US stocks closed higher on Friday, with the S&P 500 up 0.8%, and the Nasdaq climbing nearly 1%, while the Dow gaining 206 points. Technology shares, led by Apple which surged 4.2% following its announcement of a $600 billion US investment plan helped lift the tech-heavy Nasdaq to new intraday highs. Investor optimism was also fueled by expectations of Federal Reserve rate cuts, with President Trump nominating Stephen Miran to the Fed Board, signaling possible shifts in monetary policy, despite concerns over new tariffs imposed by the Trump administration on imports from multiple...
Oil prices rose about 2% on Friday (July 11) as investors weighed a tight near-term market compared to the potential large surplus projected by the International Energy Agency (IEA) this year, while U.S. tariffs and possible further sanctions against Russia were also in focus. Brent crude futures rose $1.35, or 2%, to $69.99 a barrel at 10:48 a.m. EDT (1458 GMT). U.S. West Texas Intermediate crude rose $1.49, or 2.2%, to $68.06 a barrel. At those levels, Brent is expected to gain 2.5% this week, while WTI is up about 1.6% from last week's close. The IEA said on Friday that global oil...
Gold (XAU/USD) price surged on Friday, trading above $3,340 at the time of writing, as trade tensions and safe-haven demand have overshadowed rising US yields. US President Donald Trump announced on Friday a sweeping 35% tariff on all Canadian imports, effective from August 1, in a move that rattled global markets. The decision is particularly significant given that the United States is Canada's largest trading partner, accounting for 76% of Canadian exports in 2024, according to Statistics Canada. Trump also warned of broader action, stating: "We're just going to say all of the remaining...
Oil prices edged up on Friday, as investors weighed a tight prompt market against a potential large surplus this year, according to the International Energy Agency, while U.S. tariffs and possible further sanctions on Russia were also in focus. Brent crude futures were up 40 cents, or 0.58%, at $69.04 a barrel as of 1027 GMT. U.S. West Texas Intermediate crude ticked up 45 cents, or 0.68%, to $67.02 a barrel. At those levels, Brent was headed for a 1.1% gain on the week, while WTI was little changed against last week's close. The IEA on Friday said the global oil market may be tighter...
The US Dollar (USD) is ending the week on a firm note, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report. "More tariff threats 35% on Canada from August 1, baseline 15-20% tariffs elsewhere and a suggestion from President Trump that the EU could get its tariff letter shortly boosted the USD and weighed on the major currencies. The CHF is resisting the USD advance though while the JPY is underperforming, along with high beta FX. The USD gains reflect increased risk aversion amid weaker equities...
The Pound Sterling (GBP) faces selling pressure against its peers on Friday after the release of weak United Kingdom (UK) Gross Domestic Product (GDP) and factory data for May. The Office for National Statistics (ONS) reported that the UK economy declined by 0.1% on month, against expectations of a 0.1% expansion. In April, the UK GDP contracted by 0.3%, extending the decline in economic activity for a second straight month. The poor performance of the industrial sector was one of the reasons behind the economic contraction, data from the ONS showed.. Month-on-month Industrial Production...