Hong Kong stocks rose 98 points, or 0.4%, to 24,607 in early trading on Monday, ending a four-day losing streak amid gains led by the property and technology sectors. Sentiment improved after China's top leaders pledged to support the economy and tackle "irregular competition" at last week's Politburo meeting. Beijing also confirmed plans to hold its fourth plenary session in October, which will likely focus on the next five-year plan. A modest rebound in US stock futures added support, following Wall Street's sharp decline on Friday due to weak employment data. On tariffs, US Treasury...
The dollar index held its recent advance to above 108.5 on Wednesday, supported by higher Treasury yields as strong US economic data diminished the likelihood of further Federal Reserve interest rate cuts. Growth in the US services sector accelerated in December, boosting business activity and pushing prices to their highest levels since early 2023. Job openings also rose by 259,000 to 8.098 million in November, surpassing expectations and reaching a six-month high. Investors are now focused on Friday's monthly jobs report, one of the last major data releases before the Fed's upcoming...
Gold price (XAU/USD) stabilizes following the previous day's late pullback from the $2,665 hurdle as traders opt to move to the sidelines ahead of Wednesday's release of the FOMC Minutes later during the US session. In the meantime, the prospects for slower rate cuts by the Federal Reserve (Fed) continue to push the US Treasury bond yields higher and act as a headwind for the non-yielding yellow metal. Apart from this, the underlying strong US Dollar (USD) bullish tone turns out to be another factor that contributes to capping the commodity. The downside for the Gold price, however, remains...
The Australian dollar (AUD) remained weak for the second straight session against the US dollar (USD), with the AUD/USD pair losing ground despite stronger-than-expected monthly inflation data released on Wednesday (8/1). However, the trimmed mean, a closely watched measure of core inflation, fell to 3.2% year-on-year from 3.5%, closer to the Reserve Bank of Australia's (RBA) target range of 2% to 3%. Traders are currently pricing in a 55% probability that the RBA will cut the cash rate by 25 basis points to 4.35% in February, with a full quarter-point cut expected in April. Australia's...
The Japanese Yen (JPY) languishes near a six-month low against its American counterpart and seems vulnerable to prolonging a one-month-old downtrend amid uncertainty about the timing of the next rate hike by the Bank of Japan (BoJ). Adding to this, the recent widening of the US-Japan yield differential, bolstered by reduced bets for further rate cuts by the Federal Reserve (Fed), validates the near-term negative outlook for the lower-yielding JPY. That said, a combination of factors might hold back the JPY bears from placing fresh bets. Japan's Finance Minister Katsunobu Kato weighed in...
Oil prices rose on Wednesday as supplies from Russia and OPEC members tightened, while data showing an unexpected increase in U.S. jobs openings pointed to expanding economic activity and consequent growth in oil demand. Brent crude was up 32 cents, or 0.42%, to $77.37 a barrel at 0135 GMT. U.S. West Texas Intermediate crude rose 42 cents, or 0.57%, to $74.67. Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increase, a Reuters survey showed. Field maintenance in the United Arab Emirates offset a Nigerian output hike and gains...