Tech pierces trade gloom, Softbank reports

Asian markets on Wednesday will be looking to claw back Tuesday’s broad losses but will face headwinds from a sluggish performance on Wall Street, higher US bond yields, and persistent nervousness around escalating global trade tensions.

In testimony to Congress, Fed Chair Jerome Powell stressed the US central bank is in no rush to cut interest rates. His upbeat view of the economy and willingness to continue shrinking the Fed’s balance sheet weighed on US equity and bond prices, which could temper risk appetite in Asia.

Deep uncertainty around the US tariffs on steel and aluminum imports announced by President Donald Trump on Monday, and what lies next in the brewing global trade war, may also keep investors on the defensive.

This is partly being reflected in gold’s relentless rise to new highs within sight of USD 3,000 an ounce. Fear over the inflationary impact of a global trade war isn’t the only reason bullion is up 10% this year, but it’s a big one.

Japanese markets reopen after Tuesday’s National Day holiday, and if there’s a domestic driver for stocks on Wednesday it could be Softbank’s results.

The technology investment conglomerate is expected to post quarterly net profit of 234 billion yen (USD 1.54 billion) but analysts are keen to know whether the firm’s recent flurry of artificial intelligence-related investments will help or hurt its bottom line.

Softbank has agreed with OpenAI CEO Sam Altman to set up a joint venture in Japan, is committing USD 15 billion to the Stargate project, and has pledged to invest up to USD 100 billion in AI projects in the US over four years.

This comes amid an extraordinarily volatile time in AI – China’s DeepSeek rocked world markets last month, and on Monday a consortium led by Elon Musk said it had offered USD 97.4 billion to buy the nonprofit that controls OpenAI.

US tech stocks are holding their ground – the Nasdaq and ‘FAANG’ index are up 2% and 5% so far this year, respectively – but Asian tech stocks are flying – Hong Kong’s Hang Seng tech index is up 14% year to date.

Hedge funds have probably been active here. According to Goldman Sachs, they have been aggressive buyers of Chinese stocks this year, especially since the emergence of homegrown AI startup DeepSeek stoked investor enthusiasm.

And on Monday, a securities filing from billionaire hedge fund manager David Tepper’s Appaloosa Management showed that the firm substantially increased its holdings of Chinese tech giants Alibaba and JD in the fourth quarter of last year.

Remember, it was in response to Beijing’s initial economic stimulus and market support measures in September that Tepper said he would buy “everything” on China. He still seems just as bullish.

Here are key developments that could provide more direction to Asian markets on Wednesday:

– Softbank results (Q3)

– India inflation (January)

– India industrial production (December)

(By Jamie McGeever)

European shares close at record high on energy boost; US tariffs eyed

Europe’s benchmark index settled at an all-time high on Monday, boosted by energy stocks, while markets weighed US President Donald Trump’s warning of fresh tariffs on all steel and aluminum imports into the United States.

The pan-European STOXX 600 index gained 0.6%, with the oil and gas index leading sectoral gains with a 1.5% advance.

London-listed BP jumped 7.3%, its biggest one-day rise in over two years, after a report said Elliott Investment Management had built a stake in the company, aiding expectations the activist investor will drive strategy changes at the energy giant.

The stock also helped Britain’s blue-chip index FTSE 100 clinch a record high, while higher crude prices further aided the energy sector.

On Sunday Trump said he would announce new 25% tariffs on all steel and aluminum imports, along with other reciprocal tariffs on all countries this week.

Steel stocks ArcelorMittal dipped 0.6% and Voestalpine fell 1%. European steelmakers account for about 15% of imports into the United States.

“Our view in tariffs remains that they will cause volatility, are a negotiating tool, and will eventually be not as bad as feared. However, we do see scope for further volatility over the coming weeks with Europe likely be the next target for tariffs,” said Mohit Kumar, economist at Jefferies.

European Central Bank President Christine Lagarde said trade frictions would make the euro zone’s inflation outlook “more uncertain”.

Against a backdrop of tariff uncertainty, the STOXX 600 logged its seventh straight weekly advance on Friday as investors focussed on earnings, although automakers in Europe have struggled against the volatile backdrop.

Among others, GTT Group fell 4% after the French engineering company’s CEO Jean-Baptiste Choimet resigned.

Kongsberg Gruppen dropped 6.2% to the bottom of STOXX 600 after Pareto lowered its rating on the stock to ‘hold’ from ‘buy’.

