
Citi expects banking, trading results to climb despite US tariff "anxiety"
Banking fees will increase by a mid-single digit percentage in the second quarter versus the previous year, while markets revenue will rise by a mid-to-high single digit percentage, he told investors at a conference.
(Reporting by Tatiana Bautzer and Basil Arasu Kannagi, editing by Lananh Nguyen)
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♍ Virgo: Daily Horoscope for July 12th, 2025
Dear Virgo, today's celestial dance invites you to embrace the beauty of order and detail. As you navigate your day, remember the spiritual advice: "In the tapestry of life, every thread has its purpose." Love Horoscope Today, Virgo, the celestial energies encourage you to open your heart and express your feelings more freely. While your natural tendency might be to analyze and critique, try to embrace the spontaneity of love. Whether you're in a relationship or single, let your guard down a bit and allow yourself to be vulnerable. Share a laugh, a story, or a dream with someone special. Remember, love isn't about perfection; it's about connection. So, let go of the need to control every detail and enjoy the beautiful chaos of human emotions. Career Horoscope At work, Virgo, your analytical skills are in high demand today. The Moon's opposition to Mercury suggests that communication may be a bit challenging, but your logical approach can help bridge any gaps. Take the time to listen actively and express your ideas clearly. Your attention to detail will be appreciated by colleagues and superiors alike. Remember, teamwork is key, so be open to collaboration and new ideas. Your ability to stay organized and focused will ensure that you navigate any challenges with grace and efficiency. Health Horoscope Your well-being today is closely tied to your ability to balance your meticulous nature with a bit of relaxation. The Moon's influence suggests that taking a break from your usual routine can do wonders for your mental health. Consider engaging in a creative activity that allows you to express yourself without judgment, like painting or dancing. Remember, Virgo, it's okay to let loose and have fun. Your mind and body will thank you for it, and you'll return to your tasks with renewed energy and clarity. Finance Horoscope Financially, Virgo, today is a day to focus on the details. The planetary alignments suggest that you might uncover a small but significant opportunity to improve your financial situation. Whether it's reviewing your budget, finding a better deal, or spotting an investment opportunity, your keen eye for detail will serve you well. Trust in your ability to make sound financial decisions, but also be open to advice from trusted sources. Remember, small changes can lead to significant improvements over time.


Zawya
14 hours ago
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US tariff rate may be more than 20% after latest round, global business group says
U.S. consumers face an effective U.S. tariff rate of more than 20%, the highest since the early 1900s, the International Chamber of Commerce has estimated following President Donald Trump's import levy announcements this week. Rates are already around 16%, their highest since the 1930s. The calculation is based on the tariffs included in letters sent by Trump's administration this week to trading partners, 50% copper tariffs, and the threat of duties as high as 200% on pharmaceutical tariffs, Andrew Wilson, ICC deputy secretary general told Reuters on Friday. The ICC represents 45 million companies in more than 170 countries. Wilson said it was notable that financial markets were "pretty sanguine" even after the raft of tariff threats this week. "I think what's particularly interesting this week is the disconnect between the reaction of the financial markets (...) and the reaction of companies, who I think remain acutely concerned about the direction of tariffs, U.S. trade policy, the inherent risks of that," he told Reuters. The relative market calm this week was in contrast to the selloff across equities and Treasuries in April after Trump announced sweeping tariffs and then hit pause for 90 days until July 9. This week he extended the deadline for trade deals until August 1. Investors seem to have accepted a 10% baseline tariff, Wilson said, although Trump floated the idea late on Thursday that it could go up to 20% for some countries. The ICC sees the latest moves as a way for the administration to test "in real time" the financial market's sensitivity to hefty tariffs. "Our view right now, based on what we've seen over the past few days, is the Administration is very much set on achieving the highest possible effective tariff rate for the U.S.," said Wilson. "There's no doubt they're sensitive to the equities market and the performance of US Treasuries. But basically, how high can they get the number without freaking out the financial markets?" he said. Wilson noted that the administration has been touting tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington had taken in about $100 billion so far and could collect $300 billion by the end of the year. (Reporting by Josephine Mason Editing by Mark Potter)


Zawya
14 hours ago
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Dollar edges up as Trump unveils new tariffs; bitcoin at record
The dollar edged up across the board on Friday as U.S. President Donald Trump's ramped-up tariffs on Canada and other trading partners sparked a flight to safety. Trump issued a letter late on Thursday that said a 35% tariff rate on all imports from Canada would apply from August 1. The European Union was set to receive a letter by Friday. The U.S. president, whose global wave of tariffs has upended businesses and policymaking, floated a blanket 15% or 20% tariff rate on other countries, a step up from the current 10% baseline rate. This week he surprised Brazil, which has a trade surplus with the United States, with duties of 50%, and hit copper, pharmaceuticals and semiconductor chips. "There do appear to be some tariff jitters creeping in once again after Trump floating the blanket tariffs yesterday," Michael Brown, market analyst at online broker Pepperstone in London, said. "Overall the moves that we have seen in the FX space are relatively contained, and recent ranges seem to still be respected for the time being," he added. The euro was 0.1% lower at $1.1689, after Trump said the European Union could receive a letter on tariff rates by Friday, throwing into question the progress of Brussels' trade talks with Washington. Against the yen, the dollar was up 0.6% to 147.05 yen. The Canadian dollar weakened against its U.S. counterpart and was down 0.2% at C$1.3687, following a knee-jerk fall of more than 0.5% after Trump unveiled the tariff rate. The Brazilian real was 0.7% lower against the dollar. The market reaction to the slew of new tariffs has been largely muted compared to the manic sell-off that followed April's "Liberation Day" announcement, but investors remain on edge over the future of global trade and whether the August 1 deadline is final. While the resurgence of tariff worries was helping support the buck, some traders remained sceptical about the medium-term outlook for the U.S. currency which has come under severe selling pressure this year. "My base case remains for a slow but steady USD depreciation over the medium-term, but we have clearly already fallen a long way, in a short space of time, so there is scope for a bit of a rebound, especially if some of the more recent USD shorts begin to get squeezed," Pepperstone's Brown said. Also supporting the dollar were data suggesting labour market resilience and minutes from the Federal Reserve's latest policy meeting that tempered market expectations for imminent interest rate cuts. The dollar index is down nearly 10% so far this year, on worries that data could soon reflect more widely the damage U.S. policies have had on the world's largest economy. Elsewhere, sterling was down 0.5% at a two-week low at $1.3513, as data showed Britain's economy contracted unexpectedly for a second month running in May. Cryptocurrencies saw a boost, driven by institutional investor demand and crypto-friendly U.S. policies. Bitcoin advanced 3.7% and scaled yet another record high of $118,832, while ethereum jumped 5.9% to $2,987.15 "The ... new record reflects the resilience of global risk appetite even in the face of Trump tariffs, as well as high optimism over U.S. legislative proposals," DBS FX and credit strategist Chang Wei Liang said. He was referring to measures the U.S. House is set to advance in its upcoming 'Crypto Week'. (Reporting by Saqib Iqbal Ahmed, Rae Wee and Johann M Cherian; Editing by Christopher Cushing, Clarence Fernandez, Joe Bavier and Andrew Heavens)