Kiwi cuts interest rates to 2022 lows
The Reserve Bank of New Zealand cut interest rates by 50 basis points today to 3.75%, the lowest since October 2022, and the fourth such cut in a row, matching expectations.
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Gold rises nearly 2% to fresh record highs
Gold prices rose on Tuesday to fresh record highs, shrugging off the dollar's advance against most major rivals.
Tomorrow, the Federal Reserve will release its meeting minutes, expected to provide clues on the path ahead for monetary policies.
President Trump recently announced plans to increase tariffs on countries that impose tariffs on US imports in order to squash trade imbalances with global trade partners.
Trump threatened tariffs of upwards to 100% on BRICS countries, including Brazil, China, and India.
Goldman Sachs raised its price forecasts for gold to $3100 by the end of 2025 from $2890 in previous forecasts, citing geopolitical uncertainties, the trade war, and demand from global central banks.
Otherwise, the dollar index rose 0.5% as of 20:30 GMT to 107.1, with a session-high at 107.1, and a low at 106.8.
On trading, gold spot prices rallied 1.8% as of 20:30 GMT to $2953.2 an ounce.
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US stock indices mixed as the week opens up
US stock indices were mixed on Tuesday as investors continue to monitor the latest policies and announcements by President Donald Trump.
Tomorrow, the Federal Reserve will release its meeting minutes, expected to provide clues on the path ahead for monetary policies.
President Trump recently announced plans to increase tariffs on countries that impose tariffs on US imports in order to squash trade imbalances with global trade partners.
Trump threatened tariffs of upwards to 100% on BRICS countries, including Brazil, China, and India.
White House officials said the tariffs won’t get into immediate effect, and would give countries the chance to negotiate new conditions.
Trump also revealed plans to impose tariffs on automobile imports, threatening the automotive industry in Germany, Japan, and South Korea.
On trading, Dow Jones fell 0.2% as of 19:05 GMT to 44463 points, while S&P 500 rose 0.1%, or 3 points to 6118 points, while NASDAQ gave up 0.1%, or 18 points to 20008 points.
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Oil keeps recovering on concerns about Kazakhstan supply disruptions
Global oil prices rose in American trade on Tuesday away from two-month lows on short-covering amid concerns about disruptions in Kazakhstan supplies.
Traders are also closely following the peace talks aimed at ending the war in Ukraine, and undertaken by US and Russian officials in Saudi Arabia.
Prices
US crude futures rose 1.1% to $72.00 a barrel, with a session-low at $70.93.
Brent added over 1% to $76.03 a barrel, with a session-low at $74.94.
On Monday, US crude rose 1.2%, while Brent added 1.0%, marking the second profit in three days and moving away from two-month lows.
Kazakh Supplies
A drone attack on southern Russia led to disruptions in Kazakh crude supplies to the global markets, and impeded exports.
The attack reflects mounting tensions and concerns about the stability of global supplies, especially as these pipelines are highly vital to shifting oil from Central Asia to the European markets.
A Russian official said a Ukrainian drone attacked a Russian pipeline that pumps 1% of global crude supplies.
The damage could reduce Kazakh oil supplies by 30% and could take two months to fix.
Peace Talks
Peace talks between Russian and US officials commenced in Saudi Arabia, aimed at ending the war in Ukraine and reaching a compromise.
A peace deal could lead the US to lift its sanctions on Russian energy exports and increase global supplies.
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