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,...
Gold slipped on Thursday after hitting a nearly two-week high earlier in the session, hurt by an uptick in the dollar, although worries over the U.S. government's increasing debt burden and fiscal outlook kept prices above $3,300 level. Spot gold was down 0.3% at $3,303.82 an ounce, as of 1020 GMT, after hitting its highest level since May 9 earlier in the session. U.S. gold futures fell 0.3% to $3,304.10. "Selling coming in especially from those looking to book profits and a degree of recovery in the dollar seems to have taken some of the shine off gold," Ross Norman, an independent...
Oil prices fell more than 1% on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth. Brent futures lost 90 cents, or 1.4%, to $64.01 a barrel by 1000 GMT. U.S. West Texas Intermediate crude dropped 85 cents, or 1.4%, to $60.72. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another large output increase at their meeting on June 1, Bloomberg News reported. An increase of 411,000 barrels per day (bpd) for July is among...
Gold price (XAU/USD) extends its steady intraday retracement slide from a nearly two-week high touched earlier this Thursday and slides to the lower end of its daily range during the first half of the European session. The pullback lacks any fundamental catalyst and is more likely to remain limited amid a combination of supporting factors. Investors now seem convinced that the Federal Reserve (Fed) will lower borrowing costs further in 2025, which might continue to act as a tailwind for the non-yielding yellow metal. Apart from dovish Fed expectations, growing worries about rising US...
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, holds gains after registering losses in the previous three successive sessions. During the early European hours on Thursday, the DXY is holding its position around 99.70, slightly above two-week lows. Furthermore, traders await S&P Global US Purchasing Managers Index (PMI) data due on Thursday. The overall business activity is expected to expand at a steady pace in May, which could provide some support for the Greenback. The House Rules Committee approved US President Donald Trump's...
Silver prices surged above $33.50 per ounce on Thursday, advancing for a fourth consecutive session as mounting concerns over the US fiscal outlook weighed on the dollar and boosted demand for safe-haven assets. Investor sentiment deteriorated after President Donald Trump's proposed tax bill was projected to add over $3 trillion to the already substantial US debt load, raising fears of financial instability. A weak 20-year Treasury bond auction further fueled expectations that investors are rotating out of US assets, adding momentum to precious metals. In addition to safe-haven buying,...
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...