2025-07-10 06:24

Trump issues tariff notices to seven trading partners Trump announces 50% tariff on copper effective August 1 Palladium up more than 2% July 10 (Reuters) - Gold prices rose on Thursday, supported by a pullback in the dollar and the prospect of U.S. interest rate cuts later in the year, while investors awaited more details on U.S. President Donald Trump's trade policy. Spot gold was up 0.4% at $3,327.42 per ounce by 1108 GMT. U.S. gold futures gained 0.5% to $3,336.40. Sign up here. "The passing of the One Big Beautiful Bill, unsettling trade (policies) and rate-cut expectations should be 'dollar negative' kind of events... gold should be favoured in that environment," said WisdomTree commodities strategist Nitesh Shah. The U.S. dollar index (.DXY) , opens new tab eased 0.2% against its rivals, making gold less expensive for other currency holders. Trump escalated his tariff campaign on Wednesday with a 50% levy on copper imports and a 50% duty on goods from Brazil, both effective from August 1. Trump also issued tariff notices to seven minor trading partners, adding to the 14 issued earlier in the week, also set to take effect on August 1 unless agreements are reached. However, financial markets have largely shrugged off U.S. President Donald Trump's latest tariff salvos with global stocks advancing on Thursday. "The market impact of tariffs seems to lessen with each new headline. Tariff fatigue is here, and traders need a new catalyst to awaken volatility from its lull," said Matt Simpson, a senior analyst at City Index. Minutes of the Fed's June 17-18 meeting showed that only "a couple" of officials believed that rate cuts could happen this month, with most worried over inflation tied to Trump's tariff policies. Non-yielding gold, often seen as a hedge against inflation and political uncertainty, benefits from lower interest rates. The Federal Open Market Committee unanimously voted to hold rates steady at its June meeting. The next policy meeting is scheduled for July 29-30. Spot silver rose 1.1% to $36.72 per ounce, platinum gained 0.5% to $1,354.46, and palladium climbed 2.4% to $1,131.25. https://www.reuters.com/world/india/gold-edges-higher-softer-dollar-trade-war-intensifies-2025-07-10/

2025-07-10 05:35

NEW YORK/SINGAPORE, July 11 (Reuters) - Bitcoin rallied to an all-time high on Friday, powered by demand from institutional investors and crypto-friendly policies from U.S. President Donald Trump's administration. The world's largest cryptocurrency rose to a peak of $116,781.10 in the Asian session on Friday, taking its gains for the year so far to more than 24%. It was last trading at $116,563.11. Sign up here. "Bitcoin's new all-time high is being driven by relentless institutional accumulation - major players are scooping up supply and drying up liquidity on exchanges," said Joshua Chu, co-chair of the Hong Kong Web3 Association. In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Chair Paul Atkins and White House artificial intelligence czar David Sacks. Trump's family businesses have also made forays into cryptocurrencies. Trump Media & Technology Group (DJT.O) , opens new tab is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, an SEC filing on Tuesday showed. Ether , the world's second-largest cryptocurrency, similarly jumped nearly 5% to $2,956.82, after earlier hitting a five-month high of $2,998.41. https://www.reuters.com/world/middle-east/dollar-catches-breath-brazil-real-slides-tariff-threat-bitcoin-near-record-high-2025-07-10/

