Investing.com-- The U.S. has halted all military aid to Ukraine, a slew of media reports showed on Monday evening, after a fiery meeting between President Donald Trump and his Ukrainian counterpart Volodymyr Zelensky over the weekend. 

The White House said it was pausing and reviewing its aid to ensure that its efforts were contributing towards peace, reports from Reuters and the Wall Street Journal showed.

It was not immediately clear how the White House planned to gauge a move towards peace, or what its demands were from Kyiv. Earlier reports showed Trump was pushing for a mineral export deal with Ukraine. 

Monday’s move to stop aid comes after a contentious meeting between Zelensky, Trump, and U.S. Vice President J.D. Vance over the weekend. It also marks the most definitive shift yet in the U.S.’ stance towards Ukraine, after it provided hundreds of billions in aid to Kyiv over the past three years to stave off a Russian invasion. 

Trump had earlier on Monday lashed out against Zelensky for suggesting that the war with Russia could continue for longer. The U.S. President had earlier called Zelensky a “dictator,” while criticizing him for prolonging the war with Russia, despite Moscow having attempted an invasion in 2022. 

A lack of U.S. military aid is expected to diminish Ukraine’s ability to defend itself against Russia. But a slew of European nations were seen expressing support for Kyiv after Zelensky’s meeting with Trump. 

Trump had in February said his administration was working on a peace deal between Russia and Ukraine, although the terms of said deal remained unclear. It also appeared that Kyiv was not privy to these negotiations.

Investing.com-- Oil prices fell to a near three-month low in Asian trade on Tuesday amid heightened concerns over economic disruptions from higher U.S. trade tariffs, while the prospect of increased OPEC+ production also weighed. 

Oil found little relief this week after falling sharply on the prospect of a worsening trade war between the world’s biggest economies. The prospect of more economic pressure on China- the world’s biggest oil importer- also weighed, after U.S. President Donald Trump hiked tariffs against the country to 20%.

This was exacerbated by fears of increased supply, after the Organization of Petroleum Exporting Countries and allies (OPEC+) said it will increase supply in April. 

Trade and supply jitters saw markets largely look past signs of a potential escalation in the Russia-Ukraine war, after the U.S. on Monday halted all military aid to Ukraine. 

Brent oil futures expiring in May fell 0.8% to $71.07 a barrel, while West Texas Intermediate crude futures fell 0.% to $67.64 a barrel by 20:40 ET (01:40 GMT). 

Trump tariffs roil markets 

Trump on Monday hiked his tariffs against China to 20%, and said his 25% tariffs on Canada and Mexico will proceed, with all three duties set to take effect later on Tuesday.

News of the tariffs sparked deep losses across financial markets, with oil prices being no exception. Markets fretted that disruptions in global trade could undermine economic growth, in turn hurting demand for oil.

Trump’s tariffs on China have been a key point of concern for oil, given that they present more economic headwinds for the world’s biggest oil importer. China is also expected to retaliate with its own trade measures, escalating a trade war with the U.S. 

OPEC+ to proceed with April production hike 

The OPEC+ signaled on Monday that it will proceed with a planned oil output increase in April, amid pressure from Trump to increase production and bring down prices. 

Increased OPEC+ production heralds less tight oil markets in the coming months, which stand to pressure oil prices. 

This also comes against a backdrop of cooling oil demand across the globe, as several major economies grapple with slowing growth, sticky inflation and cooling consumer sentiment. 

Still, the OPEC+’s initial increases in production are expected to be marginal- at about 138,000 barrels per day. The figure is only a fraction of the 5.8 mln bpd cut by the cartel since 2022.

By Johann M Cherian, Sukriti Gupta and Chibuike Oguh

NEW YORK (Reuters) -Wall Street’s main stock indexes closed sharply lower on Monday after President Donald Trump announced the start of 25% tariffs on Canada and Mexico, with the S&P 500 posting its biggest daily percentage decline since December 18.

Stocks had already slipped after an ISM survey, and they extended losses after Trump said 25% tariffs on Canada and Mexico will go into effect on Tuesday with reciprocal tariffs starting April 2. He said the North American countries had "no room left" to avert the tariffs.

