North America

U.S. banks, oil companies, and tech giants all extended their losses on Friday, after Beijing responded with an additional 34% duty on U.S. products. This heightened investor concern over a escalating trade war, which has led to fears of a global recession. Beijing's tariffs will go into effect on April 10. Beijing also announced restrictions on the export of heavy and medium rare-earths and added 11 U.S. companies to its "unreliable entities" list. Tesla and Apple, two of the companies that have the most revenue exposure to China, both saw their shares plummet by more than 6%. Alphabet and Microsoft...

Indian shares closed the week on Friday lower, after U.S. President Donald Trump imposed sweeping retaliatory duties that intensified global trade wars and stoked fears of recession. Due to their exposure to U.S. economic growth and commodities, information technology and commodity stocks have led the declines. The Nifty 50 dropped 2.61% this week to 22,904.45 and the BSE Sensex fell 2.65% to $75,364.69. The indexes fell by 1.5% and 1.2% respectively on the day. Indian markets, while Trump's tariffs are higher than expected, were not as affected on Thursday. They were buoyed by the optimism surrounding a lower levy on...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The European Commission's Ursula von der Leyen said that Donald Trump's tariffs on all goods and services were a serious blow to the global economy. She also stated that the European Union would be ready to take countermeasures in the event of a failure to reach an agreement with Washington. Deloitte has cut the number of U.S. employees in its consulting division after the federal government asked it to find ways to reduce the costs of the...

Elliott Investment Management stated on Thursday that Phillips 66 stock could almost double to $200 if it sold or spun off its midstream businesses, and focused more on refining. The activist investor who owns a stake of $2.5 billion in the company has also reduced the number to four directors that it intends to nominate for the board. Previously, the number was seven. Phillips 66, in a letter to shareholders published in a regulatory filing on Thursday, wrote: "With resolute action and decisive actions, Phillips 66 will deliver much greater returns to its shareholders than they have in the past...

Eight OPEC+ nations agreed Thursday to increase oil production by 411,000 barrels a day in May. This unexpected decision caused oil prices to extend their earlier losses. Brent crude, which had already fallen over 5% after U.S. president Donald Trump announced tariffs against trading partners, continued to fall over 5% as OPEC released a statement updating its plans. Brent crude fell over 5% toward $70 a barrel. In May, eight members of OPEC+ (which includes the Organization of Petroleum Exporting Countries, and its allies, led by Russia) were scheduled to increase their output by 135,000 barrels a day as part...

The government removed the consumer carbon tax that was in place since 2019 on Tuesday, resulting in a sharp drop of gasoline prices across Canada. Mark Carney, Canada's new Prime Minister, signed an order removing the Justin Trudeau era consumer carbon taxes on his first official day in office. He declared that the decision will help Canadians who are struggling to make ends meet. The Conservatives had been campaigning against the tax for years. GasBuddy, a fuel market tracker, reported that fuel prices in eight provinces fell by more than six cents a litre after taxation was officially ended on...

Energy Information Administration of the United States reported on Wednesday that the U.S. produced a greater amount of uranium concentrat, which is used as fuel for nuclear reactors, during the final three months in 2024 than in any other quarter over the past six years. The EIA reported that the increase in output was due to higher uranium prices and the restart of production at White Mesa Mill, the only uranium-producing mill in the United States. Why it's important Data centers, onshored production and electrification in buildings and transportation have all contributed to the rise of electricity demand in the...

The Russian central bank warned on Wednesday that U.S. tariff increases could slow world economic growth, fuel inflation and cause oil prices to be lower than expected for several years due to reduced global demand. On Wednesday, President Donald Trump announced "Liberation Day", a day of celebration in the United States. This would escalate a trade conflict with other countries, increase costs and threaten a decades-old trading order. The Russian regulator warned that "the increase in import duty in the USA, and the retaliatory actions by other countries, have increased the risks of a slowerdown in global growth and an...