2025-07-10 05:13

S&P 500, Nasdaq post record closing highs 50% tariff on US copper imports to begin August 1, says Trump Bitcoin hits fresh record NEW YORK, July 10 (Reuters) - The S&P 500 and Nasdaq registered record closing highs on Thursday, and Nvidia's (NVDA.O) , opens new tab market value closed above $4 trillion for the first time, while the Brazilian real recovered some losses following U.S. President Donald Trump's announcement of a 50% tariff on the country's goods. Also helping Wall Street, shares of Delta Air Lines (DAL.N) , opens new tab jumped 12% after it forecast third-quarter and full-year profits above analysts' estimates. Other travel stocks also rose, including United Airlines (UAL.O) , opens new tab, which ended 14.3% higher, and Hertz Global (HTZ.O) , opens new tab, up 11.8%. Sign up here. Shares of Nvidia ended up 0.75% at $164.10, giving the chipmaker a market value of $4.004 trillion, thanks to surging demand for artificial-intelligence. The move solidified its position as one of Wall Street's most-favored stocks. Trump confirmed a 50% tariff would be imposed on copper, and said it would start August 1. The Brazilian real recovered some losses that followed the tariff news. Late on Wednesday, the currency's volatility gauges surged to their highest levels since late April. The dollar was last down 0.8% against the real . Brazilian stocks (.BVSP) , opens new tab were down 0.5%. Brazilian President Luiz Inácio Lula da Silva vowed retaliation against unilateral tariff hikes. Some traders said U.S. consumers could see sharp price increases for coffee and orange juice if Trump sticks to the Brazil tariffs. Reactions in the broader market to Trump's latest tariff moves have been less severe than in April, possibly reflecting expectations that ongoing negotiations between Washington and trade partners could yield agreements. Investors are gearing up for second-quarter earnings, looking for signs of an impact from Trump's trade war launched on April 2. Bruce Zaro, managing director at Granite Wealth Management in Plymouth, Massachusetts, said the market appears to be in a holding pattern ahead of reports from S&P 500 companies. JPMorgan Chase (JPM.N) , opens new tab is due to release results Tuesday, essentially kicking off the reporting period. "There's been great skepticism with all of the analysts that follow the S&P 500, how they've been reducing their estimates at large, based on the tariffs and uncertainty around that," he said. "But we think, when all is said and done, those growth companies, and specifically tech companies, are going to come through with fabulous earnings. So I think the market is in a waiting period." The Dow Jones Industrial Average (.DJI) , opens new tab rose 192.34 points, or 0.43%, to 44,650.64, the S&P 500 (.SPX) , opens new tab rose 17.20 points, or 0.27%, to 6,280.46 and the Nasdaq Composite (.IXIC) , opens new tab rose 19.33 points, or 0.09%, to 20,630.67. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 1.92 points, or 0.21%, to 926.22. The pan-European STOXX 600 (.STOXX) , opens new tab index rose 0.54%. Bitcoin rallied to another all-time high. The world's largest cryptocurrency was last up 2.56% to $113,609.36. Investors also digested upbeat quarterly results from TSMC (2330.TW) , opens new tab, which showed strong demand for the world's largest contract chipmaker's products, fueled by surging interest in AI applications. The dollar index , which measures the greenback against a basket of currencies, rose 0.23% to 97.61. Benchmark 10-year U.S. Treasury yields edged higher after U.S. data showed jobless claims unexpectedly fell last week and as investors focused on how tariffs will impact inflation. The yield on benchmark U.S. 10-year notes was last up 0.4 basis points on the day at 4.346%. Oil prices fell as investors weighed potential effects of Trump's tariffs on growth. Brent crude futures settled at $68.64 a barrel, down $1.55, or 2.21%. U.S. West Texas Intermediate crude finished at $66.57 a barrel, down by $1.81, or 2.65%. Spot gold rose 0.3% to $3,323.39 an ounce. https://www.reuters.com/world/china/global-markets-wrapup-1-2025-07-10/

2025-07-10 04:32

A look at the day ahead in European and global markets from Rae Wee There have been growing signs that investors are becoming more indifferent to Donald Trump's tariff salvos, and nowhere has this been more evident than in the price action across stocks over the past few days. Sign up here. Asia shares on Thursday rode the high from Nvidia's (NVDA.O) , opens new tab brief rise to a $4 trillion valuation and futures pointed to similar gains in Europe later in the day, even as Trump dealt his latest blow to the global trade landscape. The U.S. President launched his tariff assault into overdrive on Wednesday as he announced a new 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both to start on August 1. Copper prices in London and China did come under pressure and the Brazilian real slid, but the hit on markets elsewhere was fairly muted. Bitcoin remained perched near a record high and the dollar fell as investors chose to take on more risk, looking past the slew of headlines from Trump. "Desensitised" and "numb" are some of the buzzwords money managers and analysts have used in recent times, though it remains to be seen how long this could hold on for. A host of countries have yet to receive their letters from Trump, and investors are also awaiting the progress of a deal between the U.S. and the European Union. Trump said he would "probably" tell the EU soon what rate it could expect for its exports to the U.S., adding that the 27-nation bloc had become much more cooperative. EU trade chief Maros Sefcovic said good progress had been made on a framework trade agreement and a deal may even be possible within days. While Trump's latest tariff delay provided hope to major trade partners Japan, South Korea and the European Union that deals to ease duties could still be reached, it has also bewildered some smaller exporters such as South Africa and left companies with no clarity on the path forward. For now, though, investors seem to be taking the news in their stride and see little reason to panic as they put their faith in the notion of "TACO", the acronym for Trump Always Chickens Out. Key developments that could influence markets on Thursday: - U.S. weekly jobless claims - Federal Reserve's Alberto Musalem, Mary Daly speak Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. https://www.reuters.com/world/china/global-markets-view-europe-2025-07-10/

