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Iraqi News
21-04-2025
- Business
- Iraqi News
Gold hits record, dollar drops as tariff fears dampen sentiment
Hong Kong – Gold prices hit a fresh record Monday while the dollar weakened further and stocks were mixed amid worries about Donald Trump's tariff blitz and bubbling row with the Federal Reserve. With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the release of key data that should give an insight into the impact of the US president's trade war. Several nations have moved to cut a deal with Washington to stem the worst of the White House's levies, with Japan the highest profile economy. However, China warned governments on Monday not to seek an agreement that compromised Beijing's interests. While the rest of the world has been slapped with a blanket 10 percent tariff, China faces levies of up to 145 percent on many products. Beijing has responded with duties of 125 percent on US goods. 'Appeasement will not bring peace, and compromise will not be respected,' a commerce ministry spokesperson said in a statement. 'To seek one's own temporary selfish interests at the expense of others' interests is to seek the skin of a tiger,' Beijing said. That approach, it warned, 'will ultimately fail on both ends and harm others'. The remarks come after Trump said Thursday that the United States was in talks with China on tariffs, adding that he was confident the world's largest economies could make a deal to end the bitter trade war. 'Yeah, we're talking to China,' he said. 'I would say they have reached out a number of times.' 'I think we're going to make a very good deal with China.' Concerns about the global economic outlook pushed safe haven assets higher, with gold hitting a new record high above $3,384. The precious metal was also helped by a weaker dollar, which has also been hit by worries about Trump's standoff with Fed boss Jerome Powell. The president raised worries about the bank's independence when he last week lashed Powell for warning that the tariffs were 'highly likely to generate at least a temporary rise in inflation' and suggested interest rate cuts were unlikely. Trump later called on him to slash borrowing costs and added: 'If I want him out, he'll be out of there real fast, believe me.' Powell has said he had no plans to step down early, adding that he considered the bank's independence over monetary policy to be a 'matter of law'. The dollar fell against its main peers, with the yen and euro among the best performers. French Finance Minister Eric Lombard said: 'Donald Trump has hurt the credibility of the dollar with his aggressive moves on tariffs — for a long time.' If Powell is pushed out 'this credibility will be harmed even more, with developments in the bond market', he told La Tribune Dimanche newspaper. Chicago Fed boss Austan Goolsbee on Sunday told CBS's Face The Nation: 'There's virtual unanimity among economists that monetary independence from political interference — that the Fed or any central bank be able to do the job that it needs to do — is really important.' Stocks had a mixed start to the week, with Tokyo weighed by the stronger yen and Taipei also in negative territory. But Shanghai, Seoul, Singapore, Manila and Jakarta rose. Oil prices dropped on demand fears as worries about the global economy swirl. Traders are keeping tabs on the release of key April manufacturing data around the world this week, hoping for an idea about the early impact of Trump's tariffs. 'One thing that's absolutely clear — and no longer debatable — is that the reputational hit to the US brand is real, and it's not fading quietly into the next news cycle,' said Stephen Innes at SPI Asset Management. 'It's sticking. Investors, allies, and even central banks are starting to bake in the idea that American policymaking, both fiscal and monetary, is now a geopolitical variable — not a given,' he added. – Key figures at 0230 GMT – Tokyo – Nikkei 225: DOWN 1.2 percent at 34,300.35 (break) Shanghai – Composite: UP 0.5 percent at 3,292.98 Hong Kong – Hang Seng Index: Closed for a holiday Euro/dollar: UP at $1.1476 from $1.1371 on Thursday Pound/dollar: UP $1.3353 at $1.3270 Dollar/yen: DOWN at 141.03 yen from 142.33 yen Euro/pound: UP at 85.94 pence from 85.68 pence West Texas Intermediate: DOWN 1.7 percent at $62.91 per barrel Brent North Sea Crude: DOWN 1.7 percent at $66.84 per barrel London – FTSE 100: Closed for a holiday New York – Dow: Closed for a holiday
Yahoo
21-04-2025
- Business
- Yahoo
Gold hits record, dollar drops as tariff fears dampen sentiment
Gold prices hit a fresh record Monday while the dollar weakened further and stocks were mixed amid worries about Donald Trump's tariff blitz and bubbling row with the Federal Reserve. With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the release of key data that should give an insight into the impact of the US president's trade war. Several nations have moved to cut a deal with Washington to stem the worst of the White House's levies, with Japan the highest profile economy. However, China warned governments on Monday not to seek an agreement that compromised Beijing's interests. While the rest of the world has been slapped with a blanket 10 percent tariff, China faces levies of up to 145 percent on many products. Beijing has responded with duties of 125 percent on US goods. "Appeasement will not bring peace, and compromise will not be respected," a commerce ministry spokesperson said in a statement. "To seek one's own temporary selfish interests at the expense of others' interests is to seek the skin of a tiger," Beijing said. That approach, it warned, "will ultimately fail on both ends and harm others". The remarks come after Trump said Thursday that the United States