The White House update to its tariff schedule is a "welcome development" after challenges caused by a recent U.S. Customs ruling on gold bars, the London Bullion Market Association said on Wednesday. The executive order, issued on September 5 by President Donald Trump, updates the tariff schedule for certain goods, including key gold products. The White House referred to them as reciprocal tariffs. Under the update, gold bars imported from "aligned partner" countries under certain codes of the Harmonized Tariff Schedule of the United States - including 7108.11.00, 7108.12.50, 7108.13.10,...
Indonesia's central bank will remain active in the foreign exchange market to stabilise the rupiah, it said on Friday, while the stock exchange regulator said market fundamentals remained strong despite a sudden fall in prices. The rupiah dropped nearly 1% on Friday to its weakest level since August 1 before regaining some of the losses. The stock index fell as much as 2% to reach its lowest point since August 12. Bank Indonesia (BI) will continue to take action to stabilise the rupiah by intervening in offshore and onshore non-deliverable forward markets and the spot market, said Erwin...
A U.S. appeals court ruled on Friday that most of President Donald Trump's global tariffs were illegal, finding he exceeded his authority when imposing them. A panel of judges in Washington upheld an earlier decision by the Court of International Trade that Trump wrongfully invoked an emergency law to issue the tariffs. Despite the ruling, the tariffs will remain in place for now as the case continues through the legal system. The ruling does not affect Trump's first-term Section 232 tariffs on steel, aluminum, and autos, nor the Section 301 tariffs on Chinese goods, as these were imposed...
The University of Michigan consumer sentiment for the US dropped to 58.2 in August of 2025 from the five-month high of 61.7 in the previous month, revised down from the preliminary estimate of 58.6 and well under the initial market expectations of 62. It was the first drop in the sentiment gauge in four months, mainly due to growing inflation concerns and sharply worse buying conditions for durable goods, which fell to their lowest in one year. Expectations on overall business conditions and the outlook on the US labor market also deteriorated, although expectations on personal finances...
Recent economic data suggests the central bank remains on track to cut interest rates at its next meeting in September. The Fed's selected inflation indicator held steady in July, suggesting the central bank remains on track to begin lowering interest rates as soon as its next meeting in September. Consumer prices rose 0.2 percent in July and were up 2.6 percent from a year earlier, according to the Personal Consumption Expenditures price index released by the Commerce Department on Friday. The annual pace was the same as the previous period. Core prices, which exclude volatile food and...
The US core PCE price index, which excludes volatile and energy prices and is the Federal Reserve's preferred measure of core inflation in the US economy, rose 0.3% from the previous month in July 2025. This figure is the same as in June, in line with market expectations. Compared to the previous year, the index rose 2.9%, the highest in five months. (alg) Source: Trading Economics
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...
Poland shot down a drone in its airspace on Wednesday with the support of military aircraft from its NATO allies. This is the first time a member of the Western military alliance is known to have...