The Hang Seng climbed 226 points or 0.9% to end at 24,733 on Monday, snapping a four-session dip as all sectors gained. Traders looked ahead to developments on the U.S.-China trade truce, set to expire on August 12. Meanwhile, U.S. Treasury Secretary Bessent said Washington is optimistic about reaching a deal with China, following recent trade talks in Stockholm. Separately, China's top leaders pledged to support the economy and rein in "disorderly competition" during last week's Politburo meeting. Beijing also confirmed its fourth plenum will be held in October, likely focusing on the next...
The U.S. dollar weakened against the yen on Thursday, as softer-than-expected U.S. economic data and growing confidence for a Bank of Japan interest-rate hike sent it tumbling to a near one-month low against the Japanese currency. Recent remarks from BOJ Governor Kazuo Ueda and his deputy Ryozo Himino have made clear that a hike will at least be discussed at next week's policy meeting. Markets see about a 79% chance of a 25-basis-point increase. Japan's annual wholesale inflation held steady at 3.8% in December on stubbornly high food costs, data showed on Thursday. The greenback was down...
US benchmark West Texas Intermediate (WTI) crude oil prices were trading around $77.85 on Friday (17/1). WTI prices fell slightly as Houthi attacks in the Red Sea were expected to halt after a ceasefire deal in the Gaza war between Israel and the Hamas militant group was reached. Maritime security officials said on Thursday that they expected the Houthi militia to announce an end to its attacks on ships in the Red Sea. "The Houthi developments and the ceasefire in Gaza are helping to keep the region calm, taking some of the safety premium off oil prices," said John Kilduff, a partner at...
Gold price surged above the $2,700 mark on Thursday as the Greenback trimmed some of its earlier gains. Data from the United States (US) revealed that the economy remains solid after the release of consumer spending figures and jobs data. US bond yields fell as traders expect further easing by the Federal Reserve (Fed). At the time of writing, the XAU/USD trades at $2,715, up 0.72%. Bullion extended its gains as market participants prepare for US President-elect Donald Trump's inauguration. The US Census Bureau revealed that Retail Sales fell short of estimates in December. However,...
Oil futures pull back from five-month highs reached on supply concerns around U.S. sanctions and winter heating fuel demand. "Crude oil finally caved under pressure from an overbought RSI," Mizuho's Robert Yawger says in a note, referring to the relative strength index. "Positioning is driving energy prices lower today. There is no associated bearish red headline." Crude maintains support from demand for heating oil, which held out for a 0.1% gain as an Arctic blast is expected over large parts of the U.S. in the coming week. The WTI front month settles down 1.7% at $78.68, and Brent falls...
Gold traded at the highest in a month mid-afternoon on Thursday, climbing for a third day as the dollar and yields moved lower after U.S. retail sales rose less than expected last month. Gold for February delivery was last seen up US$34.50 to US$2,752.30 per ounce, the highest since Dec.11. The U.S. Commerce Department on Thursday reported retail sales rose by 0.4% in December, down from a revised 0.8% in November and under expectations for a 0.5% monthly rise according to Marketwatch. The data follows on a slight drop in the core Consumer Price Index, excluding food and energy, reported...