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...
Gold prices jumped more than 3% to above $3,065 an ounce on Wednesday, as escalating U.S.-China trade tensions fueled demand for the safe-haven asset. Trump announced on Truth Social a 90-day pause and a 10% reciprocal tariff reduction for all countries except China. In the same post, he said tariffs on Chinese imports would rise to 125%. Treasury Secretary Scott Bessent later clarified that the 10% tariffs apply during negotiations but exclude China and sector-specific tariffs. The move followed Beijing's announcement of new tariffs on U.S. goods to 84%, up from 34%, and the European...
Oil prices plunged to a four-year low and traded below $60 a barrel on Wednesday, while some commodities, including coffee, plunged as the trade war between China and the United States escalated, with Beijing announcing higher tariffs on U.S. imports. Asian and European equities fell and U.S. markets opened slightly lower as the imposition of steep U.S. tariffs, including a 104 percent duty on some Chinese goods, deepened fears of a global recession. In retaliation, China said it would impose tariffs of 84 percent on U.S. goods starting Thursday, up from the previously announced 34...
Gold rallied as much as 3% global markets gyrated and the dollar weakened after US President Donald Trump imposed sweeping new import tariffs and China hit back with levies of its own. A vicious selloff of US government bonds — typically a safe haven in times of turmoil — underscored a jittery day for investors as Trump's historic trade measures came into effect. Bullion extended recent declines before swinging sharply higher. "Gold's rebound reflects growing investor anxiety over tariff threats and the potential reshaping of global trade norms," said Christopher Wong, a foreign...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, extends the previous day's correction and hovers around 102.30 at the time of writing on Wednesday after testing the 102.00 level in the early Asian session. The tariffs that United States (US) President Donald Trump introduced on Liberation Day are going to take effect this Wednesday. Meanwhile, China and Canada have already vowed to retaliate against these tariffs with countermeasures, increasing fears of a global economic slowdown. On the economic calendar front, some light data...
Silver price (XAG/USD) surges almost 2% to near $30.40 during European trading hours on Wednesday. The white metal strengthens as the US Dollar (USD) tumbles amid fears that the escalating trade war between Washington and Beijing could lead the United States (US) economy into a recession. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, plummets to near 102.00. Financial market participants are concerned that the imposition of 104% duty on imports from China by President Donald Trump for pouring drugs into the US and its retaliation against...