Oil rises on speculation Trump plans to sanction Russian crude
West Texas Intermediate advanced almost 3 per cent to settle above $US68 a barrel after President Donald Trump said he plans to make a 'major statement' on Russia on Monday and reiterated criticism of President Vladimir Putin.
Bloomberg
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Trump says he has struck a trade deal with Indonesia
US President Donald Trump says he has struck a trade deal with Indonesia. "Great deal, for everybody, just made with Indonesia. I dealt directly with their highly respected President. DETAILS TO FOLLOW!!!" Trump said in a post on Truth Social. Trump had threatened the southeast Asian country with a 32 per cent tariff rate effective August 1 in a letter sent to its president last week. Trump sent similar letters to about two dozen trading partners this month, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20 per cent up to 50 per cent as well as a 50 per cent tariff on copper. The August 1 deadline gives the targeted countries time to negotiate agreements that could lower the threatened tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats. Since launching his tariff policy, Trump has reached trade agreements with three other countries: China, the United Kingdom and Vietnam. US President Donald Trump says he has struck a trade deal with Indonesia. "Great deal, for everybody, just made with Indonesia. I dealt directly with their highly respected President. DETAILS TO FOLLOW!!!" Trump said in a post on Truth Social. Trump had threatened the southeast Asian country with a 32 per cent tariff rate effective August 1 in a letter sent to its president last week. Trump sent similar letters to about two dozen trading partners this month, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20 per cent up to 50 per cent as well as a 50 per cent tariff on copper. The August 1 deadline gives the targeted countries time to negotiate agreements that could lower the threatened tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats. Since launching his tariff policy, Trump has reached trade agreements with three other countries: China, the United Kingdom and Vietnam. US President Donald Trump says he has struck a trade deal with Indonesia. "Great deal, for everybody, just made with Indonesia. I dealt directly with their highly respected President. DETAILS TO FOLLOW!!!" Trump said in a post on Truth Social. Trump had threatened the southeast Asian country with a 32 per cent tariff rate effective August 1 in a letter sent to its president last week. Trump sent similar letters to about two dozen trading partners this month, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20 per cent up to 50 per cent as well as a 50 per cent tariff on copper. The August 1 deadline gives the targeted countries time to negotiate agreements that could lower the threatened tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats. Since launching his tariff policy, Trump has reached trade agreements with three other countries: China, the United Kingdom and Vietnam. US President Donald Trump says he has struck a trade deal with Indonesia. "Great deal, for everybody, just made with Indonesia. I dealt directly with their highly respected President. DETAILS TO FOLLOW!!!" Trump said in a post on Truth Social. Trump had threatened the southeast Asian country with a 32 per cent tariff rate effective August 1 in a letter sent to its president last week. Trump sent similar letters to about two dozen trading partners this month, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20 per cent up to 50 per cent as well as a 50 per cent tariff on copper. The August 1 deadline gives the targeted countries time to negotiate agreements that could lower the threatened tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats. Since launching his tariff policy, Trump has reached trade agreements with three other countries: China, the United Kingdom and Vietnam.
