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 on Friday after U.S. President Donald Trump said he would make an announcement regarding Russia, raising the prospect of more sanctions on the major oil producer, while tariff concern and rising OPEC+ output capped gains. Brent crude futures were up 19 cents, or 0.28%, at $68.83 a barrel as of 0408 GMT. U.S. West Texas Intermediate crude ticked up 24 cents, or 0.36%, to $66.81 a barrel. So far this week, Brent has added 0.8% and WTI has dipped 0.2%. Both contracts lost more than 2% on Thursday as investors worried about the impact of Trump's evolving tariff policy on...
Gold rose on Friday after U.S. President Donald Trump announced new tariffs on Canadian imports and broader tariff threats to other trading partners, but gains were capped by a stronger dollar amid mounting signs of turmoil in global trade landscape. Spot gold rose 0.3% to $3,333.67 per ounce as of 0245 GMT. U.S. gold futures added 0.6% to $3,345.10. On Thursday, Trump said U.S. would impose a 35% tariff on imports from Canada and planned to impose blanket duties of 15% or 20% on most other trade partners. This follows Wednesday's announcement of a 50% tariff on U.S. copper imports and a...
The Japanese Yen (JPY) drifts lower against a broadly stronger US Dollar (USD) during the Asian session on Friday and remains on track to register weekly losses amid reduced bets for an immediate rate hike by the Bank of Japan (BoJ). US President Donald Trump recently imposed a 25% tariff on all Japanese exports to America starting on August 1 and ruled out any extension of the deadline. This comes at a time when economic growth has been slowing, which, along with declining real wages and signs of cooling inflationary pressures, should allow the BoJ to forgo raising interest rates this...
The Australian Dollar (AUD) is poised to continue its winning streak for the fourth successive session against the US Dollar (USD) on Friday, after recovering its daily losses. However, the AUD/USD pair faced challenges following the introduction of new tariff actions by US President Donald Trump. President Trump announced on Thursday a 35% tariff rate for goods imported from Canada, effective August 1. He further stated that the European Union (EU) would receive a letter notifying them of new tariff rates "today or tomorrow." The AUD receives support after the Reserve Bank of Australia...
The US dollar index climbed toward 98 on Friday, on track for a nearly 1% weekly gain, as investors responded to fresh tariff announcements and evolving monetary policy signals. President Trump ramped up trade tensions throughout the week, unveiling a 35% tariff on Canadian imports starting August 1 and signaling 15% to 20% blanket tariffs on most other trading partners. Earlier in the week, the administration also announced 50% duties on copper imports and Brazilian goods, all set to take effect on the same date. On the monetary policy front, Chicago Fed's Goolsbee pushed back against the...