Russia says it abandons moratorium on deploying short and medium-range missiles
Russia has announced it no longer considers itself bound by a self-imposed moratorium on deploying short- and medium-range missiles, citing growing th...
Wall Street futures slipped and the dollar strengthened on Monday after President Donald Trump reaffirmed plans for 25% tariffs on steel and aluminium, fueling concerns over trade tensions and inflation.
Speaking aboard Air Force One, Trump confirmed that tariffs on all steel and aluminium imports would be announced on Monday, with additional trade measures following on Tuesday or Wednesday. The comments heightened concerns over a potential trade war, especially after German Chancellor Olaf Scholz warned that the European Union would respond "within an hour" if U.S. tariffs targeted European goods.
China is also set to enforce retaliatory tariffs on U.S. exports, with no breakthrough in negotiations between Beijing and Washington. Analysts predict that currencies of targeted nations will weaken against the dollar, allowing them to offset the impact of new tariffs and remain competitive in trade.
Markets are also factoring in the inflationary risks of new tariffs, which could limit the Federal Reserve’s ability to cut interest rates. Investors had already lowered their expectations for Fed rate cuts this year, following strong U.S. employment data.
Dollar Gains as Yields Rise
The dollar index rose 0.3% to 108.38, with the euro slipping to $1.0295 and the Australian dollar falling 0.5% to $0.6245. The yen remained steady at 151.32, as speculation grows over a potential Bank of Japan rate hike in the coming months.
Stock market futures turned negative, with S&P 500 futures slipping 0.2%, Nasdaq futures down 0.3%, and Nikkei futures falling to 38,415 from Friday’s close of 38,787.
Tariff Impact on Corporate Earnings
Concerns over trade policy uncertainty weighed on investor sentiment. Analysts at Goldman Sachs warned that the effective U.S. tariff rate could rise by five percentage points, reducing earnings per share by 1% to 2% in 2025.
Gold Prices Hold Near Record Highs
Despite a stronger dollar and rising bond yields, gold prices remained firm at $2,860 per ounce, after hitting a record $2,886. Reports suggest increased demand for physical gold shipments to the U.S. amid speculation that Trump could impose tariffs on the metal.
As markets brace for new trade measures, investors remain focused on inflation risks, Fed policy moves, and the impact of escalating tariff disputes on global trade flows.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Tesla has granted Elon Musk a $29 billion share award as part of a new compensation plan to retain him as CEO while the company shifts focus from electric cars to robotaxis and AI. The move revives elements of a controversial 2018 package previously struck down by a Delaware court.
OPEC+ will increase oil production by 547,000 barrels per day in September after eight members of the organisation held a brief virtual meeting on Sunday. They said the company will continue to accelerate its output hikes to regain market share.
McDonald's plans to significantly expand its investments in artificial intelligence by 2027, with India expected to play a central role in data governance, engineering, and platform development, a senior executive said on Friday.
U.S. President Donald Trump has sharply criticised Federal Reserve Chair Jerome Powell following the central bank’s decision to keep interest rates unchanged.
Microsoft’s market capitalization surpassed $4 trillion in after-hours trading on Wednesday following a stronger-than-expected earnings report for its fiscal fourth quarter, driven by robust growth in its cloud business.
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