- Oil prices steady as mixed US economic news offsets new EU sanctions on Russia: Markets Wrap
Crude oil futures held steady on Friday as mixed U.S. economic news offset worries the European Union’s
latest sanctions against Russia for its war in Ukraine could reduce oil supplies. Brent crude futures fell 20 cents,
or 0.3%, to $69.32 a barrel by 2:32 p.m. EDT, while U.S. West Texas Intermediate crude lost 16 cents, or 0.2%,
to $67.38. The EU will also no longer import any petroleum products made from Russian crude, though the
ban will not apply to imports from Norway, Britain, the U.S., Canada and Switzerland, EU diplomats said. - Dow closes more than 100 points lower after report says Trump seeks at least 15% tariff on EU imports
ow closes 300 points higher on cooling oil and hopes that Israel-Iran conflict will be contained
The Dow Jones Industrial Average slid Friday after President Donald Trump reportedly pushed for greater tariffs
on the European Union. The 30-stock Dow fell 142.30 points, or 0.32%, settling at 44,342.19. The S&P 500 lost
0.01% after hitting a record high earlier in the day, ultimately closing at 6,296.79. The Nasdaq Composite added
0.05%, ending at 20,895.66. Both the S&P 500 and Nasdaq posted weekly gains, rising 0.6% and 1.5%,
respectively. The Dow was marginally lower on the week. - Safe-haven gold gains on global uncertainty, weaker dollar
Gold prices rose on Friday as a weaker U.S. dollar and ongoing geopolitical and economic uncertainty boosted
demand for the safe-haven metal, while platinum prices eased after reaching their highest level since 2014.
Spot gold rose 0.4% to $3,353.25 per ounce after falling 1.1% in the previous session. U.S. gold futures were
also up 0.4% to $3,359.70. The dollar was down 0.5%, making gold cheaper for buyers holding other currencies. - Dollar drops but maintains modest weekly gains
The U.S. dollar slipped on Friday but held onto weekly gains, as investors weighed signs that tariffs may be
starting to increase some inflation pressures along with expected Federal Reserve policy as U.S. President
Donald Trump increases pressure on Chair Jerome Powell. Data on Tuesday showed that consumer prices rose
in June, though the increase was seen as moderate. Wednesday’s producer price inflation report, meanwhile,
showed that prices were steady last month. Powell has said he expects inflation to rise this summer as a result
of Trump’s tariff policies, which has pushed out expectations on when the U.S. central bank is likely to cut rates.
But the labour market is showing signs of weakness even as headline job gains and the unemployment rate
remain relatively solid. with decision on Wednesday. The Fed is expected to hold rates steady but the focus yet
again will be on the path its Chair Jerome Powell charts out for future rate cuts. - Israel extends Gaza offensive to areas not yet reached by ground forces
The Israeli army issued an evacuation order for Deir al-Balah in central Gaza on Sunday, as it prepared to expand
its offensive against Hamas into one of the few parts of the Palestinian enclave where it has not yet deployed
ground forces. The expansion of the 21-month-long offensive into the densely populated area comes as Gaza
is in the grip of a humanitarian catastrophe, with the UN warning that Israel’s assault on the territory and
restriction of aid deliveries had left its entire 2.1mn population at risk of famine. The evacuation order, which
came as ceasefire talks between Israel and Hamas remained stalled. Israeli Prime Minister Benjamin
Netanyahu and his far-right allies have repeatedly insisted that they will continue the war until Hamas has been
destroyed, and argue that military pressure is the only way to force the militant group to release the 50
hostages it still holds in Gaza. - Trump pushes for up to 20% minimum tariffs on European Union
U.S. President Donald Trump is demanding a minimum of 15%-20% tariffs on imports from the European
Union, the Financial Times reported Friday, citing sources. According to three people briefed on trade talks
between the U.S. and the bloc, Trump has escalated his demands following weeks of negotiations over a
possible framework deal, the paper said. With less than two weeks to go until Trump’s Aug. 1 deadline, talks
between the two powers appear to have stalled. The EU had been hoping for a deal similar to the U.K.’s, which
maintained a 10% baseline tariff with some sector exemptions. Trump has often bemoaned the EU’s 198
billion-euro ($231 billion) trade surplus in goods with the U.S. - Bangladesh signs U.S. wheat-import deal in bid to curb tariff pressure
Bangladesh signed a deal on Sunday to import 700,000 metric tons of wheat annually from the United States
over the next five years, in a move aimed at securing tariff relief from the Trump administration amid growing
trade tensions, officials said. The agreement comes at a critical moment, with Washington set to impose a 35%
tariff on Bangladeshi exports from August 1. Officials in Dhaka hope the pact will help narrow Bangladesh’s $6
billion trade deficit with the U.S. and pave the way for more favourable treatment of key export items,
particularly garments, which dominate shipments to the United States. The U.S. tariff hike has rattled
Bangladesh’s export sector, especially the ready-made garments industry, which fears losing competitiveness
in one of its largest markets. Officials from the Ministry of Commerce said talks are ongoing with U.S.
counterparts in an effort to lower the duty, arguing that such high tariffs could significantly undermine
Bangladesh’s competitiveness in the American market. - The University of Michigan consumer sentiment for the US increased to 61.8 in July 2025
The current conditions index improved to 66.8 from 64.8 and the expectations gauge rose to 58.6 from 58.1.
Short-run business conditions improved about 8%, whereas expected personal finances fell back about 4%.