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2 hours ago
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Kremlin reacts icily to Trump warnings over Ukraine
Trump, sitting beside NATO Secretary-General Mark Rutte in the Oval Office, on Monday, announced new weapons for Ukraine and threatened "biting" secondary tariffs of 100 per cent on the buyers of Russian exports unless there is a peace deal in 50 days. "The US president's statements are very serious. Some of them are addressed personally to President Putin," Kremlin spokesman Dmitry Peskov told reporters on Tuesday. "We certainly need time to analyse what was said in Washington." Putin, who has spoken to Trump by telephone at least six times in 2025, has yet to comment publicly on Trump's remarks. But two other senior Russian officials did not hold back. Former president Dmitry Medvedev, now deputy chair of Russia's Security Council, said Moscow did not care about Trump's "theatrical ultimatum", while a senior Russian diplomat, Sergei Ryabkov, suggested that giving ultimatums to Moscow was unacceptable and pointless. Trump, who has said he wants to be seen as a "peacemaker" president, said he wanted to see the end of the war - on which he said the United States had spent $US350 billion ($A534 billion) - but that he had been "disappointed" by Putin. Trump specifically expressed frustration that Putin's "talk" about peace was often followed by Russian strikes on major Ukrainian cities, and indicated Washington wanted to press Moscow into ending the war by sending more arms to Ukraine. "I don't want to say he's an assassin, but he's a tough guy," Trump said of Putin, a reference to former US President Joe Biden calling the Russian leader "a killer" in a 2021 interview. The Financial Times reported that Trump had privately encouraged Ukraine to step up strikes deep in Russian territory, even asking Ukrainian President Volodymyr Zelenskiy whether he could hit Moscow if the US provided long-range weapons. Trump told the BBC that he was "not done" with Putin and that he thought a Ukraine peace deal was on the cards. Putin ordered Russian troops into Ukraine in February 2022 after eight years of fighting in eastern Ukraine between Russian-backed separatists and Ukrainian forces. The United States says 1.2 million people have been injured or killed in the war. In Moscow, state television broadcasts led with advances by Russian troops in Ukraine, of which Russian forces control just under a fifth, and an attack on Russia by Ukrainian drones that injured 18 people. Kommersant, one of Russia's most respected newspapers, invoked William Shakespeare's "Julius Caesar" in its front page headline to suggest betrayal: "Et tu, Trump - the main peacekeeper of Ukrainian conflict joined the 'party of war". Putin has repeatedly said he is ready to make peace - but on his terms - and there is no point discussing a ceasefire until the details of what a peace would look like are nailed down. In Washington, a White House official said Trump's intention was to impose "100 per cent tariffs on Russia" and secondary sanctions on other countries that buy oil from Russia if a peace deal was not struck in 50 days. China, India and Turkey are the biggest buyers of crude from Russia, the world's second-largest exporter of oil Trump, sitting beside NATO Secretary-General Mark Rutte in the Oval Office, on Monday, announced new weapons for Ukraine and threatened "biting" secondary tariffs of 100 per cent on the buyers of Russian exports unless there is a peace deal in 50 days. "The US president's statements are very serious. Some of them are addressed personally to President Putin," Kremlin spokesman Dmitry Peskov told reporters on Tuesday. "We certainly need time to analyse what was said in Washington." Putin, who has spoken to Trump by telephone at least six times in 2025, has yet to comment publicly on Trump's remarks. But two other senior Russian officials did not hold back. Former president Dmitry Medvedev, now deputy chair of Russia's Security Council, said Moscow did not care about Trump's "theatrical ultimatum", while a senior Russian diplomat, Sergei Ryabkov, suggested that giving ultimatums to Moscow was unacceptable and pointless. Trump, who has said he wants to be seen as a "peacemaker" president, said he wanted to see the end of the war - on which he said the United States had spent $US350 billion ($A534 billion) - but that he had been "disappointed" by Putin. Trump specifically expressed frustration that Putin's "talk" about peace was often followed by Russian strikes on major Ukrainian cities, and indicated Washington wanted to press Moscow into ending the war by sending more arms to Ukraine. "I don't want to say he's an assassin, but he's a tough guy," Trump said of Putin, a reference to former US President Joe Biden calling the Russian leader "a killer" in a 2021 interview. The Financial Times reported that Trump had privately encouraged Ukraine to step up strikes deep in Russian territory, even asking Ukrainian President