Poland’s KGHM rose 5.8% after the country’s Finance Minister said it plans to reduce copper output tax from 2026, which may be extended beyond 2027.

Spanish train maker Talgo jumped 7.1% after Poland’s state-owned investment fund PFR said it planned to join the bidding for the manufacturer of AVE high-speed trains.

Developments around the Russia-Ukraine war were also in focus after Trump said he believed he was making progress with Russian President Vladimir Putin on ending the conflict.

(Reporting by Nikhil Sharma and Johann M Cherian; Editing by Mrigank Dhaniwala, Varun H K, and Christina Fincher)

Bond traders waver as Trump questions US government debt figures

NEW YORK – Bond investors were thrown off balance on Monday by US President Donald Trump’s weekend remarks on investigating Treasury debt payments for fraud, with some hoping they signaled a future pullback in debt issuance.

Speaking to reporters aboard Air Force One, Trump said officials reviewing wasteful spending had shifted their focus to the US debt payments and suggested that the country’s USD 36 trillion debt load might not be that high.

Market participants on Monday were left speculating if the remarks indicated a possible reduction of the country’s overall debt burden going forward, resulting from an overhaul of the federal government through the Department of Government Efficiency (DOGE) led by billionaire Elon Musk, but said it was unlikely to mean disruptions to upcoming debt payments.

“It could be Treasury payments … which is not directly linked to Treasury bonds,” said Prashant Bhayani, chief investment officer for Asia at BNP Paribas Wealth Management. “I would be very surprised if they ever stopped a payment of Treasury bonds to a holder, it would be like shooting yourself in the foot,” he said.

DOGE has disrupted operations at several federal agencies and has raised privacy and security concerns as it has gained access to sensitive payroll and spending records. A federal judge on Saturday temporarily barred Musk’s team from accessing government payment systems, citing risks of data leaks.

Trump’s debt remarks follow comments by Treasury Secretary Scotty Bessent who said in a Bloomberg interview last week that the US government borrowing trajectory is dropping. This, in turn, came after guidance from the Treasury Department last week that assuaged market concerns about imminent increases in long-term government debt issuance.

“If you put those comments together with Trump’s comments … I think this is going to be a very positive development for the Treasury market,” said Tony Farren, managing director at Mischler Financial Group.

He added, however, that any evidence of lower borrowing requirements would have to translate into lower sizes of Treasury debt auctions for the market to take into full account the agency’s progress.

“They’re going to have to come out and tell us concrete things that they found,” he said.

The Treasury Department, the White House, and three major credit ratings agencies did not immediately respond to requests for comment.

Benchmark 10-year Treasury yields were slightly higher on Monday ahead of some USD 125 billion in US three-year, 10-year, and 30-year Treasury auctions this week that will test demand for government debt. Spreads on US sovereign credit default swaps (CDS) – market-based gauges of the risk of a default – were unchanged.

“We view (Trump’s) comments as referencing specific payments … rather than outstanding US Treasury securities,” US brokerage firm BTIG said in a note.

“We firmly believe that the White House is cognizant of the turmoil that would come from calling into question the validity of any US Treasury securities, which bolsters our belief that the president was discussing specific budget items,” it said.

(Reporting by Davide Barbuscia and Tom Westbrook; Editing by Sandra Maler)

US steel makers stocks rise, foreign peers fall on Trump tariff plans

NEW YORK – Shares of US steel and aluminum producers rose on Monday, while their European and Asian counterparts fell a day after President Donald Trump announced plans to impose fresh metal import tariffs.

On Sunday, Trump said he would impose a 25% tariff increase on all steel and aluminum imports into the US on top of existing duties and a further set of reciprocal tariffs later in the week. He was expected to unveil the new tariffs on Monday or Tuesday.

American producers gained. Cleveland-Cliffs jumped nearly 18%, Nucor added nearly 6%, and Steel Dynamics rose nearly 5%. Century Aluminum added 10%, Alcoa rose 2.2% and US Steel gained nearly 5%.

“It’s not surprising that the companies that would directly benefit from this are experiencing market gains right now, that happened last time, although those gains were lost as global market realities eventually catch up with these firms,” said Christine McDaniel, senior research fellow at Mercatus Center and a former Deputy Assistant Secretary at the Treasury Department.