The Dutch and British gas price fell on Wednesday morning, as the warmer weather forecasts reduced demand. Meanwhile, the market closely monitors Trump's "Liberation Day tariff plan". LSEG data shows that the Dutch front-month contract fell by 0.54 euros to 42.13 Euro per megawatt hour or $13.34/mmBtu at 0811 GMT. The Dutch day-ahead contracts was down by 0.72 euros at 41.95 Euro/MWh. The British day-ahead contracts was down 0.85 cents at 101.75p/therm. On Wednesday, U.S. president Donald Trump was ready to impose tariffs on all global trading partners. He would likely increase costs and invite retaliation. "Today's market could be...

EnerSys, a provider of energy services, announced on Tuesday that it will close its lead-acid manufacturing plant in Mexico due to flooding and move production to a US facility. The announcement coincides with the preparations of U.S. president Donald Trump to impose reciprocal duties on countries that impose tariffs on U.S. products, beginning on April 2, a day he has called "Liberation Day". A pre-tax charge in the amount of $20 million would be incurred in the first half 2025 due to the closure of the Monterrey plant in Mexico, and the subsequent transfer of production from that facility to...

Mary Robinson, former president of Ireland, said on Tuesday that a group of former leaders from around the world are urging Europe not to let trade wars or defence spending divert attention away from climate change issues. The Elders, the group created by Nelson Mandela as former South African president, will meet with EU and NATO in late this month to discuss ways to soften upcoming corporate climate disclosure regulations to address concerns about competitiveness. Robinson, Ireland's former president from 1990-97, said that she was concerned about the plans, but that the bloc has an opportunity to seize the leadership...

Barclays data shows that corporate agitators targeted more companies worldwide in the first quarter to increase pressure on them to improve their performance. The majority of these demands were directed towards U.S.-based corporations. Activist investors, such as Elliott Investment Management and Mantle Ridge, pushed companies like oil giant BP and rideshare company Lyft to make changes in the first quarter. The number of global campaigns grew by 17% and reached 70. The data revealed that the number of U.S. campaigns increased by 46%, to 41. Jim Rossman is the global head of shareholder advice at Barclays. He said: "Activists continue...

Data released on Friday showed that Canada's employment total fell in March and the unemployment rate increased. The uncertainty surrounding tariffs and the subsequent implementation of them forced some companies to stop hiring and resulted in layoffs. Last month, Canada lost a net of 32,600 positions, its first decline in over three years. Statistics Canada reported that the decline was primarily due to a sharp drop in full-time employment. This was after a relatively flat growth of jobs in February, and a strong gain of 211,000 jobs between November and January. The unemployment rate increased to 6.7% from 6.6% one...

China added several rare earth elements to the export control list of China on Friday. Its retaliation The prospect of the U.S. being cut off from vital minerals, whose supply is controlled by China, has been raised in response to President Donald Trump's proposed tariff package. The ban on certain items Seven elements of the universe This is just the latest example of China's ability weaponize its dominance of the mining and processing a variety of minerals that are vital for everything from smartphones, electric car batteries and infrared ammunition to smartphones. Western companies have been forced to adapt their...

China put several rare earths on an export list on Friday in retaliation to President Donald Trump’s Tariff package The U.S. may be cut off from vital minerals, whose supply is dominated by China. The latest example of China's ability weaponise their dominance over the mining and processing a variety of vital minerals that are essential for everything from smartphones, electric car batteries and infrared ammunition to infrared weapons and ammunition is the ban on seven-element items. Western companies have been forced to adapt their business practices due to these restrictions After Friday's announcement, supply chains are likely to gain...

Surat's diamond polishing centre is experiencing a wave of anxiety as the U.S. Tariffs threaten the gem and jewellery exports of India, putting the livelihoods of tens of thousands workers at risk. The United States, who takes over 30% of South Asia's gems and jewellery exports set a reciprocal tariff of 27% on it on Friday, as demand in other important markets, such as China and the Middle East and Europe, is easing. Dinesh Nadiya is the chairman of Indian Diamond Institute in Surat. He said that tariffs would have a major impact on the demand for diamonds. Job losses...