Volodymyr Zelenskiy whether he could hit Moscow if the US provided long-range weapons. Trump told the BBC that he was "not done" with Putin and that he thought a Ukraine peace deal was on the cards. Putin ordered Russian troops into Ukraine in February 2022 after eight years of fighting in eastern Ukraine between Russian-backed separatists and Ukrainian forces. The United States says 1.2 million people have been injured or killed in the war. In Moscow, state television broadcasts led with advances by Russian troops in Ukraine, of which Russian forces control just under a fifth, and an attack on Russia by Ukrainian drones that injured 18 people. Kommersant, one of Russia's most respected newspapers, invoked William Shakespeare's "Julius Caesar" in its front page headline to suggest betrayal: "Et tu, Trump - the main peacekeeper of Ukrainian conflict joined the 'party of war". Putin has repeatedly said he is ready to make peace - but on his terms - and there is no point discussing a ceasefire until the details of what a peace would look like are nailed down. In Washington, a White House official said Trump's intention was to impose "100 per cent tariffs on Russia" and secondary sanctions on other countries that buy oil from Russia if a peace deal was not struck in 50 days. China, India and Turkey are the biggest buyers of crude from Russia, the world's second-largest exporter of oil Trump, sitting beside NATO Secretary-General Mark Rutte in the Oval Office, on Monday, announced new weapons for Ukraine and threatened "biting" secondary tariffs of 100 per cent on the buyers of Russian exports unless there is a peace deal in 50 days. "The US president's statements are very serious. Some of them are addressed personally to President Putin," Kremlin spokesman Dmitry Peskov told reporters on Tuesday. "We certainly need time to analyse what was said in Washington." Putin, who has spoken to Trump by telephone at least six times in 2025, has yet to comment publicly on Trump's remarks. But two other senior Russian officials did not hold back. Former president Dmitry Medvedev, now deputy chair of Russia's Security Council, said Moscow did not care about Trump's "theatrical ultimatum", while a senior Russian diplomat, Sergei Ryabkov, suggested that giving ultimatums to Moscow was unacceptable and pointless. Trump, who has said he wants to be seen as a "peacemaker" president, said he wanted to see the end of the war - on which he said the United States had spent $US350 billion ($A534 billion) - but that he had been "disappointed" by Putin. Trump specifically expressed frustration that Putin's "talk" about peace was often followed by Russian strikes on major Ukrainian cities, and indicated Washington wanted to press Moscow into ending the war by sending more arms to Ukraine. "I don't want to say he's an assassin, but he's a tough guy," Trump said of Putin, a reference to former US President Joe Biden calling the Russian leader "a killer" in a 2021 interview. The Financial Times reported that Trump had privately encouraged Ukraine to step up strikes deep in Russian territory, even asking Ukrainian President Volodymyr Zelenskiy whether he could hit Moscow if the US provided long-range weapons. Trump told the BBC that he was "not done" with Putin and that he thought a Ukraine peace deal was on the cards. Putin ordered Russian troops into Ukraine in February 2022 after eight years of fighting in eastern Ukraine between Russian-backed separatists and Ukrainian forces. The United States says 1.2 million people have been injured or killed in the war. In Moscow, state television broadcasts led with advances by Russian troops in Ukraine, of which Russian forces control just under a fifth, and an attack on Russia by Ukrainian drones that injured 18 people. Kommersant, one of Russia's most respected newspapers, invoked William Shakespeare's "Julius Caesar" in its front page headline to suggest betrayal: "Et tu, Trump - the main peacekeeper of Ukrainian conflict joined the 'party of war". Putin has repeatedly said he is ready to make peace - but on his terms - and there is no point discussing a ceasefire until the details of what a peace would look like are nailed down. In Washington, a White House official said Trump's intention was to impose "100 per cent tariffs on Russia" and secondary sanctions on other countries that buy oil from Russia if a peace deal was not struck in 50 days. China, India and Turkey are the biggest buyers of crude from Russia, the world's second-largest exporter of oil Trump, sitting beside NATO Secretary-General Mark Rutte in the Oval Office, on Monday, announced new weapons for Ukraine and threatened "biting" secondary tariffs of 100 per cent on the buyers of Russian exports unless there is a peace deal in 50 days. "The US president's statements are very serious. Some of them are addressed personally to President Putin," Kremlin spokesman Dmitry Peskov told reporters on Tuesday. "We certainly need time to analyse what was said in Washington." Putin, who has spoken