"Markets were looking for another 11th hour deal to further delay tariffs, but aren’t going to get one this time," said Jamie Cox, managing partner at Harris Financial Group. "The threat of tariffs has run its course for now, so the next phase is to endure them. Markets have to price that reality, and those numbers are painted red."

The ISM survey showed manufacturing PMI slipped to 50.3 last month from 50.9 in January, while the forward-looking new orders index contracted to 48.6 in February from 55.1 in January. The dip in the PMI mirrored declines in other sentiment measures as investors worried about tariffs.

"I think it’s just more of a continuation of a string of bad economic news that tends to put a little bit of a dampener on the optimism that we saw from the fourth quarter earnings that were getting released, which were pretty good," said James St. Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California.

Energy and technology sectors led declines among the S&P 500’s 11 sectors, with most megacap growth sectors ending down including chip giant Nvidia (NASDAQ:NVDA) - which is down 8.7%. Amazon (NASDAQ:AMZN) closed down 3.4%.Defensive sectors such as Real estate, healthcare, Utilities and consumer staples finished higher.

The Dow Jones Industrial Average fell 649.67 points, or 1.48%, to 43,191.24, the S&P 500 lost 104.78 points, or 1.76%, to 5,849.72 and the Nasdaq Composite lost 497.09 points, or 2.64%, to 18,350.19.

Recent reports of softening consumer demand have spurred fears of an economic slowdown and higher inflation. Trump is also expected on Tuesday to raise fentanyl-related tariffs on Chinese imports to 20% from 10% currently, unless Beijing ends fentanyl trafficking into the U.S. U.S.-listed shares of Chinese companies fell, with Nio (NYSE:NIO) tumbling 8.6% and JD.com dropping nearly 4%.

Worries about sticky inflation have made the Federal Reserve more cautious on interest rate cuts, but this week’s employment and business activity data could change the central bank’s view. Traders have been betting on at least two interest rate cuts of 25 basis point each from the Fed by December, according to data compiled by LSEG. Tesla (NASDAQ:TSLA) erased early gains and ended down 2.84%. Morgan Stanley had reinstated the stock as "top pick" among U.S. autos. Chipmaker Intel (NASDAQ:INTC) closed lower by 4%, erasing gains that came in early trade after a report that chip designers Nvidia and Broadcom (NASDAQ:AVGO) were running manufacturing tests with the company.

Declining issues outnumbered advancers by a 1.91-to-1 ratio on the NYSE. There were 195 new highs and 316 new lows on the NYSE. The S&P 500 posted 57 new 52-week highs and 27 new lows while the Nasdaq Composite recorded 58 new highs and 453 new lows.

The CBOE Volatility Index, also known as Wall Street’s fear gauge, rose as high as 24.31 points, touching its highest since December 20.

Investing.com-- Most Asian stocks fell on Wednesday as risk appetite was rattled by U.S. President Donald Trump threatening more trade tariffs, while signs of cooling economic growth also weighed.

Hong Kong markets were outliers, rising sharply as a rally in major Chinese internet stocks resumed on persistent optimism over the country’s artificial intelligence capabilities. Gains also spilled over into mainland Chinese markets. 

Broader Asian markets took a weak lead-in from Wall Street, which ended lower for a fourth straight session as weak consumer confidence data fueled increased concerns over a cooling U.S. economy. 

Trump added to the negative sentiment by threatening to impose tariffs on copper. He had earlier this week also signaled that 25% tariffs on Canada and Mexico will be imposed by early-March. 

U.S. stock index futures rose in Asian trade, indicating that Wall Street may be due for some bargain buying. But investors remained skittish ahead of earnings from tech major NVIDIA Corporation (NASDAQ:NVDA), which are due later on Wednesday. 

Hong Kong tech rally resumes 

Hong Kong’s Hang Seng index was the best performer in Asian trade on Wednesday, rising more than 2% on strength in major tech stocks. 

