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 steadied Tuesday as investors assessed the impact of President Donald Trump's tariff hikes on key trade partners as well as lingering oversupply concerns from rising OPEC+ output. At 08:35 ET (12:35 GMT), Brent Oil Futures expiring in September rose 0.1% to $69.66 per barrel, while West Texas Intermediate (WTI) crude futures dropped 0.1% to $67.90 per barrel. Trump starts sending tariff letters; S. Korea, Japan face 25% levyU.S. President Donald Trump on Monday escalated his global trade campaign by notifying 14 countries that sharply higher tariffs will take effect on August 1....
Gold (XAU/USD) remains in a well-defined range between $3,320 and $3,350 at the time of writing on Tuesday, amid a looming tariff deadline and potential trade deals. US President Donald Trump's consistent tariff threats have temporarily muted demand for the yellow metal while supporting the demand for the Greenback. The president has announced new tariffs on countries, with Japan at 25% and South Korea at 30% standing out. He has also given a new deadline, August 1, instead of July 9. The yellow metal is down 0.43% intraday, and the lack of conviction reflects ongoing indecision amid...
The Pound Sterling (GBP) trades lower against its major peers on Tuesday. The British currency remains on the back foot due to the overhang of mounting fiscal risks in the United Kingdom (UK) following the presentation of a higher welfare spending bill by the Labour government before the House of Commons last week. The welfare bill announced showed an increase in the standard allowance for Universal Credit (UC), which is expected to raise the debt financial burden by £4.8 billion by fiscal year 2029-2030.. This led to investors dumping UK gilts as the bill raised financial...
Oil slipped as traders weighed the impact of President Donald Trump's latest wave of tariff threats and fresh attacks on Red Sea shipping. Brent traded near $69 a barrel, after jumping almost 2% on Monday. The US unveiled a slew of letters warning key trading partners of high tariff rates. Meanwhile, another ship in the Red Sea was under attack. "Traders are watching Trump's new tariff threats and global growth risks, which could soften demand," said Haris Khurshid, chief investment officer at Karobaar Capital LP. "Looking ahead, we should be paying attention to...
The dollar fell versus most major peers as investors mulled how the latest tariffs would affect the US economy and those of its trading partners. The Australian dollar led gains following the RBA's policy decision. The Bloomberg Dollar Index drops as much as 0.3%, snapping Monday's 0.5% advance as traders gameplanned what rates from 25% to 40% on goods from Japan to Malaysia would do to regional trade and growth. Trump has imposed 25% on goods from Japan and South Korea, beginning Aug. 1. AUD/USD rallies as much as 1% to 0.6558 after Australia's central bank surprised investors and...