to Trump by telephone at least six times in 2025, has yet to comment publicly on Trump's remarks. But two other senior Russian officials did not hold back. Former president Dmitry Medvedev, now deputy chair of Russia's Security Council, said Moscow did not care about Trump's "theatrical ultimatum", while a senior Russian diplomat, Sergei Ryabkov, suggested that giving ultimatums to Moscow was unacceptable and pointless. Trump, who has said he wants to be seen as a "peacemaker" president, said he wanted to see the end of the war - on which he said the United States had spent $US350 billion ($A534 billion) - but that he had been "disappointed" by Putin. Trump specifically expressed frustration that Putin's "talk" about peace was often followed by Russian strikes on major Ukrainian cities, and indicated Washington wanted to press Moscow into ending the war by sending more arms to Ukraine. "I don't want to say he's an assassin, but he's a tough guy," Trump said of Putin, a reference to former US President Joe Biden calling the Russian leader "a killer" in a 2021 interview. The Financial Times reported that Trump had privately encouraged Ukraine to step up strikes deep in Russian territory, even asking Ukrainian President Volodymyr Zelenskiy whether he could hit Moscow if the US provided long-range weapons. Trump told the BBC that he was "not done" with Putin and that he thought a Ukraine peace deal was on the cards. Putin ordered Russian troops into Ukraine in February 2022 after eight years of fighting in eastern Ukraine between Russian-backed separatists and Ukrainian forces. The United States says 1.2 million people have been injured or killed in the war. In Moscow, state television broadcasts led with advances by Russian troops in Ukraine, of which Russian forces control just under a fifth, and an attack on Russia by Ukrainian drones that injured 18 people. Kommersant, one of Russia's most respected newspapers, invoked William Shakespeare's "Julius Caesar" in its front page headline to suggest betrayal: "Et tu, Trump - the main peacekeeper of Ukrainian conflict joined the 'party of war". Putin has repeatedly said he is ready to make peace - but on his terms - and there is no point discussing a ceasefire until the details of what a peace would look like are nailed down. In Washington, a White House official said Trump's intention was to impose "100 per cent tariffs on Russia" and secondary sanctions on other countries that buy oil from Russia if a peace deal was not struck in 50 days. China, India and Turkey are the biggest buyers of crude from Russia, the world's second-largest exporter of oil
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Wall Street gains as Nvidia jumps, results in focus
The Nasdaq and the S&P 500 have crept up to new record highs on the back of gains in Nvidia while investors assessed a largely in-line inflation report and bank results that kicked off the second-quarter earnings season. A Labor Department report showed US consumer prices rose as expected on a monthly basis in June. Annually, the prices rose 2.7 per cent compared with an estimated 2.6 per cent rise. The core figure, which excludes volatile food and energy components, rose 0.2 per cent on a monthly basis and 2.9 per cent from a year earlier but the gains were below estimates. "There's little evidence that some of the tariff inflation is beginning to creep in," said Peter Cardillo, chief market economist at Spartan Capital Securities. "So, (the) bottom line (is), the tariff inflationary aspect still needs to be monitored." The odds of a July rate cut have almost become nil while markets pricing for a reduction in September lowered slightly to about 56 per cent, according to CME FedWatch. In early trading on Tuesday, the S&P 500 gained 15.68 points, or 0.25 per cent, to 6,284.24, and the Nasdaq Composite rose 142.25 points, or 0.69 per cent, to 20,782.58. The Dow Jones Industrial Average fell 101.39 points, or 0.24 per cent, to 44,353.40. The Nasdaq and the S&P 500 were boosted by AI-chip leader Nvidia, which surged 5.0 per cent after unveiling plans to resume sales of its H20 AI chip to China. Other chipmakers also advanced, with Advanced Micro Devices surging 8.0 per cent and Super Micro Computer rising 5.0 per cent. The Philadelphia Semiconductor Index was up 2.1 per cent. Wall Street kicked off second-quarter earnings with big banks in the spotlight. JPMorgan Chase slipped 1.0 per cent despite boosting its 2025 net interest income outlook while Wells Fargo shares tumbled 5.0 per cent, even as its quarterly profit climbed on lower loan-loss reserves. Meanwhile, BlackRock set a new record with $US12.53 trillion ($A19.12 trillion) in assets under management amid hopes for trade deals and interest-rate cuts but its shares dropped 6.2 per cent. The KBW Bank index hit a two-week low and was last down 1.1 per cent. Citigroup rose 1.0 per cent after the lender's profit jumped in the second quarter as its traders brought in a windfall from turbulent markets. Despite US President