American steelmakers have been grappling with subdued demand for their products as an influx of cheaper imports forced them to cut prices and idle mills.

Nearly a quarter of all steel used in the US is imported, with the bulk of it from neighboring Mexico and Canada or close allies in Asia and Europe such as Japan, South Korea and Germany.

Steel manufacturers are trying to bring their supply chain closer or into the US to offset the impact of a tariff hike, which Citi Research said would raise import costs by about USD 150 per ton.

“Tariffs give them a temporary advantage but then you can’t really escape the reality of the global marketplace plus US manufacturers who consume steel and aluminum are now facing higher prices,” McDaniel said.

ArcelorMittal MT, the world’s second-largest steelmaker, is planning to build a manufacturing facility in Alabama to supply to the automotive sector, one of the largest buyers of domestically produced steel. South Korea’s Hyundai Steel 004020.KS also plans a plant in the US

Shares of ArcelorMittal, MT, and Voestalpine fell 2% each, while Germany’s Thyssenkrupp and Salzgitter were trading flat.

Additional tariffs on aluminum imports should boost US domestic production to around 1 million metric tons a year from nearly 750,000 metric tons, J.P. Morgan analysts said, similar to the rise seen during the 2018 tariff war.

Shares of Asian steel producers also fell, with India’s Tata Steel down 3.2% and JSW Steel down 2.3%.

The US will still depend heavily on imports to meet its annual aluminum demand of about 5 million metric tons. The metal is widely used in the aerospace sector, which has been grappling with supply chain challenges.

In his first term, Trump imposed tariffs of 25% on steel and 10% on aluminum, but later granted several trading partners duty-free exemptions, including Canada, Mexico, and Brazil.

“The higher tariffs at that time were associated with the higher producer prices and raising the input cost, and it did also save some jobs in steel and aluminum but it cost a lot more jobs in the downstream sectors,” McDaniel added.

(Reporting by Chibuike Oguh, Christoph Steitz, Paolo Laudani, Isabel Demetz, Medha Singh, Shivansh Tiwary, and Aatreyee Dasgupta; Editing by David Goodman, Saumyadeb Chakrabarty, Arun Koyyur, and David Gregorio)

Oil gains nearly 2% despite trade war concerns

HOUSTON – Oil prices rose nearly 2% on Monday after posting their third straight week of losses, even though investors remained worried that US President Donald Trump might start a trade war.

Brent crude futures settled at USD 1.21, or 1.6%, at USD 75.87 a barrel, while US West Texas Intermediate crude rose USD 1.32, or 1.9%, to USD 72.32.

The gains come after futures fell 2.8% last week, pressured by global trade worries.

“It’s tariff uncertainty which is the name of the game. This affects risk appetite in general and has spillover effects into oil,” said Harry Tchilinguiran at Onyx Capital. “After last week’s declines, some people may be buying into the dip.”

Trump is expected to sign an executive order on tariffs later on Monday or Tuesday, according to a source familiar with the situation, in a move that could increase the risk of a multi-front trade war. Wall Street’s main indexes closed higher on Monday.

A week ago he announced tariffs on Canada, Mexico and China, but suspended those for the neighbouring countries the next day.

Tariffs could dampen global economic growth and energy demand.

“The market has realized tariff headlines are likely to continue in the weeks and months ahead,” said IG analyst Tony Sycamore, adding that there was an equal chance they could be walked back or even increased at some point in the near future.

“So perhaps investors are coming to the conclusion it’s not the best course of action to react negatively to every headline.”

China’s retaliatory tariffs on some US exports are due to take effect on Monday, with no sign yet of progress in talks between Beijing and Washington.

Oil and gas traders are seeking waivers from Beijing for US crude and liquefied natural gas (LNG) imports.

Also buoying prices, Russia’s Federal Antimonopoly Service may initiate a one-month ban on gasoline exports by large producers in order to stabilize wholesale prices ahead of the crop-sowing season, state news agency TASS reported on Friday.

“Tighter supplies of exported Russian crude and gasoline have Middle East cash crude prices moving higher in the early trade today,” said Dennis Kissler, senior vice president of trading at BOK Financial.

Trump said on Sunday that the US is making progress with Russia to end the Ukraine war. Russia’s point man for relations with the US said on Monday that all of President Vladimir Putin’s conditions must be met in full before the war can end.

Sanctions imposed on Russian oil trade on January 10 disrupted Moscow’s supplies to its top clients, China and India.

