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...
Oil prices fell for a fifth day to their lowest since February 2021 on Wednesday on looming demand concerns fuelled by an escalating tariff war between the U.S. and China, the world's two biggest economies, and a rising supply outlook. Brent futures dropped $1.39, or 2.21%, to $61.43 a barrel as of 0655 GMT. U.S. West Texas Intermediate crude futures fell $1.50, or 2.52%, to $58.08. Both contracts lost as much as 4% before paring some losses. Both Brent and WTI have tumbled over the five sessions since U.S. President Donald Trump announced sweeping tariffs on most imports sparking concerns...
The Australian Dollar (AUD) halted its three-day losing streak against the US Dollar (USD) on Wednesday, supported by comments from US President Donald Trump suggesting a willingness to negotiate with trade partners. Trump's remarks boosted optimism for a potential easing of global trade tensions. The AUD faced headwinds as market volatility remains elevated after the US imposed an expected additional 50% tariff on Chinese imports, particularly as Australia maintains strong economic ties with China. Beijing denounced Trump's latest threat as "blackmail" and vowed to safeguard its...
Gold prices climbed nearly 2% on Wednesday as the dollar weakened after U.S. President Donald Trump's tariffs on China took effect, with most traders flocking to safe-haven bullion for cover as global trade and recession jitters intensified. Spot gold was up 1.9% at $3,038.54 an ounce, as of 0700 GMT. U.S. gold futures rose 2.2% to $3,056.60. Trump ratcheted up duties on Chinese imports to 104% to counter Beijing's retaliatory tariffs, accusing Beijing of manipulating the yuan to offset the levies. China refused to bow to what it called a blackmail, vowing to "fight to the...
Oil prices dropped to their lowest in more than four years on Wednesday on looming demand concerns fuelled by an escalating tariff war between the U.S. and China, the world's two biggest economies, and a rising supply outlook. Brent futures lost $2.38, or 3.79%, to $60.44 a barrel as of 0423 GMT. U.S. West Texas Intermediate crude futures fell $2.46, or 4.13%, to $57.12. Both contracts touched their lowest level since February 2021. The six-month spread for Brent slumped to 79 cents, its lowest level since mid-November, as the market was seen moving into a potential surplus. The spread has...
US President Donald Trump's global reciprocal kick in on Wednesday, fuelling a fresh risk-aversion wave across the financial markets, spiking up the demand for the traditional safe haven Gold. China is hit hardest with 104% tariffs by the US, heighening US-Sino trade tensions. Gold price is underpinned by US tariffs-inspired global flight to safetyThe White House press secretary Karoline Leavitt confirmed that the US will proceed with a sweeping 104% tariff on Chinese imports starting this Wednesday. This continues to fuel worries that an all-out trade war would push the global economy into...