Australia’s consumer prices rose 2.4% y/y in March, above estimates of 2.3%, and same as the previous reading in February.

Gold prices fell on Tuesday as the dollar rose against most major rivals, with markets focusing on corporate earnings results. 

Investors are waiting for the results of major US tech corporations, starting with Meta and Microsoft tomorrow, then Apple and Amazon on Thursday.

US Treasury Secretary Scott Bessent called on China to calm trade tensions, and said the responsibility falls on China for reaching a trade deal.

Bessent said in a CNBC interview that China should move to calm the trade tensions as they sell to the US five times what the US sells to them.

He once again said the reciprocal tariffs between Washington and Beijing are not sustainable, pointing to the progress on trade negotiations between the Trump administration and many other countries, including India.

Earlier US data showed the number of available job openings fell to 7.2 million in March, the lowest since March.

And according to the Conference Board institution, the US consumer confidence index fell to 86.0 in April from 92.9 in March.

Otherwise, the dollar index rose 0.2% as of 19:39 GMT to 99.2, with a session-high at 99.3, and a low at 98.9.

On trading, gold spot prices fell 0.6% as of 19:40 GMT to $3328.2 an ounce.

Most US stock indices gained ground on Tuesday as markets focus on corporate earnings results, with trade tensions calming down.

Investors are waiting for the results of major US tech corporations, starting with Meta and Microsoft tomorrow, then Apple and Amazon on Thursday.

US Treasury Secretary Scott Bessent called on China to calm trade tensions, and said the responsibility falls on China for reaching a trade deal.

Bessent said in a CNBC interview that China should move to calm the trade tensions as they sell to the US five times what the US sells to them.

He once again said the reciprocal tariffs between Washington and Beijing are not sustainable, pointing to the progress on trade negotiations between the Trump administration and many other countries, including India.

On trading, Dow Jones rose 0.5% as of 15:55 GMT, or 192 points to 40402 points, while S&P 500 rose 0.1% to 5535 points, as NASDAQ added 0.1% to 17,372 points. 

International benchmark Brent fell on Tuesday and expanded the losses for the second straight session, plumbing two-week lows amid negative pressures due to concerns about global fuel demand.

Traders reduced their forecasts for demand growth due to the US-China trade war, with Barclays reducing its forecast for Brent price in 2025. 

Prices

Brent crude oil price fell 3.01% today to $63.55 a barrel, the lowest since April 11, with a session-high at $64.77.

Brent closed down 2.05% on Monday, the third loss in four days amid US-China trade uncertainty.

Global Demand 

A Reuters survey showed most economists believe US President Donald Trump’s efforts to restructure global trade through aggressive tariffs threaten the world with recession in 2025.

In response, China, the country most targeted by Trump’s tariffs, responded with 125% retaliatory tariffs on US products.

Therefore, experts sharply reduced their forecasts for demand on oil with negative consequences anticipated in the global energy markets.

OPEC+ 

Another factor pressuring oil prices is a recent Reuters report, which indicated that several OPEC+ countries are proposing another large production hike in June following the already big May output increase.

Grim Outlook

Barclays reduced its forecast for Brent price in 2025 by $4 to $70 a barrel, pointing to  the mounting trade tensions and OPEC+ focus on raising output and pushing for oversupplies.