Meanwhile, year-ahead inflation expectations fell for a second consecutive month to 4.4% from 5% in June.
Long-run inflation expectations receded for the third consecutive month, falling back to 3.6% from 4%. Both
inflation gauges are the lowest since February but remain above December 2024, indicating that consumers
still perceive substantial risk that inflation will increase in the future - Block shares soar 10% on entry into S&P 500
Block shares jumped more than 10% in extended trading on Friday, as the fintech company gets set to join the
S&P 500, replacing Hess. Block will officially join the S&P 500 before the opening of trading on July 23, according
to a statement from S&P. Block’s addition brings further tech heft to an index that’s been steadily moving in
that direction in recent years, reflecting the market cap gains of companies across the sector. Block, which
gained popularity as Square due to the rapid growth of the company’s payment terminals, has expanded into
crypto, lending and other financial services. Block shares are down 14% this year, underperforming the broader
U.S. market. - Microsoft stops relying on Chinese engineers for Pentagon cloud support
Microsoft on Friday revised its practices to ensure that engineers in China no longer provide technical support
to U.S. defence clients using the company’s cloud services. The company implemented the changes in an effort
to reduce national security and cybersecurity risks stemming from its cloud work with a major customer. The
announcement came days after ProPublica published an extensive report describing the defence Department’s
dependence on Microsoft software engineers in China. - Nvidia CEO Jensen Huang sells an additional $12.94 million worth of shares
Nvidia CEO Jensen Huang sold 75,000 shares on Friday, valued at about $12.94 million, according to a filing with
the U.S. Securities and Exchange Commission. Friday’s sale is part of a plan adopted in March for Huang to sell
up to 6 million shares of the leading artificial intelligence company. Earlier this week, Huang sold 225,000
shares of the chipmaker, totalling about $37 million, according to a separate SEC filing. Surging demand for AI
and the graphics processing units that power large language models has significantly boosted Huang’s net
worth and pushed Nvidia’s market capitalization beyond $4 trillion, making it the world’s most valuable
company. - Crypto sector breaches $4 trillion in market value during pivotal week
The crypto sector’s market value hit $4 trillion on Friday, marking a milestone that reflects its shift from a
nascent asset class to a central part of the global investment landscape. A wave of renewed optimism,
regulatory clarity in key markets and rising institutional flows have catapulted the crypto sector to a new
valuation peak. The U.S. House of Representatives passed a bill on Thursday to create a regulatory framework
for U.S.-dollar-pegged cryptocurrency tokens, known as stablecoins, sending the bill to President Donald
Trump, who is expected to sign it into law. House lawmakers also passed two other crypto bills, sending them
next to the Senate for consideration. One lays out a regulatory framework for crypto, while the other seeks to
ban the U.S. from issuing a central bank digital currency. - Netflix shares fall as weak dollar-driven forecast fails to impress
Netflix shares declined more than 4% on Friday as some investors were disappointed by a revenue forecast
that was driven more by a weaker dollar than strong demand for the streamer’s content. Expectations were
running high for the streaming giant, after its shares nearly doubled in value in the past year and viewers binged
on content such as the final season of South Korean survival drama “Squid Game” in the second quarter. But
executives said much of the increase in the annual forecast was driven by weakness in the U.S. dollar, now
predicting revenue of between $44.8 billion and $45.2 billion, up from $43.5 billion to $44.5 billion previously. - Crispr stock soars after director buys $51.5 million in shares
CRISPR Therapeutics stock surged over 16% on Friday, hitting a 52-week high after a company director made a
substantial purchase of shares. Board Director Simeon George disclosed in a Securities and Exchange
Commission filing that he acquired approximately $51.5 million worth of the company’s stock. According to
the regulatory document, George purchased a total of 989,812 common shares at a price of $52.03 per share
on July 16. The purchases were made through various investment vehicles. This significant insider purchase
comes as CRISPR Therapeutics continues to develop gene-editing therapies. The stock reached new highs
following the disclosure, reflecting increased investor confidence following the director’s substantial
investment. - 3M sees smaller tariff hit on 2025 profit amid easing US-China trade tensions
3M raised its full-year profit forecast and projected a smaller tariff-related hit to its 2025 earnings on Friday,
weeks after the U.S. and China arrived at a trade truce. As trade tensions show signs of easing, following
agreements between the U.S. and other countries including the UK and Vietnam, companies have begun to
reevaluate the potential financial fallout. 3M cut its estimates of a net hit to 2025 profit to 10 cents per share
from 20 cents to 40 cents, and raised its full-year adjusted profit forecast to $7.75 to $8 per share from $7.60
to $7.90 it had forecast earlier. In April, the company had estimated an $850 million potential annualized
impact from tariffs before exemptions, with $675 million tied to U.S. and China tariffs. 3M’s profit forecast
raise comes after China, which accounts for roughly 10% of the company’s global revenue, signed a
comprehensive trade deal with the U.S. in June. - Chevron’s $53 billion Hess acquisition cleared after arbitration ruling
Chevron $53 billion acquisition of Hess Corp can now proceed after an arbitration panel ruled in favour of Hess
in its dispute with Exxon Mobil Corp. The International Chamber of Commerce oversaw the arbitration, which
centred on Exxon’s claim that it had a right of first refusal to purchase Hess’s stake in the Stabroek block in
Guyana, where Exxon also holds a stake. The decision represents a significant victory for Chevron, ending a
period of strategic uncertainty that negatively impacted its stock price and raised questions about the
company’s due diligence when it agreed to acquire Hess in October 2023.
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