ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns 
Fed’s Dovish Tone Sends Dollar Lower as Markets Price In More Rate Cuts 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Global Markets Slide as Tech Stocks Sink, Yields Rise, and AI Concerns Deepen 
Gold prices extended their decline during Asian trading on Wednesday as easing U.S. auto tariffs and positive trade signals reduced safe-haven demand. President Donald Trump signed two orders offering tax credits and tariff relief on auto materials, signaling a softer stance in ongoing trade disputes. U.S. Commerce Secretary Howard Lutnick also hinted at a major trade deal announcement, which buoyed market sentiment and weighed on gold.
Despite the dip, gold is poised for its fourth straight monthly gain, rising nearly 6% in April. As of 02:30 ET (06:30 GMT), spot gold was down 0.4% at $3,305.10 per ounce, while June gold futures fell 0.6% to $3,314.94.
Silver futures slid 1.3% to $32.855 an ounce, and platinum held steady at $979.05. The decline in precious metals comes as investors await crucial U.S. economic indicators to assess the Federal Reserve’s interest rate trajectory. Upcoming data includes the PCE price index—seen as the Fed’s preferred inflation gauge—monthly jobs report, and Q1 GDP figures.
On Tuesday, consumer confidence in the U.S. fell to its lowest level since May 2020, and JOLTS job openings dropped to 7.192 million in March from 7.48 million. Analysts say these figures, combined with trade developments, could influence the Fed’s "wait-and-see" policy stance.
Meanwhile, copper prices dropped following disappointing economic data from China, the world’s top copper consumer. China’s manufacturing PMI contracted to 49.0 in April from 50.5 in March, its first decline since December 2023. The slowdown is widely linked to ongoing U.S. tariffs on Chinese goods, currently set at 145%.
Copper futures on the London Metal Exchange slipped 0.5% to $9,379.55 a ton, while May contracts fell 1.5% to $4.7875 per pound.
