Global markets plunged on Monday as Trump’s tariffs on Canada, Mexico, and China rattled investors, fueling fears of a trade war. A last-minute pause on Mexico’s tariffs helped limit losses, while gold hit a record high and U.S. factory activity returned to growth.
Wall Street drop: The S&P 500 fell 0.38%, while the Dow Jones recovered slightly, closing 0.01% higher.
Tech sector hit: The Nasdaq Composite lost 0.72%, reflecting broader weakness in technology stocks.
Europe’s worst session of 2025: The STOXX 600 plunged 0.87%, while the FTSEurofirst 300 dropped 0.81%.
Asia tumbles: Japan’s Nikkei 225 fell 2.66%, while the MSCI Asia-Pacific index slid 2.04%.
Gold soared to an all-time high of $2,819.50 per ounce, as investors sought safe-haven assets.
Dollar’s mixed performance: After an initial rise, the dollar index fell 0.51%, while the Mexican peso strengthened 1.14% following the tariff pause.
Euro slides: The euro dropped 0.73% to $1.0286, while the Canadian dollar weakened 0.22% against the U.S. dollar.
Crude oil gains: After initial losses, Brent crude rose 0.38% to $75.96 per barrel, while U.S. crude climbed 0.87% to $73.16 per barrel.
₿ Crypto declines: Bitcoin fell 0.91% to $101,215, while Ethereum plunged 17.13% to $2,749.05, extending a broader sell-off in digital assets.
📈 Manufacturing returns to growth: U.S. factory activity expanded for the first time since October 2022, signaling stronger industrial demand.
🔍 Federal Reserve impact: Analysts warn the data may delay rate cuts, as a stronger economy could fuel inflation concerns.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 24th July, covering the latest developments you need to know.
U.S. strikes on Iran entered a 12th consecutive night, while Yemen's Houthis said they attacked two Saudi oil tankers in the Red Sea, urging President Donald Trump to warn Tehran it would be held responsible for any future Houthi attacks.
The U.S. military said it completed a fresh wave of strikes on Iran late on Thursday, marking the 13th consecutive night of American attacks. The latest operation lasted more than two hours, according to U.S. Central Command.
Aleksandar Vučić's visit to Kyiv on 15 July appeared to send a geopolitical signal. But the significance of the trip lies less in the journey itself than in the limits Serbia carefully observed.
Spain has declared a national emergency and evacuated more than 10,000 people after uncontrolled wildfires reached the outskirts of Madrid. Emergency crews have rescued residents as multiple blazes continue to spread across the region.
China's Foreign Ministry has said it is closely monitoring the United Kingdom's nationalisation of British Steel. Prior to the British government fully taking over the loss-making company on Thursday, it was previously owned by Chinese private steelmaker Jingye.
Apple is closing in on Nvidia's position as the world's most valuable publicly traded company, as investors increasingly bet the iPhone maker can turn artificial intelligence into sustained earnings growth.
AI-powered shopping assistant Phia has been accused of using "cookie stuffing" to claim affiliate commissions for purchases it did not generate, according to a Bloomberg investigation. The company says the issue has now been resolved.
The UK government has nationalised British Steel, taking full ownership of the country's only primary steelmaker from its Chinese owners to safeguard the future of the UK's steel industry.
Saudi Arabia is moving crude through the Red Sea port of Yanbu at close to maximum capacity this week, as tensions with Yemen's Houthis add to broader concerns over Gulf shipping routes, according to data and industry sources cited by Reuters.
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