US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
Oil prices slipped for a second session on Tuesday on increasing expectations members of the Organisation of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week. Brent crude futures shed 24 cents, or 0.4%, to $64.50 a barrel by 0507 GMT, while U.S. West Texas Intermediate (WTI) crude was down 29 cents, or 0.5%, at $61.24 a barrel. The WTI contract did not settle on Monday because of the U.S. Memorial Day holiday. "Crude oil edged lower as the market contemplated the outlook for rising OPEC supply," Daniel Hynes,...
The Australian dollar declined to around $0.648 on Tuesday, pulling back from a six-month high reached in the previous session, as investors adopted a risk-off stance in response to mounting global economic and trade uncertainties. Markets remained focused on fiscal developments in the US and shifting tariff policies under the Trump administration, which have contributed to increased market volatility. Traders also braced for key inflation data in Australia this week, which could prove pivotal in shaping the Reserve Bank of Australia's policy trajectory. Last week, the RBA lowered its...
Gold price (XAU/USD) struggles to gain any meaningful traction and oscillates in a narrow band during the Asian session on Tuesday amid mixed fundamental cues. Investors cheered US President Donald Trump's decision to delay imposing tariffs on the European Union (EU), which, in turn, is seen acting as a headwind for the safe-haven commodity. However, the uncertainty around Trump's trade policies keeps a lid on the optimism, which, along with a broadly weaker US Dollar (USD), lends support to the precious metal. Investors remain worried that Trump's sweeping tax cuts and spending bill...
Silver price (XAG/USD) loses ground after registering gains in the previous two sessions, trading around $33.40 per troy ounce during the Asian hours on Tuesday. The grey metal attracts sellers due to diminished safe-haven demand amid the easing trade tension between the United States (US) and the European Union (EU) improves the traders' risk appetite. Following Friday's threat by Trump to impose a 50% tariff on imports from the European Union, the US President decided to extend the tariff deadline on the European Union (EU) after having a phone call with European Commission President...
GBP/USD extends its winning streak for the third successive session, trading around 1.3570 during the Asian hours on Tuesday. The pair is hovering near the 39-month high of 1.3593, which was marked on Monday. The pair continues to appreciate as the US Dollar (USD) weakens due to growing fears over the United States' (US) debt concerns. The Greenback faces challenges as the easing trade tension between the United States (US) and the European Union (EU) improves the traders' risk appetite. US President Donald Trump extended the tariff deadline on the European Union (EU) from June 1 to July 9...