Stocks were lower Thursday as investors digested a batch of Big Tech earnings, while a meeting between President Donald Trump and Chinese President Xi Jinping concluded. The Dow Jones Industrial Average shed 131 points, or 0.3%. The S&P 500 dipped 0.6%. The Nasdaq Composite dropped 0.8%. Megacap tech giants Alphabet, Meta and Microsoft each reported quarterly results after market close Wednesday. While Alphabet shares popped about 4% on the back of strong results, shares of Meta and Microsoft tumbled about 12% and nearly 2%, respectively. Investors grew worried about the increased...
Silver (XAG/USD) prices recovered most of their intraday losses and rebounded near $30.50 during the European session on Friday (1/31). The white metal bounced back strongly as its outlook remained strong amid concerns that US President Donald Trump will impose 25% tariffs on Canada and Mexico on Saturday for allowing illegal immigrants and the deadly opioid fentanyl into their economies. Such a scenario could lead to a trade war, increasing geopolitical uncertainty, which is beneficial for precious metals, such as Silver. Donald Trump has also threatened to impose 100% tariffs on the BRICS...
Gold prices were mostly steady in Asian trading on Friday, but hit a record high after surging in the previous session amid uncertainty over U.S. tariffs, while investors cautiously awaited a key U.S. inflation report. Spot gold was mostly unchanged after hitting a record high of $2,799.60 an ounce, while February gold futures edged up 0.1% to $2,793.74 an ounce by 1:55 p.m. ET (06:55 GMT). The recent escalation of U.S. trade policy under President Donald Trump has raised considerable uncertainty in global markets. His announcement of high tariffs on imports from the BRICS nations—Brazil,...
The dollar strengthened against a basket of currencies, recovering slightly after the previous day's drop following weak U.S. gross domestic product data. Markets turned cautious ahead of a possible announcement by President Trump on tariffs, particularly against Canada and Mexico, which drew some safe-haven demand for the U.S. currency. "Tariff news from the Trump administration continues to take center stage," said analysts at Danske Bank. December U.S. PCE inflation data -- the Fed's preferred inflation measure -- and the fourth-quarter U.S. employment cost index, both due at 1330 GMT,...
GBP/USD extended its decline for the fourth straight session, trading around 1.2420 during Asian hours on Friday (1/31). The decline was driven by the US Dollar (USD) improving amid rising risk aversion following new tariff threats from US President Donald Trump. President Trump reiterated plans late Thursday to impose a flat 25% import tax on all goods entering the US from Canada and Mexico, citing concerns over fentanyl. The first wave of tariffs on the two countries will take effect on February 1, according to Reuters. Additionally, Trump hinted at the possibility of imposing tariffs on...
The Japanese Yen (JPY) attracted some intraday sellers and snapped a two-day winning streak against its American rival after Bank of Japan (BOJ) Governor Kazuo Ueda said on Friday that underlying inflation remains slightly below 2%. Additionally, a modest uptick in the US Treasury bond yields and a generally positive risk tone undermined the safe-haven JPY. This, in turn, helped the USD/JPY pair retrace nearly 100 pips from Asian session lows. Meanwhile, data released earlier today showed that consumer prices in Tokyo – the capital of Japan – rose in January. This kept alive hopes for...