Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer 
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
Global Markets Slide as Tech Stocks Sink, Yields Rise, and AI Concerns Deepen 
Wall Street Futures Slip as Oracle Earnings Miss Reignites AI Spending Concerns 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Gold Prices Hold Firm as Markets Await Fed Rate Cut; Silver Surges to Record High 
Hong Kong Cuts Base Rate as HKMA Follows U.S. Federal Reserve Move 
Oil Prices Edge Higher as U.S. Seizes Sanctioned Venezuelan Tanker 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Oil prices steadied near two-week highs during Asian trading Thursday as markets weighed new U.S. trade tariffs and a surprise build in crude inventories. Brent crude futures for September slipped 0.1% to $70.09 per barrel, while West Texas Intermediate (WTI) dropped 0.2% to $68.23. Both benchmarks hovered close to their recent peaks, buoyed by renewed Middle East tensions following Houthi attacks in the Red Sea.
Investor sentiment was rattled by U.S. President Donald Trump’s fresh wave of tariffs. On Wednesday, Trump announced a 50% tariff on copper imports starting August 1, aiming to bolster the domestic copper sector. He also raised tariffs on Brazilian goods from 10% to 50%, intensifying a diplomatic rift with Brazil’s President Lula da Silva, who promised retaliatory measures. Additional 25% tariffs targeting South Korea, Japan, and other key partners further fueled fears of a broad trade war, potentially dampening global demand and weighing on oil outlooks.
Adding to bearish sentiment, the U.S. Energy Information Administration (EIA) reported an unexpected 7.07 million barrel jump in crude inventories for the week ending July 4—the largest increase since January. Analysts had anticipated a 2 million barrel draw, but reduced refinery activity over the holiday likely contributed to the surprise build.
However, a 2.65 million barrel decline in gasoline stocks pointed to strong consumer demand during the July 4 travel period. Still, concerns over a potential supply glut persist after OPEC+ recently announced plans to boost production by 548,000 barrels per day beginning in August.
As geopolitical tensions and trade uncertainties escalate, oil markets remain volatile, caught between demand risks and tightening supply dynamics.