Washington also stepped up pressure on Iran last week, with the US Treasury imposing new sanctions on a few individuals and tankers that help to ship Iranian crude oil to China.

“These sanctions on Iran and Russia, they are biting. This is tightening the market,” said SEB analyst Bjarne Schieldrop. Rising natural gas prices are also contributing to oil price gains by boosting demand for cheaper fuels, he added.

Meanwhile, US crude oil and gasoline stockpiles were expected to have risen last week, while distillate inventories likely fell, a preliminary Reuters poll showed.

(Reporting by Anna Hirtenstein; Additional reporting by Florence Tan and Paul Carsten;
Editing by Marguerita Choy and David Gregorio)

Dollar gains, others slip on tariff threats

NEW YORK – The US dollar gained on Monday after President Donald Trump pledged 25% tariffs on all imports of steel and aluminum, while the Canadian dollar, Japanese yen, euro, and sterling all weakened on concerns about the impact of any new trade levies.

Canada is a major exporter of steel and aluminum to the US, along with Brazil, Mexico, South Korea, and Vietnam, according to government and American Iron and Steel Institute data.

The yen also dipped on concerns that Japan could also face tariffs.

There is “a little bit of catch-up and also this idea that maybe Japan was going to escape the worst of it and now could be hit with the steel and aluminum tariffs,” said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.

Japanese Prime Minister Shigeru Ishiba expressed optimism on Sunday that his country could avoid higher US tariffs, saying Trump had “recognized” Japan’s huge investment in the US and the American jobs that it creates.

Trump said on Sunday he will introduce new 25% tariffs on all steel and aluminum imports into the US, on top of existing metals duties.

It came after he said on Friday he planned to announce reciprocal tariffs on many countries by Monday or Tuesday.

The Canadian dollar weakened 0.11% versus the greenback to C$ 1.4307 per dollar, after earlier reaching USD 1.4379.

The US dollar strengthened 0.38% to 151.97 Japanese yen.

The dollar index rose 0.21% to 108.31.

The euro dropped 0.2% to USD 1.0306. The US is the second-largest market for EU steel exports.

Sterling weakened 0.36% to USD 1.2364.

Britain has not seen details of US President Donald Trump’s proposed steel and aluminum tariffs and will continue to engage with the Trump administration as appropriate, a spokesman for Prime Minister Keir Starmer said on Monday.

The US is Britain’s second largest steel export market after the European Union.

This week’s main US economic focus will be consumer price inflation data for January due on Wednesday.

It is expected to show that both headline and core consumer prices rose by 0.3% last month, for an annual gain of 2.9% and 3.1%, respectively, according to economists polled by Reuters.

Federal Reserve Chairman Jerome Powell is also due to testify before Congress on Tuesday and Wednesday.

“I think Powell is going to tell Congress the same thing basically he told everybody else, with the economy still in a good place, and that is above-trend growth, that the Fed has time,” said Chandler. “The Fed can be patient while the restrictive monetary policy helps bring inflation back down to target over time.”

A New York Fed survey on Monday found that the US public’s near-term inflation expectations were largely stable in January.

In cryptocurrencies, bitcoin gained 1.42% to USD 97,378.84.

(Reporting by Karen Brettell; Additional reporting by Ankur Banerjee and Alun John; Editing by Susan Fenton and Nick Zieminski)

Seeking clarity in tariff ‘fake news’ blizzard

The drumbeat of a global trade war may be getting louder by the day, but investors have started the week seemingly prepared to ignore the noise, take their cue from the flow of solid US earnings and move further out the risk curve into assets like stocks.

There are pockets of weakness, of course, where the waves of US tariffs are likely to crash hardest. The Mexican peso, for example, is under pressure again, and the MSCI Emerging Market Equity Index ended the day flat on Monday.

But considering the backdrop of US President Donald Trump escalating trade tensions with promises of fresh tariffs on imports into the US, investor sentiment is holding up pretty well. That may change in the blink of an eye, but there’s an underlying resilience supporting risk markets right now.

The blizzard of tariff-related announcements from Washington is thickening. Trump on Sunday said he will introduce 25% tariffs on all steel and aluminum imports, on top of existing duties on the metals. On Friday, he announced reciprocal tariffs on all countries, matching the tariffs levied by them.

