports fell 0.5% yoy to JPY 9,162.6 billion—marking a second straight monthly decline and missing forecasts of a 0.5% gain. The drop was driven by continued pressure from the US tariff campaign, raising fears that Japan's economy may contract again in...
Gold steadied after a volatile session on Wednesday as traders assessed the outlook for Jerome Powell's tenure as Federal Reserve chair after more speculation that President Donald Trump may ax him. Bullion was below $3,350 an ounce after rising 0.7% in the previous session. The president said he's "not planning on doing anything" to remove Powell, after a White House official said Trump was likely to seek the Fed chair's ouster. Gold surged, and US stocks, the dollar and Treasury yields dropped after the initial speculation before Trump's clarification calmed markets. Still, concerns...
Oil prices rose in early trade on Thursday, reversing the previous session's losses, buoyed by stronger-than-expected economic data from the world's top oil consumers and signs of easing trade tensions. Brent crude futures rose 27 cents, or 0.39%, to $68.79 a barrel at 0000 GMT. U.S. West Texas Intermediate crude futures were up 31 cents, or 0.47%, at $66.69. Both benchmarks fell more than 0.2% in the previous session. U.S. crude inventories fell by 3.9 million barrels to 422.2 million barrels last week, the Energy Information Administration said on Wednesday, a steeper decline than...
Oil prices settled marginally lower on Wednesday as U.S. fuel inventory builds and concerns about wider economic impact from U.S. tariffs outweighed some signs of increasing demand. Brent crude futures settled 19 cents, or 0.3% lower, at $68.52 a barrel. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $66.38. U.S. gasoline stocks rose by 3.4 million barrels last week, the Energy Information Administration said. Analysts had expected a draw of 1 million barrels. Distillate stockpiles, which include diesel and heating oil, rose by 4.2 million barrels, EIA data...
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...