Donald Trump's renewed tariff threats - this time aimed at Russia - markets largely brushed off the rhetoric, focusing instead on a breakthrough from negotiations with US trade partners. Hopes were buoyed after Trump signalled a willingness to talk following his weekend warning of 30 per cent tariffs on the European Union and Mexico from August 1. At least four Fed officials including Board Governor Michael Barr are scheduled to speak later in the day, potentially offering fresh clues on the central bank's next steps. Among other movers, Trade Desk surged 11.4 per cent after the software firm was set to join the benchmark S&P 500 index . Declining issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and two new lows while the Nasdaq Composite recorded 53 new highs and 27 new lows. The Nasdaq and the S&P 500 have crept up to new record highs on the back of gains in Nvidia while investors assessed a largely in-line inflation report and bank results that kicked off the second-quarter earnings season. A Labor Department report showed US consumer prices rose as expected on a monthly basis in June. Annually, the prices rose 2.7 per cent compared with an estimated 2.6 per cent rise. The core figure, which excludes volatile food and energy components, rose 0.2 per cent on a monthly basis and 2.9 per cent from a year earlier but the gains were below estimates. "There's little evidence that some of the tariff inflation is beginning to creep in," said Peter Cardillo, chief market economist at Spartan Capital Securities. "So, (the) bottom line (is), the tariff inflationary aspect still needs to be monitored." The odds of a July rate cut have almost become nil while markets pricing for a reduction in September lowered slightly to about 56 per cent, according to CME FedWatch. In early trading on Tuesday, the S&P 500 gained 15.68 points, or 0.25 per cent, to 6,284.24, and the Nasdaq Composite rose 142.25 points, or 0.69 per cent, to 20,782.58. The Dow Jones Industrial Average fell 101.39 points, or 0.24 per cent, to 44,353.40. The Nasdaq and the S&P 500 were boosted by AI-chip leader Nvidia, which surged 5.0 per cent after unveiling plans to resume sales of its H20 AI chip to China. Other chipmakers also advanced, with Advanced Micro Devices surging 8.0 per cent and Super Micro Computer rising 5.0 per cent. The Philadelphia Semiconductor Index was up 2.1 per cent. Wall Street kicked off second-quarter earnings with big banks in the spotlight. JPMorgan Chase slipped 1.0 per cent despite boosting its 2025 net interest income outlook while Wells Fargo shares tumbled 5.0 per cent, even as its quarterly profit climbed on lower loan-loss reserves. Meanwhile, BlackRock set a new record with $US12.53 trillion ($A19.12 trillion) in assets under management amid hopes for trade deals and interest-rate cuts but its shares dropped 6.2 per cent. The KBW Bank index hit a two-week low and was last down 1.1 per cent. Citigroup rose 1.0 per cent after the lender's profit jumped in the second quarter as its traders brought in a windfall from turbulent markets. Despite US President Donald Trump's renewed tariff threats - this time aimed at Russia - markets largely brushed off the rhetoric, focusing instead on a breakthrough from negotiations with US trade partners. Hopes were buoyed after Trump signalled a willingness to talk following his weekend warning of 30 per cent tariffs on the European Union and Mexico from August 1. At least four Fed officials including Board Governor Michael Barr are scheduled to speak later in the day, potentially offering fresh clues on the central bank's next steps. Among other movers, Trade Desk surged 11.4 per cent after the software firm was set to join the benchmark S&P 500 index . Declining issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and two new lows while the Nasdaq Composite recorded 53 new highs and 27 new lows. The Nasdaq and the S&P 500 have crept up to new record highs on the back of gains in Nvidia while investors assessed a largely in-line inflation report and bank results that kicked off the second-quarter earnings season. A Labor Department report showed US consumer prices rose as expected on a monthly basis in June. Annually, the prices rose 2.7 per cent compared with an estimated 2.6 per cent rise. The core figure, which excludes volatile food and energy components, rose 0.2 per cent on a monthly basis and 2.9 per cent from a year earlier but the gains were below estimates. "There's little evidence that some of the tariff inflation is beginning to creep in," said Peter Cardillo, chief market economist at Spartan Capital Securities. "So, (the) bottom line (is), the tariff inflationary aspect still needs to be monitored." The odds of a July rate cut have almost become nil while markets pricing for a reduction in September lowered slightly to about 56 per cent, according to CME FedWatch. In early trading on Tuesday, the S&P 500 gained 15.68 points, or 0.25 per cent, to 6,284.24, and the Nasdaq Composite rose 142.25 points, or 0.69 per