US-China trade tensions hit global stocks, push gold to record high

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US-China trade tensions hit global stocks, push gold to record high - Business Standard

Quick Summary:

Traders of short-term interest-rate futures are betting the Fed resumes rate cuts in June and that by year-end the policy rate, currently in the 4.25 per cent-4.50 per cent range, will be a full percentage point lower.

The World Trade Organization sharply cut its forecast for global merchandise trade from solid growth to a decline on Wednesday, saying further US tariffs and spillover effects could lead to the heaviest slump since the height of the pandemic.

Oil pricesrose around 2 per cent to a two-week high on concerns about global supplies after Washington issued new sanctions targeting Chinese importers of Iranian oil.