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Copper prices rose on Monday as the dollar dipped against most major rivals amid concerns that US President Donald Trump might target the metal with tariffs. Trump’s threats to impose tariffs on copper imports led to a massive surge in copper imports in the US as traders seek to stock up before tariffs. The markets now widely expect 25% tariffs by the US on copper imports, same as the current steel and aluminum imports. The tariff trade becomes clear with the price premium in the US Chicago exchange contracts compared to the London Exchange contracts. Just…
Brazil’s first lady on Monday defended remarks she made about short-video app TikTok during a state dinner with Chinese President Xi Jinping in a move that departed from diplomatic convention and sparked furore in the South American country.Acknowledging that she broke protocol during President Luiz Inácio Lula da Silva’s visit to Beijing last week, Rosangela “Janja” da Silva said she “will not be silenced” when the safety of children is at stake.The remarks she uttered in Beijing prompted an official response from TikTok, owned by Chinese tech giant ByteDance.The formal dinner in which Xi hosted Lula and select Brazilian officials…
When Gene Seroka, the executive director of the Port of Los Angeles, held his monthly news briefing on Monday – his first since a 90-day tariff truce between China and the US took effect on May 14 – he let the numbers speak for themselves.They had a lot to say about the uncertainty wrought by US President Donald Trump’s erratic tariffs policy and trade tensions with China, where nearly 45 per cent of the port’s business comes from.In April, Seroka said, the port moved 9.5 per cent more container units than the same period last year, the third best April…
In mid-March, customs officers in Hong Kong uncovered an unusual smuggling operation.When the officials cracked open a 40-foot shipping container near the city’s northern border, they did not uncover stacks of illegal drugs or counterfeit goods, but more than 25 tonnes of antimony – a rare metal used to make advanced military equipment that has been subject to strict export controls in China since last year.Weeks later, local media in the southern Chinese province of Guangxi reported a similar incident. This time, local customs officers intercepted a shipment of metal declared as soldering paste, but which lab tests later confirmed…
Copper prices rose on Monday as the dollar dipped against most major rivals amid concerns that US President Donald Trump might target the metal with tariffs. Trump’s threats to impose tariffs on copper imports led to a massive surge in copper imports in the US as traders seek to stock up before tariffs. The markets now widely expect 25% tariffs by the US on copper imports, same as the current steel and aluminum imports. The tariff trade becomes clear with the price premium in the US Chicago exchange contracts compared to the London Exchange contracts. Just…
The US dollar fell against most major rivals on Monday after the US credit rating downgrade. Moody’s finally joined Standard & Poor and Fitch and downgraded the pristine US credit rating by one notch, pointing to the persistent US budget deficit and higher borrowing costs as reasons for concern. US 30-year treasury yields rallied to 5% following the announcement, passing November 2023 highs. Goldman Sachs released estimates that the chances of a US recession this year continue to persist. Otherwise, the dollar index fell 0.7% as of 20:10 GMT to 100.4, with a session-high at 100.9, and…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: Stocks have made a strong recovery Monday, overcoming early selling pressure that was driven by Moody’s downgrade of the U.S. credit rating. Investors were quick to buy the dip, expecting the reaction to be much more muted compared to past rating downgrades, and we were, too . While the S & P 500 opened lower by roughly 1%, the index was down around 0.1% around 2:30 p.m. ET. Bonds also…
US tariffs have sent financial markets into a frenzy in recent weeks, but how much should central bankers be taking trade into account when setting monetary policy? To find out, Soumaya Keynes sits down with Bank of England Monetary Policy Committee member Swati Dhingra – one of the committee’s more dovish members. They discuss why the UK’s open economy makes it more vulnerable to trade shocks, what Dhingra saw in the data that her MPC colleagues didn’t, and why she didn’t vote for an (even) sharper rate cut earlier this month.Further reading:Two BoE policymakers warn against rushing to further cut…
US tariffs have sent financial markets into a frenzy in recent weeks, but how much should central bankers be taking trade into account when setting monetary policy? To find out, Soumaya Keynes sits down with Bank of England Monetary Policy Committee member Swati Dhingra – one of the committee’s more dovish members. They discuss why the UK’s open economy makes it more vulnerable to trade shocks, what Dhingra saw in the data that her MPC colleagues didn’t, and why she didn’t vote for an (even) sharper rate cut earlier this month.Further reading:Two BoE policymakers warn against rushing to further cut…
Copper prices rose on Monday as the dollar dipped against most major rivals amid concerns that US President Donald Trump might target the metal with tariffs. Trump’s threats to impose tariffs on copper imports led to a massive surge in copper imports in the US as traders seek to stock up before tariffs. The markets now widely expect 25% tariffs by the US on copper imports, same as the current steel and aluminum imports. The tariff trade becomes clear with the price premium in the US Chicago exchange contracts compared to the London Exchange contracts. Just…