cent, to 20,782.58. The Dow Jones Industrial Average fell 101.39 points, or 0.24 per cent, to 44,353.40. The Nasdaq and the S&P 500 were boosted by AI-chip leader Nvidia, which surged 5.0 per cent after unveiling plans to resume sales of its H20 AI chip to China. Other chipmakers also advanced, with Advanced Micro Devices surging 8.0 per cent and Super Micro Computer rising 5.0 per cent. The Philadelphia Semiconductor Index was up 2.1 per cent. Wall Street kicked off second-quarter earnings with big banks in the spotlight. JPMorgan Chase slipped 1.0 per cent despite boosting its 2025 net interest income outlook while Wells Fargo shares tumbled 5.0 per cent, even as its quarterly profit climbed on lower loan-loss reserves. Meanwhile, BlackRock set a new record with $US12.53 trillion ($A19.12 trillion) in assets under management amid hopes for trade deals and interest-rate cuts but its shares dropped 6.2 per cent. The KBW Bank index hit a two-week low and was last down 1.1 per cent. Citigroup rose 1.0 per cent after the lender's profit jumped in the second quarter as its traders brought in a windfall from turbulent markets. Despite US President Donald Trump's renewed tariff threats - this time aimed at Russia - markets largely brushed off the rhetoric, focusing instead on a breakthrough from negotiations with US trade partners. Hopes were buoyed after Trump signalled a willingness to talk following his weekend warning of 30 per cent tariffs on the European Union and Mexico from August 1. At least four Fed officials including Board Governor Michael Barr are scheduled to speak later in the day, potentially offering fresh clues on the central bank's next steps. Among other movers, Trade Desk surged 11.4 per cent after the software firm was set to join the benchmark S&P 500 index . Declining issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and two new lows while the Nasdaq Composite recorded 53 new highs and 27 new lows. The Nasdaq and the S&P 500 have crept up to new record highs on the back of gains in Nvidia while investors assessed a largely in-line inflation report and bank results that kicked off the second-quarter earnings season. A Labor Department report showed US consumer prices rose as expected on a monthly basis in June. Annually, the prices rose 2.7 per cent compared with an estimated 2.6 per cent rise. The core figure, which excludes volatile food and energy components, rose 0.2 per cent on a monthly basis and 2.9 per cent from a year earlier but the gains were below estimates. "There's little evidence that some of the tariff inflation is beginning to creep in," said Peter Cardillo, chief market economist at Spartan Capital Securities. "So, (the) bottom line (is), the tariff inflationary aspect still needs to be monitored." The odds of a July rate cut have almost become nil while markets pricing for a reduction in September lowered slightly to about 56 per cent, according to CME FedWatch. In early trading on Tuesday, the S&P 500 gained 15.68 points, or 0.25 per cent, to 6,284.24, and the Nasdaq Composite rose 142.25 points, or 0.69 per cent, to 20,782.58. The Dow Jones Industrial Average fell 101.39 points, or 0.24 per cent, to 44,353.40. The Nasdaq and the S&P 500 were boosted by AI-chip leader Nvidia, which surged 5.0 per cent after unveiling plans to resume sales of its H20 AI chip to China. Other chipmakers also advanced, with Advanced Micro Devices surging 8.0 per cent and Super Micro Computer rising 5.0 per cent. The Philadelphia Semiconductor Index was up 2.1 per cent. Wall Street kicked off second-quarter earnings with big banks in the spotlight. JPMorgan Chase slipped 1.0 per cent despite boosting its 2025 net interest income outlook while Wells Fargo shares tumbled 5.0 per cent, even as its quarterly profit climbed on lower loan-loss reserves. Meanwhile, BlackRock set a new record with $US12.53 trillion ($A19.12 trillion) in assets under management amid hopes for trade deals and interest-rate cuts but its shares dropped 6.2 per cent. The KBW Bank index hit a two-week low and was last down 1.1 per cent. Citigroup rose 1.0 per cent after the lender's profit jumped in the second quarter as its traders brought in a windfall from turbulent markets. Despite US President Donald Trump's renewed tariff threats - this time aimed at Russia - markets largely brushed off the rhetoric, focusing instead on a breakthrough from negotiations with US trade partners. Hopes were buoyed after Trump signalled a willingness to talk following his weekend warning of 30 per cent tariffs on the European Union and Mexico from August 1. At least four Fed officials including Board Governor Michael Barr are scheduled to speak later in the day, potentially offering fresh clues on the central bank's next steps. Among other movers, Trade Desk surged 11.4 per cent after the software firm was set to join the benchmark S&P 500 index . Declining issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and two new lows while the Nasdaq Composite recorded 53 new highs and 27 new lows.