The Hang Seng was close to a two-year high, having rallied sharply over the past month as optimism over China’s AI capabilities saw investors pile into local tech stocks. Majors such as Baidu (NASDAQ:BIDU) Inc (HK:9888), Alibaba (HK:9988), and Tencent Holdings Ltd (HK:0700), were a major beneficiary of this trend. 

While the tech rally was seen cooling in recent sessions, analysts still expected Chinese tech to push higher, especially as recent corporate earnings showed encouraging trends for AI adoption in the country. 

Optimism over AI also benefited adjacent sectors such as semiconductors and utilities, helping drive gains in broader Chinese markets. China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes were mildly positive on Wednesday, and were also sitting on strong gains in the past month. 

Asian tech skittish with Nvidia in focus 

Other Asian tech stocks were less upbeat, as investors soured on the sector- especially on companies with U.S. exposure- ahead of key earnings from Nvidia.

The stock was also nursing three days of steep losses, amid some profit-taking, and as investors turned cautious over the outlook for the AI sector. 

Tech-heavy Asian bourses retreated on Wednesday, with Japan’s Nikkei 225 down 0.5%, while South Korea’s KOSPI shed 0.1%. 

TSMC (TW:2330)- a major Nvidia supplier- fell 0.5% in Taiwan trade, while Hon Hai Precision Industry (TW:2317), also known as Foxconn, fell 0.3%. 

Broader Asian markets mostly moved in a flat-to-low range, as weak U.S. economic data and Trump’s tariff threats kept risk appetite under pressure.

Australia’s ASX 200 fell 0.3% after consumer price index inflation data read slightly weaker than expected for January. But underlying inflation rose, while overall inflation still remained sticky, giving the Reserve Bank little impetus to cut interest rates further. 

Singapore’s Straits Times index was flat, while Japan's TOPIX index fell 1.1%.

Investing.com-- Oil prices rose in Asian trade on Wednesday, recouping some recent losses as industry data showed a surprise draw in U.S. oil inventories.

But prices were nursing a tumble to two-month lows this week, amid growing concerns that a cooling global economic growth will dent oil demand in the coming months. 

Sentiment towards crude was also dented by the prospect of more U.S. trade tariffs, amid continued threats from President Donald Trump. 

Brent oil futures expiring in April rose 0.3% to $73.27 a barrel, while West Texas Intermediate crude futures rose 0.4% to $69.17 a barrel by 20:38 ET (01:38 GMT). Both contracts shed about $2 on Tuesday, following weak economic prints from the U.S. and Germany. 

US oil inventories clock small weekly draw- API 

Data from the American Petroleum Institute showed on Tuesday evening that U.S. oil inventories shrank by 0.6 million barrels in the week to February 21, against expectations for a build of 2.3 mb.

The print usually heralds a similar reading from official inventory data, which is due later on Wednesday. But signs of an unexpected draw spurred some hopes for tighter U.S. supplies in the near-term. 

The API data offered some relief to oil prices, although they were nursing steep losses so far in 2024 amid growing jitters over increased supplies and softening demand.

Trump tariff threats, economic jitters rattle oil

Oil prices were nursing a tumble to two-month lows after weak economic data from the U.S. and Germany ramped up concerns over slowing demand.

HONG KONG (Reuters) - Hong Kong's economy is expected to grow 2% to 3% this year after growth of 2.5% in 2024, as authorities seek to tackle a fiscal deficit amid rising global uncertainty and a weak property market, Financial Secretary Paul Chan said on Wednesday.

Investing.com-- U.S. stock index futures rose on Tuesday evening after growing concerns over a cooling economy and increased trade tariffs sparked a series of steep losses on Wall Street. 

Focus was now squarely on quarterly earnings from market darling NVIDIA Corporation (NASDAQ:NVDA), which are due after the close on Wednesday. The stock clocked three straight sessions of steep losses, as investors locked in profits ahead of its earnings. 

Gains in futures were limited as U.S. President Donald Trump threatened to impose trade tariffs on copper imports, claiming that production and refinement of the red metal needed to return to the U.S.