was in talks with China on tariffs, adding that he was confident the world's largest economies could make a deal to end the bitter trade war. "Yeah, we're talking to China," he said. "I would say they have reached out a number of times." "I think we're going to make a very good deal with China." Concerns about the global economic outlook pushed safe haven assets higher, with gold hitting a new record high above $3,384. The precious metal was also helped by a weaker dollar, which has also been hit by worries about Trump's standoff with Fed boss Jerome Powell. The president raised worries about the bank's independence when he last week lashed Powell for warning that the tariffs were "highly likely to generate at least a temporary rise in inflation" and suggested interest rate cuts were unlikely. Trump later called on him to slash borrowing costs and added: "If I want him out, he'll be out of there real fast, believe me." Powell has said he had no plans to step down early, adding that he considered the bank's independence over monetary policy to be a "matter of law". The dollar fell against its main peers, with the yen and euro among the best performers. French Finance Minister Eric Lombard said: "Donald Trump has hurt the credibility of the dollar with his aggressive moves on tariffs -- for a long time." If Powell is pushed out "this credibility will be harmed even more, with developments in the bond market", he told La Tribune Dimanche newspaper. Chicago Fed boss Austan Goolsbee on Sunday told CBS's Face The Nation: "There's virtual unanimity among economists that monetary independence from political interference -- that the Fed or any central bank be able to do the job that it needs to do -- is really important." Stocks had a mixed start to the week, with Tokyo weighed by the stronger yen and Taipei also in negative territory. But Shanghai, Seoul, Singapore, Manila and Jakarta rose. Oil prices dropped on demand fears as worries about the global economy swirl. Traders are keeping tabs on the release of key April manufacturing data around the world this week, hoping for an idea about the early impact of Trump's tariffs. "One thing that's absolutely clear -- and no longer debatable -- is that the reputational hit to the US brand is real, and it's not fading quietly into the next news cycle," said Stephen Innes at SPI Asset Management. "It's sticking. Investors, allies, and even central banks are starting to bake in the idea that American policymaking, both fiscal and monetary, is now a geopolitical variable -- not a given," he added. - Key figures at 0230 GMT - Tokyo - Nikkei 225: DOWN 1.2 percent at 34,300.35 (break) Shanghai - Composite: UP 0.5 percent at 3,292.98 Hong Kong - Hang Seng Index: Closed for a holiday Euro/dollar: UP at $1.1476 from $1.1371 on Thursday Pound/dollar: UP $1.3353 at $1.3270 Dollar/yen: DOWN at 141.03 yen from 142.33 yen Euro/pound: UP at 85.94 pence from 85.68 pence West Texas Intermediate: DOWN 1.7 percent at $62.91 per barrel Brent North Sea Crude: DOWN 1.7 percent at $66.84 per barrel London - FTSE 100: Closed for a holiday New York - Dow: Closed for a holiday dan/mtp Sign in to access your portfolio
Yahoo
21-04-2025
- Business
- Yahoo
Gold hits record, dollar drops as tariff fears dampen sentiment
Gold prices hit a fresh record Monday while the dollar weakened further and stocks were mixed amid worries about Donald Trump's tariff blitz and bubbling row with the Federal Reserve. With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the release of key data that should give an insight into the impact of the US president's trade war. Several nations have moved to cut a deal with Washington to stem the worst of the White House's levies, with Japan the highest profile economy. However, China warned governments on Monday not to seek an agreement that compromised Beijing's interests. While the rest of the world has been slapped with a blanket 10 percent tariff, China faces levies of up to 145 percent on many products. Beijing has responded with duties of 125 percent on US goods. "Appeasement will not bring peace, and compromise will not be respected," a commerce ministry spokesperson said in a statement. "To seek one's own temporary selfish interests at the expense of others' interests is to seek the skin of a tiger," Beijing said. That approach, it warned, "will ultimately fail on both ends and harm others". The remarks come after Trump said Thursday that the United States was in talks with China on tariffs, adding that he was confident the world's largest economies could make a deal to end the bitter trade war. "Yeah, we're talking to China," he said. "I would say they have reached out a number of times." "I think we're going to make a very good deal with China." Concerns about the global economic outlook pushed safe haven assets higher, with gold hitting a new record high above $3,384. The precious metal was also helped by a weaker dollar, which has also been hit by worries about Trump's standoff with Fed boss Jerome Powell. The president raised worries about the bank's independence when he last week lashed Powell for warning that the tariffs were "highly likely to generate at least a temporary rise in inflation" and suggested interest rate cuts were unlikely. Trump later called on him to slash borrowing costs and added: "If I want him out, he'll be out of there real fast, believe me." Powell has said he had no plans to step down early, adding that he considered the bank's independence over monetary policy to be a "matter of law". The dollar fell against its main peers, with the yen and euro among the best performers. French Finance Minister Eric Lombard said: "Donald Trump has hurt the credibility of the dollar with his aggressive moves on tariffs -- for a long time." If