The dollar rose sharply against other major currencies, after U.S. President Donald Trump announced new tariffs set to go into effect August 1 for a spate of countries including Japan and South Korea.
Oil prices rose as signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August and fresh concerns about the potential impact of U.S. tariffs.
Traders are set to make about $1.4 billion in paper profits from their short positions in Tesla shares after CEO Elon Musk’s plans to launch a new U.S. political party heightened concerns about his commitment to the company’s future.
Crypto firm Ripple is applying for a national bank charter in the United States, its CEO Brad Garlinghouse wrote, following a similar move by stablecoin giant Circle. The move reflects a broader push by crypto firms for regulatory clarity and deeper integration with the traditional financial system.
Sterling notched a weekly loss on Friday, marking a lacklustre end to a week that saw fiscal and political uncertainties rattle investor appetite for UK assets. Traders expect the Bank of England to lower borrowing costs by 25 basis points next in September
Investors will be keeping a close eye on tariff headlines out of Washington next week, as a temporary suspension of punitive import levies is set to expire. If that Wednesday deadline passes without an increase in trade tensions, it could prove positive for the markets.
