Gold traded higher early on Friday as the dollar and treasury yields weakened. Gold for August delivery was last seen up US$17.80 to US$3,363.10 per ounce. The price of the precious metal has traded in a tight range for most of July after touching a record high on June 13 as the outlook for further interest-rate cuts from U.S. Federal Reserve weakens as it waits to assess the impact of tariffs on inflation and employment. "With our rates strategists pushing their call for the first cut from the Fed till December, and amidst outside pressure on Powell, we see both the macro drivers and...
Europe's major bourses tried to recover on Tuesday, with the STOXX 50 trading flat to higher and the STOXX 600 up 0.2%, following losses in the previous session, which were driven by concerns over rising AI competition from China that sparked a selloff in the tech sector. ASML Holding rose 0.5%, after dropping 7.5% on Monday, and Infineon rose 0.1%, after dropping 2%. Meanwhile, investors also turned their attention to corporate earnings. SAP shares rose about 2% after the company revised its operating profit outlook higher to €10.6 billion and said it met or exceeded all of its 2024...
The Hang Seng closed 0.14% higher at 20,225 on Tuesday (1/28) in a half-day session ahead of the Lunar New Year celebrations. The index marked its third straight session of gains, largely supported by technology advances and consumer spending. Traders were closely following developments on Chinese startup DeepSeek's affordable AI model, as its emergence raised concerns about U.S. dominance in the tech sector. China Vanke Co. jumped 2.1% after overhauling its management, following assurances from Chinese authorities to support the troubled builder. Xiaomi Corp. ended at a record high, jumping...
Japanese stocks fell after the close on Tuesday (1/28), as losses in the Nonmetallic Minerals, Communications and Electrical/Machinery sectors led shares lower. At the close in Tokyo, the Nikkei 225 was down 1.43%. The best performers on the Nikkei 225 were Sumitomo Realty & Development Co. (TYO:8830), which rose 5.12% or 263.00 points to trade at 5,395.00 at the close. Meanwhile, Nintendo Co Ltd (TYO:7974) rose 4.67% or 457.00 points to close at 10,250.00 and Oriental Land Co Ltd (TYO:4661) gained 4.14% or 146.00 points to 3,675.00 in late trade. The worst performers on the session...
Shares in Hong Kong were little changed on Tuesday morning, hovering around 20,210 after gaining in the prior two sessions. Trading was notably sluggish, with markets set to close early as the Lunar New Year looms large. Meanwhile, US futures pulled back after a Monday sell-off on Wall Street fueled by mounting concerns over investment in the AI sector, following the emergence of Chinese startup DeepSeek. On the trade front, Hong Kong's export growth notched a 4-month high in December while imports fell for the first time in 10 months. For the week, the Hang Seng is on track to gain for...
The Nikkei 225 Index dropped 1.4% to around 39,000, while the broader Topix Index lost 0.6% to 2,740 on Tuesday, extending losses from the previous session. Chip-related stocks linked to the US AI value chain led the decline, following concerns that Chinese startup DeepSeek could challenge the dominance of US AI leaders. Local stocks also continued to be pressured by a hawkish stance from the Bank of Japan. On Friday, the central bank raised interest rates and revised its inflation forecasts higher, signaling the possibility of further rate hikes. Investors are now focused on upcoming...
The S&P 500 and Nasdaq Composite were down sharply Monday on concern about an artificial intelligence stock bubble popping because of the emergence of Chinese startup DeepSeek, which has possibly made a competitive AI model for a fraction of the billions Silicon Valley is spending. The Nasdaq Composite lost 3.07%, falling to 19,341.83, and the S&P 500 slid 1.46% to 6,012.28. The Dow Jones Industrial Averageadded 289.33 points, or 0.65%, to close at 44,713.58. Gains in Apple Johnson & Johnson and Travelers helped lift the 30-stock index. Last week, DeepSeek released R1, an...
Policymakers around the globe should not react in haste to announcements by U.S. President Donald Trump's administration, and be prepared to argue their case, World Bank President Ajay Banga told Reuters. Trump's first week in office has seen a flurry of executive orders and policy plans, ranging from tariffs on Canada, Mexico and China to a review on all existing foreign assistance. "My only advice to everyone is don't be in too much of a hurry to respond or judge," Banga told Reuters in an interview on the sidelines of the Mission 300 Africa Energy Summit in Tanzania's commercial capital...
The Dow Jones Industrial Average (DJIA) dipped into the 44,000 handle during Monday's early overnight session, driven lower by a fresh bout of souring in investor risk appetite after a Chinese company globally released an open-source competitor to US-based AI models that have been largely proprietary up to this point. Investor sentiment was driven further into the floorboards by a political spat between United States (US) President Donald Trump and Colombia over the weekend after a disagreement between the two countries over the return of Colombian migrants from the US led to President Trump...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....