1. US stocks plunge on tariff worries & weak data
Nasdaq and S&P 500 futures fell as investors worried about the possibility of the US imposing steep tariffs on India and weaker-than-expected manufacturing and jobs data dampened growth expectations.
2. Trump threatens to impose pharmaceutical and oil tariffs on India
Mr. Trump warned that he would impose “huge” tariffs on goods from India, especially pharmaceuticals and imported oil, if New Delhi continues to buy oil from Russia. This signal could push US-India trade tensions to a new peak.
News August 6: Trump tightens India, Wall Street on fire, oil falls sharply, gold price increases
3. Oil prices fall more than 3%, lowest in 5 weeks
Brent crude oil fell nearly $31.3 million yesterday, sending prices to a five-week low on concerns about weakening global demand and excess supply amid economic uncertainty.
4. Gold increased for the fourth consecutive session, surpassing 2,330 USD/oz
World gold prices surpassed the $2,330/oz mark in today's trading session, increasing sharply for the fourth consecutive session. Money flows to gold as a safe haven amid geopolitical instability and rising expectations of a Fed rate cut.
5. USD reverses recovery
After a period of decline, the international and domestic USD recovered as the market began to reassess the possibility that the Fed may not cut interest rates immediately—or even keep them unchanged in the near term to control inflation.
6. Trump threatens to force Putin to end war in Ukraine
In a recent interview, Mr. Trump declared that if re-elected, he would use both military measures and economic pressure to force President Putin to end the war in Ukraine.
7. 80 years of Hiroshima – an unforgettable reminder
During ceremonies marking the 80th anniversary of the Hiroshima bombing, world leaders and human rights groups stressed the importance of campaigning against nuclear weapons and educating young people about the global catastrophe.
8. US Justice Department investigates Obama-era officials
A new Justice Department investigation into senior Obama administration officials related to foreign and financial policy comes as the election approaches and could have policy implications ahead of the new campaign.
Next market forecast:
- Yellow could continue to rise if the safe-haven market sentiment persists.
- USD could keep the recovery going if the Fed maintains its hawkish stance on interest rates.
- US stocks could fluctuate widely around current levels, depending on trade developments and new economic data.
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