Powell is pushed out "this credibility will be harmed even more, with developments in the bond market", he told La Tribune Dimanche newspaper. Chicago Fed boss Austan Goolsbee on Sunday told CBS's Face The Nation: "There's virtual unanimity among economists that monetary independence from political interference -- that the Fed or any central bank be able to do the job that it needs to do -- is really important." Stocks had a mixed start to the week, with Tokyo weighed by the stronger yen and Taipei also in negative territory. But Shanghai, Seoul, Singapore, Manila and Jakarta rose. Oil prices dropped on demand fears as worries about the global economy swirl. Traders are keeping tabs on the release of key April manufacturing data around the world this week, hoping for an idea about the early impact of Trump's tariffs. "One thing that's absolutely clear -- and no longer debatable -- is that the reputational hit to the US brand is real, and it's not fading quietly into the next news cycle," said Stephen Innes at SPI Asset Management. "It's sticking. Investors, allies, and even central banks are starting to bake in the idea that American policymaking, both fiscal and monetary, is now a geopolitical variable -- not a given," he added. - Key figures at 0230 GMT - Tokyo - Nikkei 225: DOWN 1.2 percent at 34,300.35 (break) Shanghai - Composite: UP 0.5 percent at 3,292.98 Hong Kong - Hang Seng Index: Closed for a holiday Euro/dollar: UP at $1.1476 from $1.1371 on Thursday Pound/dollar: UP $1.3353 at $1.3270 Dollar/yen: DOWN at 141.03 yen from 142.33 yen Euro/pound: UP at 85.94 pence from 85.68 pence West Texas Intermediate: DOWN 1.7 percent at $62.91 per barrel Brent North Sea Crude: DOWN 1.7 percent at $66.84 per barrel London - FTSE 100: Closed for a holiday New York - Dow: Closed for a holiday dan/mtp Sign in to access your portfolio
South China Morning Post
20-04-2025
- Business
- South China Morning Post
French minister warns Trump: firing Powell risks destabilising US economy
President Donald Trump would put the credibility of the dollar on the line and destabilise the US economy if he fired Federal Reserve Chair Jerome Powell, French Finance Minister Eric Lombard warned. Advertisement Donald Trump has hurt the credibility of the dollar with his aggressive moves on tariffs – for a long time,' Lombard said in an interview published in the La Tribune Dimanche newspaper. If Powell is pushed out 'this credibility will be harmed even more, with developments in the bond market'. The result would be higher costs to service the debt and 'a profound disorganisation of the country's economy', Lombard said, adding that the consequences would bring the US sooner or later to talks to end the tensions. Lombard's comments come after Trump, frustrated with Powell's caution to cut US interest rates, posted on social media on Thursday that Powell's 'termination couldn't come quickly enough' It is not clear whether he meant he wanted to fire Powell or was eager for the end of his term, which is May next year. National Economic Council Director Kevin Hassett said on Friday that Trump was studying whether he could fire Powell. France's Minister for Economy, Finances and Industrial and Digital sovereignty Eric Lombard at the presidential Elysee Palace in Paris on Wednesday. Photo: AFP President Emmanuel Macron has opposed Trump on a series of issues including Ukraine and trade. He has even offered refuge in France for US-based scientists whose federal research funding has been cut.
Miami Herald
19-04-2025
- Business
- Miami Herald
Firing Powell would hurt the dollar and US economy, France says
President Donald Trump would put the credibility of the dollar on the line and destabilize the U.S. economy if he fired Federal Reserve Chair Jerome Powell, French Finance Minister Eric Lombard warned. "Donald Trump has hurt the credibility of the dollar with his aggressive moves on tariffs - for a long time," Lombard said in an interview published in the La Tribune Dimanche newspaper. If Powell is pushed out "this credibility will be harmed even more, with developments in the bond market." The result would be higher costs to service the debt and "a profound disorganization of the country's economy," Lombard said, adding that the consequences would bring the U.S. sooner or later to talks to end the tensions. Lombard's comments come after Trump, frustrated with Powell's caution to cut U.S. interest rates, posted on social media Thursday that Powell's "termination couldn't come quickly enough." It wasn't clear whether he meant he wanted to fire Powell or was eager for the end of his term, which is May 2026. National Economic Council Director Kevin Hassett said Friday Trump was studying whether he could fire him. President Emmanuel Macron has opposed Trump on a series of issues including Ukraine, trade and even offered refuge in France for U.S.-based scientists whose federal research funding has been cut. Even so, Lombard's comments are unusually direct about U.S. domestic matters. On tariffs, France's finance minister said the 10% tariffs Trump has imposed on imports from the EU don't constitute "common ground" and that Europe's goal is for a free trade zone with the U.S. The 10% level is "a huge increase that isn't sustainable for the U.S. economy and represents major risks for global trade," Lombard said. The finance minister also called on European CEOs to show "patriotism" and work with their governments so the region doesn't lose out. On Thursday, French billionaire Bernard Arnault, whose group LVMH owns Champagne labels like Moët & Chandon and Veuve Clicquot as well as Hennessy Cognac, seemed to suggest that EU leaders weren't pushing hard enough for an accord on tariffs. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
