European stocks closed sharply lower on Thursday after a brief uptick the previous day as investors weighed a fresh round of mixed corporate earnings and signs of higher unemployment in the US. The STOXX 50 fell 1% to 5,613 and the STOXX 600 fell 0.7% to 567. Commerzbank shares slipped 2% after the lender reported a surprise 7.9% year-on-year drop in net profit. Also, Diageo fell 6.5% following a downgrade to its full-year outlook, while Maersk lost 5.1% despite posting upbeat results and Rheinmetall fell 0.5% despite posting a 20% increase in sales. On the upside, DHL jumped 5.4% to rank...
West Texas Intermediate (WTI) crude oil price fell for a second straight session, trading around $59.30 per barrel during Asian hours on Friday. The decline comes amid rising US-China trade tensions, which are clouding the demand outlook. On Thursday, the US announced that tariffs on Chinese imports had surged to 145%, with a new 125% levy added on top of an existing 20% duty. This move overshadowed US President Donald Trump's 90-day pause on tariff hikes for most other countries and heightened concerns about fuel demand from China, the world's largest Oil importer. A prolonged US-China...
The Gold price (XAU/USD) holds positive ground around $3,215 after hitting an all-time high of $3,219 during the Asian trading hours on Friday. The weakening of the US Dollar (USD) and escalating trade war between the United States (US) and China provides some support to the precious metal, a traditional safe haven asset. Data released by the US Bureau of Labor Statistics (BLS) on Thursday revealed that US consumer prices unexpectedly fell in March, but inflation risks are tilted to the upside after US President Donald Trump doubled down on China tariffs. The US CPI inflation eased to 2.4%...
Gold rose to a new record high as concerns about the impact of tariffs on the global economy drove investors to safe havens. Bullion edged higher in early Asian trade on Friday to above $3,190 an ounce. That surpassed a previous record set in the previous session, when it closed more than 3% higher for a second straight day. Gold's safe-haven status has been underscored this week, with President Donald Trump's fluctuating messaging on his tariff agenda triggering panic selling in stocks, bonds and the U.S. dollar, as fears of a global recession hit Wall Street. Risks and uncertainty remain...
The US Dollar Index (DXY) traded near the 101 area on Thursday (10/4), continuing to decline after failing to maintain the recovery momentum from the beginning of the week. This movement occurred as new tariff measures confirmed by the White House raised the effective tariff on Chinese imports to 145%. Federal Reserve (Fed) officials, including President Jeff Schmid and Lorie Logan, warned that this trade action risks worsening inflation and labor market dynamics. On the technical side, the MACD continues to signal selling pressure, while the Relative Strength Index hovers just above the...
The Australian dollar (AUD) continued its rally on Thursday (10/4), climbing towards the 0.6240 zone during the American session. The currency pair built on its recent strength as the US Dollar Index (DXY) slumped further towards multi-month lows near the 101 area. The move came after the market digested the White House's confirmation of a 145% tariff on Chinese goods, combined with the Federal Reserve's (Fed) cautious tone. Despite the greenback's decline, the technical backdrop for AUD/USD remains tilted to the downside, with several key indicators continuing to flash bearish signals,...