
Eight OPEC+ nations agreed Saturday to boost crude production by 548,000 barrels per day, higher than expectations. OPEC cited steady global economic outlook and current healthy market fundamentals for the August output increase.
Treasury Secretary Scott Bessent said Sunday that April tariffs will resume Aug. 1 for countries without agreements with President Donald Trump’s administration. While denying Aug. 1 represents a new deadline, Bessent indicated this date gives partners additional negotiation time. The 90-day tariff pause announced in April expires Wednesday, causing market concern.
U.S. stock futures fell Sunday night after Trump confirmed tariffs will take effect Aug. 1, not July 9. Dow futures dropped 0.3%, while S&P and Nasdaq futures fell around 0.4%
Investors had expected tariffs this week as Trump’s 90-day reprieve ends Tuesday. As of Sunday, the April 9 executive order setting the July 9 date hadn’t been formally revised. The White House hasn’t confirmed plans for a new order. Markets closed at record highs Friday, bolstered by confidence that severe tariffs wouldn’t materialize.
Asia-Pacific markets traded mixed Monday after Trump confirmed April reciprocal tariffs take effect Aug. 1 for countries without deals. Japan’s Nikkei 225 fell 0.5% and Topix dropped 0.6%. Australia’s S&P/ASX 200 declined 0.11%. Hong Kong’s Hang Seng fell 0.6%
Gold prices traded lower during the Asian session on Monday. The precious metal dropped 074% to $3,310 while silver dropped 1.74% to $36.60
In the Forex market, the dollar mostly rose against major currencies. The Australian Dollar and New Zealand were the biggest losers, dropping 0.56% and 0.62% against the US dollar respectively.
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