2025-07-10 02:55

MUMBAI, July 10 (Reuters) - The Indian rupee is likely to open marginally higher on Thursday, supported by the uptick in Asian peers and muted reaction to U.S. President Donald Trump’s latest tariff announcements. The 1-month non-deliverable forward indicated the rupee will open at 85.60-85.62 compared with 85.6725 in the previous session. Sign up here. The rupee has fluctuated between 85.30 and just below 86 over the past week, testing both sides of its recent range. In recent sessions, the rupee has been "choppy within a well-defined range," a currency trader at a private bank said. "The consensus trade right now—both among corporates and interbank—is to buy USD/INR near 85.20–85.40 and sell near 85.90–86.10," the trader said. "It makes sense when you consider that there have been no major trigger points." TRUMP'S TARIFFS Investors largely shrugged off U.S. President Donald Trump’s latest tariff salvo. Having already announced a 50% tariff on copper imports, Trump said the levies would take effect from August 1. Further, he threatened a punitive 50% tariff on Brazil's exports to the United States, while issuing tariff notices to seven smaller trading partners. Asian currencies and shares rose, indicating waning market sensitivity to Trump’s tariff moves. The dollar index inched lower. Meanwhile, minutes of the Federal Reserve's June meeting showed narrow support for rate cut later this month. Most participants at the Fed's meeting did anticipate rate cuts would be appropriate later this year, with any price shock from tariffs expected to be "temporary or modest". MUFG Bank noted that, looking ahead, the market’s attention may shift toward the Fed’s policy path, which will be key to shaping the dollar’s trajectory. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.70; onshore one-month forward premium at 8.75 paise ** Dollar index down at 97.35 ** Brent crude futures at $70.2 per barrel ** Ten-year U.S. note yield at 4.33% ** As per NSDL data, foreign investors bought a net $33.2mln worth of Indian shares on July 8 ** NSDL data shows foreign investors bought a net $138.2mln worth of Indian bonds on July 8 https://www.reuters.com/world/india/rupee-likely-open-slightly-higher-tracking-asia-trump-tariff-impact-muted-2025-07-10/

2025-07-10 01:32

Dollar to remain reserve currency but more susceptible to falls Bessent aware of risk that weak dollar accelerates US inflation Second Plaza Accord unlikely, Asakawa says TOKYO, July 10 (Reuters) - Japan is unlikely to face pressure from the United States to intentionally strengthen the yen despite President Donald Trump's criticism of its large trade surplus with the U.S., former top currency diplomat Masatsugu Asakawa told Reuters. Trump's focus on addressing the U.S. trade deficit and his remarks about Japan maintaining a weak yen have fuelled speculation about potential pressure on Tokyo to adjust the yen's value against the dollar and give U.S. manufacturers a competitive advantage. Sign up here. Asakawa said the dollar's status as a global reserve currency remains solid; however, it has become more susceptible to selling pressure following Trump's April 2 announcement of sweeping "reciprocal" tariffs. "If the dollar weakens, that accelerates U.S. inflation, a risk (U.S. Treasury Secretary Scott) Bessent is probably well aware of," he said in an interview late on Wednesday. "My understanding is that there is no specific discussion on currency matters between Bessent and (Japanese Finance Minister Katsunobu) Kato in the context of trade talks," Asakawa said. Asked about the likelihood of a coordinated dollar depreciation akin to the 1985 Plaza Accord in which Washington led the G7 advanced nations to weaken the U.S. currency, he dismissed the possibility. "A second Plaza Accord is unlikely," he said, citing the need for agreement from China and Europe. Asakawa retains close contact with incumbent policymakers. As vice finance minister for international affairs from 2015 to 2019, Asakawa was deeply involved in Japan's trade and currency negotiations with the U.S. during Trump's first term as president from 2017. During Trump's first term as president, then Japanese Prime Minister Shinzo Abe successfully persuaded the U.S. president to leave exchange-rate matters in the hands of their finance chiefs, Asakawa said. "Since then, the notion that currency matters should be left to the finance leaders appears embedded within the U.S. administration," he said. In their first face-to-face talks in April, Kato said he agreed with Bessent to continue "constructive" dialogue on currency policy, but did not discuss setting currency targets or a framework to control yen moves. The dollar index , which reflects its performance against a basket of six other currencies, has had its worst first half of the year since 1973, declining some 11%. So far this year, the dollar has fallen 7.5% against the yen . Asakawa said the outcome of bilateral trade negotiations was hard to predict, with Trump showing little sign of heeding Tokyo's efforts to gain concessions on automobile tariffs. Trump ramped up his trade war on Monday, telling 14 nations that they now face sharply higher tariffs from a new deadline of August 1. Japan would see tariffs go up to 25% from 10%, unless it can negotiate a deal with Washington. Japan has several cards it can use in trade talks with Washington such as pledging to boost investment in the U.S., reviewing domestic car safety standards and contributing to liquefied natural gas (LNG) projects in Alaska, Asakawa said. "Instead of presenting them incrementally, it's better to deliver them as a single package," he said. After heading the Asian Development Bank until February, Asakawa is currently president of the Tokyo-based Institute for International Monetary Affairs. https://www.reuters.com/business/japan-unlikely-face-us-pressure-strengthen-yen-ex-top-fx-diplomat-says-2025-07-10/