Wall Street was also nursing a series of bruising losses as signs of weakening consumer sentiment drummed up concerns over a cooling economy. Trump’s repeated tariff threats also weighed, as did a rout in technology shares ahead of Nvidia’s earnings. 

Trump threatens copper import tariffs, Freeport rallies 

Trump on Tuesday signed an executive order exploring import tariffs on copper over what he alleged were unfair global trade practices.

Trump claimed the move was to spur more domestic copper production and was also aimed at reducing the dominance of one entity- likely China- in the global copper market. 

Freeport-McMoran (NYSE:FCX)- the biggest copper producer in the U.S.- rallied as much as 5% on Trump’s order.  

Trump’s threat comes after he imposed 25% tariffs on steel and aluminum imports earlier this month, with both moves aimed at pushing up local production, while also pressuring top exporter China. 

But the president’s tariff threats were received poorly by markets, given that they pushed up concerns over retaliatory measures and disruptions in global trade. 

Trump’s tariffs- which will be borne by U.S. importers- are also expected to disrupt some business operations, and could underpin inflation.

Trump signaled earlier this week that his planned 25% tariffs on Canada and Mexico will likely take effect from the first week of March. 

Nvidia rises after bruising losses; earnings in focus 

Nvidia rose 1.3% in aftermarket trade on Tuesday, after the stock clocked three straight days of steep declines in the run-up to its earnings.

While the company is expected to clock strong earnings growth on sustained demand from the artificial intelligence industry, its outlook on future demand will be closely watched.

Nvidia makes the most advanced AI chips in the market and is considered as a bellwether for the industry. Wednesday’s print also comes amid growing doubts over the need for outsized capital investment in AI, especially after the release of China’s DeepSeek.

Losses in Nvidia spilled over into broader tech stocks, which in turn pressured Wall Street this week. U.S. stocks were also dented by growing concerns over a cooling economy.

The S&P 500 fell 0.5% to 5,955.36 points, while the NASDAQ Composite fell 1.4% to 19,026.39 points. The Dow Jones Industrial Average rose 0.4% to 43,621.34 points.

By Adriana Barrera

MEXICO CITY (Reuters) - Mexico's lower house of Congress on Tuesday approved a constitutional reform to ban the planting of genetically modified (GM) corn, a move that could lead to more tension with the United States after the resolution of a trade dispute, analysts said.

The initiative by President Claudia Sheinbaum comes after a trade-dispute panel ruled in December that Mexico's restrictions on GM corn, mostly imported from the United States, violate the U.S.-Mexico-Canada Agreement (USMCA).

As a result of the USMCA panel ruling, Mexico repealed its import restrictions on GM corn for human, livestock and industrial uses.

Mexico, the birthplace of modern corn, had already prohibited the commercial planting of GM corn strains, arguing they will contaminate native strains of the grain, but Sheinbaum pledged to officially prohibit the planting of GM corn within its territory via the Constitution.

With Sheinbaum's reform approved with 409 votes in favor and 69 against, native corn is branded as an "element of national identity" and GM corn is officially banned from being planted in Mexico.

"Any other use of genetically modified corn must be evaluated ... to be free of threats to the biosecurity, health and biocultural heritage of Mexico and its population," the text of the reform states.

The reform will now go to the Senate for final approval.

Mexico buys about $5 billion of U.S. GM corn each year, mostly for livestock feed.

Some analysts said the reform could spark a new controversy with the U.S. because it also refers to the use of GM corn, and not just the planting of the grain.

The Agricultural Markets Consulting Group (GCMA), a major consultancy in Mexico said the government's decision to strengthen its position against GM corn generates "uncertainty" in the relationship with the United States, its primary source of yellow corn imports, which are mainly dedicated to livestock feed.

"Following the adverse ruling by the USMCA dispute panel, the insistence on these restrictions is likely to trigger retaliatory measures by the US government," GCMA said in a recent report.

Investing.com-- Gold prices fell in Asian trade on Tuesday, but remained close to recent peaks as safe haven demand was underpinned by concerns over higher U.S. trade tariffs and worsening relations between Washington and Beijing. 

