Markets were closed on Monday for Martin Luther King Jr. Day, compressing the week's activity into four sessions. Early in the week, stocks fell sharply after renewed concerns about a potential global trade conflict. Investor sentiment weakened following comments from President Donald Trump about imposing tariffs on certain European nations in connection with negotiations over Greenland. However, midweek optimism returned when the president signalled a softer stance and postponed the planned tariffs.
Gold prices have surged to a record high of more than $5,100 an ounce, extending a historic rally as investors piled into the safe-haven asset amid rising geopolitical uncertainties. Spot gold was up 2.2 percent at $5,089.78 per ounce by 06:56 GMT on Monday, after earlier touching an all-time high of $5,110.50.
In this febrile geopolitical environment, gold for now seems to know no bounds. "The pile on into the gilded safe haven is continuing with the precious metal racing up higher. It vaulted over the psychologically important 5,000 mark on a glittering streak, heading sharply higher as trade tensions emanating from the US, unnerved investors. President Trump threatened 100% tariffs on Canada, for daring to negotiate with China on a new trading relationship.
The US dollar weakened at the open on Monday, pulling back from multi-week highs and underperforming against other major currencies. The move followed renewed geopolitical and trade tensions after President Donald Trump threatened several European countries with new tariffs in an effort to gain control over Greenland. Germany, the United Kingdom, France, Denmark, Norway, Sweden, the Netherlands and Finland were identified as potential targets, facing a proposed 10% tariff from February 1, which could rise to 25% in June unless an agreement is reached.
Canadian Prime Minister Mark Carney hails his visit to China as historic'. The relationship between Canada and China has been acrimonious for years, but now the two countries seem to be embarking on a new chapter. Prime Minister Mark Carney concluded what he described as a historic visit to Beijing this week, hailing a new strategic partnership with China that he said could set both nations up for a new world order.
In the tasting room of a Bordeaux winery, a photo on the wall shows a pastoral tableau: three generations of the Dubois family, sipping wine on the patio of their Les Bertrands château, with their Australian shepherd, Namek, perched at their feet. Out the window, chestnut trees sway in the breeze, with sunlit vines stretching for acres beyond. It's this mesmerizing serenity that draws millions of tourists to southwest France every year
As global trade tensions rise, ASEAN faces a challenge: how to benefit from the US and China without picking sides. It is the world's fifth-largest economy, with a combined gross domestic product of more than $3.6 trillion dollars. The Association of Southeast Asian Nations (ASEAN) brings together 11 states, representing nearly 700 million people. As a fast-growing hub for trade, manufacturing and supply chains, ASEAN is a vital partner for both China and the United States.
Leaders are gathering in Gyeongju, South Korea, for the Asia-Pacific Economic Cooperation (APEC) summit, a grouping that promotes trade, investment and economic cooperation among the economies of the Asia-Pacific region. Before its main event begins on Friday, this year's summit was already dominated by a meeting on the sidelines Thursday between Donald Trump and Xi Jinping, who agreed to cool trade tensions for the time being.
The ricochet in crypto prices follows a disastrous Friday that saw more than $19 billion in traders' positions evaporate. It was the largest one-day liquidation event ever tracked by the crypto analytics company CoinGlass. In less than 24 hours, Bitcoin shed more than $200 billion in market capitalization and dropped nearly 10% in price. And Ethereum was hit even harder, dropping almost 14%.
The upward move in oil comes as investors digested signs of trade relief following recent remarks by U.S. President Donald Trump, alongside stronger-than-expected Chinese trade data. According to Reuters, the rebound was further supported by a series of potential geopolitical flashpoints, from rising tensions in Ukraine to renewed risks of escalation in the Middle East, that together injected a fresh risk premium into energy markets.
The European Commission has fined Alphabet's Google (GOOG) €2.95 billion, or about $3.2 billion, for what it calls abuse in its online advertising business. The case centers on what regulators describe as "self-preferencing," where Google gave its own ad services an edge over rivals. Google now has 60 days to explain how it will comply, or face the possibility of more decisive action, which could include a forced sale of parts of its ad unit.
Founded by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan in 2001, the summit has shifted focus over the past two decades from Central Asian concerns to global matters. More significantly, the SCO has become an essential part of China's parallel international governance architecture, said Eric Olander, editor-in-chief of the China-Global South Project. As Beijing assumes the mantle of the world's second-largest superpower, the SCO has created spaces for dialogue and cooperation outside the US-led international system, Olander told Al Jazeera.
The prevailing softness reflects mounting concerns regarding global demand in the context of escalating trade tensions between the United States and its trading partners, including the European Union.
The euro was at a three-week low against the US dollar as renewed trade tensions, fueled by President Trump's tariff announcement, weighed on the common currency.
