The Hang Seng closed almost flat at 24,911 on Wednesday after dipping slightly in morning deals. Traders digested comments from President Trump, who said the U.S. was close to a trade deal with China and that he would meet President Xi before year-end if an agreement is reached. Investors also looked ahead to key Chinese economic data, including trade figures on Thursday and inflation on Saturday, amid concerns over rising trade barriers and persistent deflation risks. At the same time, markets braced for a possible new U.S. tariff announcement targeting semiconductors and chips, expected...
Gold prices fell below $2,900 an ounce on Tuesday (2/11) from a record $2,940 as investors took profits, although sentiment remained bullish amid trade tensions. The decline was driven by short-term traders cashing in profits, with some expecting consolidation before the next move higher. President Trump's 25% tariffs on steel and aluminum imports fueled fears of a broader trade war, adding to market uncertainty. Investors now await Wednesday's US inflation data, which could shape Fed policy expectations. While gold is a hedge against inflation, the Fed's cautious stance on rate cuts could...
The US Dollar Index (DXY), which tracks the performance of the US Dollar against six major currencies, is broadly flat and still resides above 108.00. The Greenback looks to be immune to US President Donald Trump's tariff talks. While China silently slapped some minor tariffs on US goods in a tit-for-tat move on Monday, Trump introduced a 15% levy on steel and aluminum for all countries importing that will come into effect on March 12. Source: FXStreet
Gold's price (XAU/USD) has breached the previous all-time high and sets a new record high at $2,942 in early Tuesday trading before flipping into a loss for the day. Meanwhile, United States (US) President Donald Trump has imposed 25% tariffs on steel and aluminum imports for all countries as of March 12,, while China has quietly imposed retaliatory tariffs on some US goods. China is only showing its teeth by now and has not gone full blazing, while US President Trump is nowhere near his promised 60% levies on all Chinese products as announced earlier in his campaign, Bloomberg...
EUR/USD ticks higher but is broadly sideways around 1.0300 in Tuesday's European trading session as investors await the Federal Reserve (Fed) Chair Jerome Powell's testimony before Congress at 15:00 GMT. Investors will pay close attention to Powell's comments to know for how long the Fed will keep interest rates steady in the range of 4.25%-4.50% and the likely impact of 25% tariffs on all steel and aluminum imports on the monetary policy outlook. In January, the Fed left interest rates unchanged and Powell said that the central bank will remain in the waiting mode until it sees "real...
Oil prices extended gains on Tuesday amid concerns over Russian and Iranian oil supply and sanctions threats, despite worries that escalating trade tariffs could dampen global economic growth. Brent crude futures were up 55 cents, or 0.72%, at $76.42 a barrel by 0717 GMT, while U.S. West Texas Intermediate crude rose 50 cents or 0.69% to $72.82. Both contracts posted gains of near 2% in the prior session after three weekly losses in a row. Source: Reuters