China announced an additional 34% tariff on U.S. products on Friday. This is the most significant escalation of a trade conflict with President Donald Trump, which has fueled fears of a worldwide recession and caused a stock market crash. Beijing announced that it had added several U.S. companies to an export control listing and classified others as "unreliable". From Canada to China, nations have prepared retaliation as a trade war escalates after Trump raised U.S. Tariff Barriers to their highest levels in over a century. This led to a drop in the world financial markets. Shigeru Shiba, the Prime Minister...

Yeti Holdings shares fell in December, and then again in March after President Donald Trump threatened to impose tariffs on China. The company's factories were located in China. Yeti, the Austin-based manufacturer of $300 coolers and travel mugs for $40, faced another problem behind the headlines. According to sources familiar with the discussions, Engaged Capital pushed management to return cash back to shareholders, expand to new geographies and be more transparent to investors. The hedge fund predicted that these changes could help Yeti's shares triple in the next three year. Faced with market volatility and concerns over consumer demand Yeti...

The gold price fell 1% on Friday, as investors digested the latest tariffs from U.S. president Donald Trump. Investors then turned their attention to the U.S. Non-farm Payrolls Report for clarification on the Federal Reserve’s monetary policies. As of 0901 GMT, spot gold was down by 0.9%, at $3,086.32 per ounce. However, it was still on course for its fifth consecutive weekly gain. U.S. Gold Futures declined 0.4% to $3,107.70. Gold hit a new record at $3167.57 in the previous session before falling more than 2% shortly after. This was due to a wider sell-off caused by Trump's tariffs on...

After U.S. president Donald Trump announced an extensive set of tariffs that dampened the outlook for global metal demand, copper prices in London dropped on Friday. The London Metal Exchange's three-month copper contract fell 1.57%, to $9.219 per ton at 0708 GMT. The contract has seen its largest weekly decline since early November. It is down 5.93%. ANZ analysts wrote in a report that the prospect of a trade war around the world and a weaker economy should continue to put downward pressure on commodities markets. ANZ warned that these concerns would worsen if the countries impacted retaliated with their...

President Donald Trump’s senior advisor for Africa revealed during a Thursday visit that the United States was in talks with Congo to invest billions in the mineral-rich country and to end a conflict that is raging there. The Democratic Republic of Congo has huge reserves of cobalt and lithium, among other minerals. It has been fighting Rwandan-backed M23 Rebels, who have taken over large areas of its territory in this year. The U.S., which on Wednesday sent shockwaves across the world by announcing a 10% baseline tariff on all imports, said last month that it is open to exploring critical...

Conagra Brands, the maker of Chef Boyardee, may need to raise prices to offset tariffs on cocoa, olive, palm and steel products used in its canned food, said CEO Sean Connolly on Thursday. Connolly said in an interview that the possible increases are meant to protect Conagra's profit margins so it can continue investing in its Chicago-based business and in new products. Connolly stated that he would "look at everything, from (seeing) whether there is an alternative supply source which is cheaper" to getting the most out of productivity programs. We'll also consider targeted pricing, because at the end, we...

The Comex futures that are most active for precious metals have reduced their premiums over London spot prices after Washington removed the metals' import tariffs. This will encourage more metals to be flown to the United States. On Wednesday night, President Donald Trump announced reciprocal import tariffs that raised effective import taxes to levels not seen in the past century. However, there were some exclusions, including gold, silver, and platinum group metals. Last week, the premium between Comex futures and London spot prices stood at about $20 per troy-ounce compared to $43 on Tuesday. It is usually below $10. Silver...

Mark Carney, the Canadian Prime Minister, announced on Thursday a limited number of countermeasures against U.S. Tariffs while calling President Donald Trump’s protectionist measures a tragedy for international trade. Carney stated that the Canadian government would copy the U.S. strategy by imposing 25% tariffs on all vehicles imported into Canada from the United States which are not in compliance with the U.S. Mexico-Canada trade agreement. Carney said at a press event that the new tariffs will not affect auto parts or vehicle content coming from Mexico. The American administration must change its course, given the potential damage that could be...