U.S. President Donald Trump announces that his country has reached a trade agreement with China, indicating that America will receive a total tariff of 55% while China will receive 10%.
⭕ Shortly after Trump's announcement, inflation data in the U.S. for May was released, showing a slowdown in inflation on a monthly basis and an acceleration on an annual basis.
⬅️ How did global markets react to these developments?
▪️ Gold futures maintain their gains and trade up about 1%, recording levels of $3379.9 per ounce, awaiting confirmation from the Chinese side.
▪️ Oil prices maintain their gains at the highest level in nearly two months, amid optimism that the agreement will contribute to stimulating global economic activity and demand for crude oil.
▪️ Brent crude futures rise about 1.4% to $67.82 per barrel, and U.S. crude futures increase by 1.7% to $66.09 per barrel.