United News of Bangladesh

U.S. stock markets edged higher on Monday, even as other asset classes saw sharper movements, highlighted by gold prices surging to another record. The S&P 500 gained 0.5%, recovering from losses recorded last week. The Dow Jones Industrial Average rose 313 points, or 0.6%, while the Nasdaq composite advanced 0.4%. Shares of Baker Hughes jumped 4.4% after the company reported quarterly profits that exceeded analysts’ expectations. The energy technology firm said strong demand for liquefied natural gas continued to drive its performance. CoreWeave shares climbed 5.7% after Nvidia announced a $2 billion investment in the company and said it would support the expansion of CoreWeave’s artificial intelligence facilities by 2030. The factories rely on Nvidia chips to boost AI adoption. Nvidia’s own shares slipped 0.6%. USA Rare Earth surged 7.9% after the company said it secured $277 million in federal funding from the U.S. government to support production of heavy rare earths, minerals and magnets. The Trump administration also agreed to a proposed $1.3 billion loan, while the company raised an additional $1.5 billion from private investors. Much of the broader Wall Street session remained subdued, including uneven trading among airline stocks after a winter storm forced the cancellation of thousands of flights across large parts of the United States. Delta Air Lines slipped 0.7%, while Southwest Airlines edged up 0.2%. Read More: Wall Street tumbles as Trump threatens tariffs on eight European nations Overall, the S&P 500 advanced 34.62 points to 6,950.23. The Dow Jones Industrial Average gained 313.69 points to 49,412.40, and the Nasdaq composite rose 100.11 points to 23,601.36. Stronger momentum was seen in precious metals. Gold prices jumped 2.1% and briefly crossed $5,100 an ounce for the first time, setting a new record. Silver posted an even sharper move, ending 14% higher. Demand for precious metals has climbed as investors seek safer assets amid tariff threats, persistent inflation, political tensions and rising global debt. Fresh concerns followed President Donald Trump’s warning of a 100% tariff on Canadian goods if Canada signs a free trade agreement with China. The U.S. dollar continued to weaken against major currencies, while the Japanese yen surged on expectations of possible market intervention. More volatility may lie ahead as the Federal Reserve prepares to announce its interest-rate decision on Wednesday, alongside key earnings reports from major U.S. companies.

U.S. President Donald Trump has announced a 25 percent tariff on goods from countries that maintain commercial ties with Iran, effective immediately, according to media reports. Trump posted the measure on Truth Social that the tariff was “effective immediately”, without providing details on what would constitute “doing business” with Iran, the BBC reported. The announcement did not clarify what activities would qualify as “doing business” with Iran. China is Iran’s largest trading partner, followed by Iraq, the United Arab Emirates, Turkey, and India. The new tariff comes amid rising tensions over protests in Iran triggered by the sharp decline of the national currency, the rial. White House spokeswoman Karoline Leavitt said military options, including air strikes, remain “on the table.” Read More: Iran wants to negotiate as death toll mounts to 599, says Trump Trump also claimed Iranian officials had contacted him for negotiations but suggested that action might be taken before talks occur. Iran has been struggling under international sanctions related to its nuclear program, compounded by government mismanagement and corruption. In late December, shopkeepers in Tehran staged protests over another steep fall in the rial’s value against the U.S. dollar.

The upcoming summit of BRICS, a group of major emerging economies – Brazil, Russia, India, China and South Africa, holds significant implications for global geopolitics, reported Modern Diplomacy on Friday (August 11, 2023). The summit has its central agenda revolving around the launch of a common currency among the member nations, the report said, adding that the move, aimed at reducing the dominance of the U.S. Dollar in international trade, has the potential to reshape the geopolitical landscape and challenge American supremacy. "For decades, the U.S. Dollar has reigned supreme in global trade and transactions, affording the United States unparalleled economic and geopolitical leverage. The U.S. has been using dollar and economy as tools to coerce and pressurize its adversaries," it said. "Imposing sanctions was a common tool against its rivals to achieve political goals." 2023 BRICS Summit: Lot of interest in how new members are chosen and which countries would be eligible There has been a growing sentiment against the U.S. hegemony, supremacy and coercion. "The proposed launch of a BRICS common currency or de-dollarization aims to alter this status quo, potentially diminishing the American influence and power that is closely tied to the dollar's dominance," it said. "BRICS is a strong Alliance and plays a huge role in Global Trade and Investments, and above all, it is above American influence," it added. "BRICS is in a position to transform the global economy in total. This move represents a growing discontent with the U.S. dollar's global dominance and a push toward Eastern superiority." BRICS Summit: PM Hasina’s meetings on sidelines yet to be confirmed, says foreign ministry spokesperson

The U.S. dollar declined against the euro on Tuesday after upbeat German economic data boosted the common currency.