As Dario Perkins at TS Lombard notes, it’s becoming impossible for investors to price risk, as Trump ‘floods the zone’ with a torrent of proposals on anything from tariffs to government spending. “Fake news,” as Perkins puts it.

Which ones are serious, which are half-baked, which are off-the-cuff thoughts that no chance of being implemented? As far as the tariffs go, “Trump’s revealed preference is to make big threats, create drama, and then use the slightest excuse not to follow through. Bullish thesis confirmed,” Perkins says.

The bullish thesis is being backed up by US earnings. Aggregate S&P 500 earnings growth for the fourth quarter is running at nearly 15% year on year, according to LSEG. Goldman Sachs analysts reckon earnings are on track for their best quarter in nearly three years.

Asia’s calendar on Tuesday is light. Currencies will be sensitive to tariff-related news and sentiment, and in China the yuan bears close monitoring as the spread between the spot market rate and central bank’s daily fix approaches record levels.

Since Chinese markets reopened after the Lunar New Year holidays, the yuan has been under heavy pressure, and the dollar has risen four days in a row to trade back above 7.30 yuan. The high of 7.35 yuan from September 2023 is coming into view – a break above that would be the first since December 2007.

But the People’s Bank of China has been fixing the yuan tightly around the 7.17 per dollar mark in an effort to keep the exchange rate stable and prevent further depreciation, widening the spread between the two rates.

Here are key developments that could provide more direction to Asian markets on Tuesday:

– Trump tariff announcements

– China central bank’s yuan fixing

– Australia consumer sentiment (February)

(By Jamie McGeever)

US Treasury yields rise after strong jobs data

NEW YORK – US Treasury yields rose on Friday as strong jobs data revisions and a decline in the unemployment rate were seen as reflecting a solid labor market, despite headline jobs gains missing economists’ expectations.

Employers added 143,000 jobs last month, below economists’ expectations for 170,000 job gains. The unemployment rate was at 4.0%, the lowest since May.

US job growth was likely restrained by wildfires in California and cold weather across much of the country.

“The top line didn’t meet expectations,” but other aspects of the report including jobs revisions and the drop in the unemployment rate were strong, said Michael Lorizio, head of US rates trading at Manulife Investment Management.

“This is something that would just further confirm that the Fed has to be on hold and is still waiting to see how the data will evolve,” he said.

Average hourly earnings rose 0.5% in January for a 4.1% increase on an annual basis, above expectations for a 3.8% increase.

“The bottom line is that there is no evidence of major cracks forming in the labor market. Job openings have declined and the rate of hiring has slowed, but businesses continue to favor an approach to addressing slack with solutions that do not involve layoffs,” Thomas Simons, chief US economist at Jefferies, said in a report.

Other data on Friday showed that US consumer sentiment dropped unexpectedly in February to a seven-month low and inflation expectations rocketed as households feared it may be too late to avoid the negative effects on their purchasing power from President Donald Trump’s threatened tariffs.

Trump said on Friday he plans to announce reciprocal tariffs on many countries next week.

Fed officials on Friday said the US job market is solid and noted the lack of clarity over how Trump’s policies will affect economic growth and still-elevated inflation, underscoring their no-rush approach to interest rate cuts.

The yield on benchmark US 10-year notes was last up 5.1 basis points on the day at 4.489%. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 6.7 basis points to 4.275%,

The yield curve between two-year and 10-year notes flattened around 2 basis points on the day to 21.1 basis points.

Consumer and producer price inflation for January due next week will offer the next clues on whether price pressures are continuing to ease closer to the Fed’s 2% annual target.

Money market traders are less than certain that the Fed will make two 25 basis point cuts this year, with 37 basis points of rate reductions priced in by December.

The Treasury Department will sell USD 125 billion in coupon-bearing debt next week for its quarterly refunding. This will include USD 58 billion in three-year notes on Tuesday, USD 42 billion in 10-year notes on Wednesday and USD 25 billion in 30-year bonds on Thursday.

The Treasury on Wednesday said it expects to keep most of its debt issuance plans unchanged for the next few quarters, despite some market speculation that new Treasury Secretary Scott Bessent would moot the possibility of more long-term debt issuance to fund deficits.

(Reporting by Karen Brettell; Editing by Sharon Singleton and Marguerita Choy)

Oil prices set for 3rd straight weekly fall on tariff concerns

HOUSTON – Oil prices finished with daily gains on Friday after new sanctions were imposed on Iran’s crude exports but prices were down for the week as investors worried about US President Donald Trump’s renewed trade war on China and threats of tariffs on other countries.