The yellow metal had risen in overnight trade, coming within spitting distance of a record high amid persistent safe haven demand. This trend was furthered by U.S. President Donald Trump signaling that he still planned to impose 25% tariffs on Canada and Mexico by next week.

This came after Trump over the weekend signed a sweeping executive order aimed at leveling more trade and investment restrictions against China, which could point to further worsening in relations 

Spot gold fell 0.5% to $2,947.73 an ounce, while gold futures expiring in April fell 0.3% to $2,952.99 an ounce by 01:03 ET (06:03 GMT). Spot prices hit a record high of $2,956.37 an ounce last week. 

Trump tariff threats, China jitters buoy gold 

Gold demand remained underpinned by Trump’s latest comments on tariffs against Canada and Mexico, both of which could be imposed as a March 4 deadline expires next week.

Such a move is likely to draw retaliatory measures from the two countries, escalating a global trade war.

Additionally, Trump’s hawkish stance against China could also draw more retaliation from Beijing. Trump had earlier in February imposed 10% tariffs on all Chinese imports, with Beijing imposing a slew of trade tariffs and export controls in retaliation. 

Bloomberg reported that Trump’s administration was considering tighter controls on chip exports to China, a move that could further draw Beijing’s ire. 

This was after Trump over the weekend signed a sweeping executive order seeking to further curb Chinese investments and exports. 

Dollar, yields undermined by US economic fears

The dollar slid to an over two-month low this week, benefiting metal prices as investors also fretted over a potentially cooling U.S. economy.

Treasury yields also softened on this notion, as data over the past two weeks showed a cooling U.S. consumer sentiment and spending.

This weighed on the dollar, amid bets that the Federal Reserve will have to cut rates further to support the economy. U.S. fourth-quarter GDP data due later this week is set to offer more cues on this trend.

A softer dollar benefited metal prices, although they broadly lagged gold. Platinum futures fell 0.5% to $971.65 an ounce, while silver futures steadied at $32.623 an ounce.

Among industrial metals, benchmark copper futures on the London Metal Exchange fell 0.3% to $9,465.20 a ton, while March copper futures fell 0.4% to $4.5420 a pound. 

Investing.com-- Oil prices jumped in Asian trading on Tuesday as the U.S. government's imposition of new sanctions targeting Iran's oil industry sparked fresh supply disruption worries.

Brent Oil Futures rose 0.6% to $75.19 per barrel as of 21:14 ET (02:14 GMT), while West Texas Intermediate (WTI) crude futures gained 0.7% to $70.92 per barrel.

US sanctions on Iran spark supply concerns

The sanctions, announced by the Treasury Department, aim to intensify economic pressure on Iran by targeting over 30 entities and individuals involved in the country's oil supply chain, including brokers and tanker operators in the United Arab Emirates, Hong Kong, and China. 

The action is part of President Donald Trump's "maximum pressure" campaign, explicitly aiming to halt Iran's petroleum exports, particularly to major consumers like China.

Treasury Secretary Scott Bessent emphasized the administration's commitment to using all available tools to target Iran's oil supply chain, warning of significant sanctions risks for those dealing in Iranian oil.

In response to these developments, oil futures experienced modest gains on Monday. The market's reaction reflected concerns over potential foreign supply constraints due to the new sanctions on Iran.

Markets uncertain amid complex supply-demand scenario

Despite the upward pressure from the sanctions, the overall outlook for oil prices remains uncertain.

Potential cease-fire agreements between Russia-Ukraine and Israel-Hamas could alleviate some market fears, potentially offsetting price increases.

Media reports have shown that OPEC and its allies, collectively known as OPEC+, are contemplating further delays in increasing oil production due to persistently weak demand and rising output from non-member countries.

Originally, the group planned to ease production cuts starting in April 2025, but this timeline has been postponed multiple times, with the latest adjustment pushing the start to April 2025.

These potential production delays are expected to support oil prices by limiting supply. However, the global oil market is projected to return to a surplus in 2025, despite OPEC+ extending supply cuts, which could lead to lower prices in the coming year.

Additionally, the resumption of Iraqi oil exports from the Kurdish region may influence supply dynamics.