#TrumpTariffs
๐ค The US will impose new tariffs ranging from 10% to 41% on dozens of countries starting August 7. Nations facing the highest rates include Syria, Myanmar, Switzerland, Iraq, Serbia, and South Africa. FT: Trump ignites a global trade war with sweeping new duties.
๐ข Eight OPEC+ countries will increase oil production in August by more than 500,000 barrels per day, adding pressure to prices. XBRUSD declines to 71.51.
๐ Historically, US stocks start weakening in August, with peak selling by mid-September (BofA). Goldman notes August sees the highest fund outflows of the year. US500 declines to 6320.
๐ Amazon shares dropped to 234.17 in late trading after the company forecast weaker-than-expected operating profit and lagged behind competitors in cloud computing growth.
๐ฅ Total investment in gold bars and coins rose 11% year-on-year to 307 tons, driven largely by Chinese investors who boosted their holdings by 44%. XAUUSD trades at 3291.