Brent crude futures settled at USD 74.66 a barrel, up 37 cents, or 0.5% and poised to fall more than 2% this week. US West Texas Intermediate crude finished at USD 71.00 a barrel, up 39 cents, or 0.55%.

Reports of planned tariffs from the Trump administration reined in gains following the sanctions announced on Thursday, said John Kilduff, partner at Again Capital LLC.

“We’re just trying to make our way through the sanctions/non-sanctions, tariff talk from the White House,” Kilduff said.

WTI has been left close to USD 70 a barrel, which seems to be the bottom of the trading range, Kilduff said.

“I don’t know if oil prices are low enough for the president, but we’ll see,” he said.

Traders were watching statements by Trump throughout Friday for possible changes in US policies that could reshape the market quickly, said Phil Flynn, senior analyst at Price Futures Group.

“Trump giveth and Trump taketh away,” Flynn said.

The US Treasury said on Thursday it was imposing new sanctions on a few individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China, in an incremental move to increase pressure on Tehran.

“The imposition of tariffs and the pauses should be bullish for the oil market because it adds uncertainty, said Michael Haigh, global head of commodities research at Societe Generale. But you haven’t seen this response because of demand concerns. Tariffs and tit-for-tat responses from nations, it hurts global GDP … and oil demand.”

Trump has announced a 10% tariff on Chinese imports as part of a broad plan to improve the US trade balance, but suspended plans to impose steep tariffs on Mexico and Canada.

“Downside pressure has stemmed from the news flow around tariffs, with concerns over a potential trade war fuelling fears of weakening oil demand,” analysts at BMI said in a note on Friday.

Oil prices settled lower on Thursday after Trump repeated a pledge to raise US oil production, unnerving traders a day after the country reported a much bigger than anticipated jump in crude inventories.

(Reporting by Erwin Seba, Anna Hirtenstein, Sudarshan Varadhan and Jeslyn Lerh; Editing by David Evans, Mark Potter, Nick Zieminski and David Gregorio)

Gold poised for sixth week of gains on safe-haven demand

Gold prices rose on Friday and were on track for a sixth consecutive week of gains as escalating trade tensions between the US and China prompted investors to seek refuge in the safe-haven asset.

Spot gold gained 0.2% to USD 2,861.46 per ounce as of 01:41 p.m. ET (1841 GMT), up more than 2% this week, after hitting a record high of USD 2,886.62 earlier in the session.

US gold futures settled 0.4% higher at USD 2,887.60.

“Central focus of the gold market continues to be the uncertainty in regard to the Trump tariff policies,” said David Meger, director of metals trading at High Ridge Futures.

US President Donald Trump this week kick-started a trade war as he followed through on his threat to impose new duties on China, though he granted Mexico and Canada a one-month reprieve.

Gold is often used as a safe investment during times of political and financial uncertainty.

The gold market also seems to have been buoyed by both continued growth in the People’s Bank of China’s gold holdings and a new Chinese program allowing insurance funds to invest in gold, said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Meanwhile, a Labor Department report showed the US economy added 143,000 jobs in January, compared with a rise of 170,000 expected by economists, whereas the unemployment rate stood at 4%, compared with expectations of 4.1%.

Wage growth and declining job creation are challenging the Federal Reserve’s ability to adjust rates, shaping a uniquely complicated yet potentially advantageous situation, said Bart Melek, head of commodity strategies at TD Securities.

A strong economy with full employment and easing inflation should allow the Fed to cut rates, but tariff uncertainties call for caution, Chicago Fed President Austan Goolsbee said.

Spot silver fell 0.8% to USD 31.94 per ounce and platinum fell 0.3% to USD 982.50. Palladium was down 0.7% at USD 971.62.

Silver and platinum were headed for weekly gains, while palladium was down 3.7% for the week.

(Reporting by Anmol Choubey in Bengaluru; Editing by Nick Zieminski, Kevin Liffey and Alan Barona)

2024 Mid-Year Economic Briefing: Navigating the Easing Cycle

Investing with Love: A Mother’s Guide to Putting Money to Work

Investor Series: An Introduction to Estate Planning

Inflation Update: Weak demand softens shocks

Monthly Economic Update: Fed cuts incoming