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...
Hong Kong stocks jumped 336 points, or 1.7%, to 20,041 in early trade on Friday, snapping losses from the previous two sessions amid solid gains across sectors. For the week, the Hang Seng is on track for a second straight gain, up nearly 2.5% so far, boosted by Beijing's initiative to encourage insurers to buy more mainland-listed shares. The plan is expected to inject at least hundreds of billions of yuan in new capital each year from state-owned insurers. It also involves guiding mutual fund managers to increase the equity funds under their management. Overnight on Wall Street, the...
The Shanghai Composite rose 0.4% to top 3,240, while the Shenzhen Component rose 0.7% to 10,250 on Friday (24/1), extending gains from the previous session as Beijing unveiled new measures to boost stock market investment. China's top financial regulator urged medium- and long-term funds, such as insurance, pension, national social security and annuity funds, to increase their equity investments. Meanwhile, the People's Bank of China kept the interest rate on its one-year medium-term lending facility unchanged at 2% during its January decision. Chinese stocks have come under pressure...
Asia-Pacific markets rose on Friday, after the S&P 500 hit a record high on Thursday as U.S. President Donald Trump called for lower interest rates and cheaper oil. Japan's core inflation rate rose to a 16-month high of 3% in December, year-on-year, adding to the case for a rate hike from the Bank of Japan. The CPI announcement comes ahead of the Bank of Japan's monetary policy meeting later in the day. Market watchers expect the central bank to raise interest rates to their lowest level in 17 years The country's benchmark Nikkei 225 index started the day up 0.31%. South Korea's...
Japanese stocks rose for a fifth day ahead of a likely interest-rate hike by the Bank of Japan with strength among domestic demand-related sectors such as services, retail, food, and construction. Nikkei advanced 0.3% to 40,069.59 as of 9:20 a.m. Tokyo time The Topix Index rose 0.2% to 2,758.10 Nintendo Co. contributed the most to the Topix Index gain, increasing 2.2%. Out of 2,119 stocks in the index, 1,367 rose and 545 fell, while 207 were unchanged. Stocks are being supported by expectations of lower crude oil prices, easing concerns about inflation globally,...
The S&P 500 rose to record highs once again on Thursday after President Donald Trump called for lower interest rates and cheaper oil prices. The broad market index added 0.5%, notching an all-time intraday high for the second straight session. The Dow Jones industrial Average advanced 408 points, 0.9%, on pace for its fourth straight winning day. The Nasdaq Composite advanced 0.2%. Stocks took a modest leg up after Trump said Thursday in a virtual address to the World Economic Forum that he would "demand that interest rates drop immediately." The president also said he would ask Saudi...
U.S. President Donald Trump on Thursday continued to take aim at the European Union for what he claims is an unequal trade relationship. "From the standpoint of America, the EU treats us very, very unfairly, very badly," Trump said in a virtual address to the World Economic Forum in Davos, Switzerland. After his inauguration on Monday, Trump's second term has been a key topic of conversation at Davos this year — particularly given his threats of trade tariffs on the EU, China, Mexico, Canada and beyond. Echoing previous comments, Trump said in his Davos address: "They make it very...
Both the STOXX 50 and STOXX 600 held near the flatline on Thursday, ending a seven-session winning streak that had pushed the former to a 2,000 high and the latter to a record. Traders took a breather as they closely monitored developments in U.S. policy under President Trump. Technology stocks led the decline after rallying in the previous session, boosted by Trump's announcement of a $500 billion investment in U.S. AI infrastructure. Meanwhile, the World Economic Forum in Davos remained in focus, with Trump scheduled to address attendees via video call. In the corporate sector, ASML...
The Hang Seng fell 78 points, or 0.4%, to close at 19,700 on Thursday, reversing its morning gains amid looming tariff risks and concerns over China's sluggish economic momentum. Meanwhile, U.S. index futures fell after Wall Street's S&P 500 neared an all-time high on Wednesday following President Trump's move to boost spending on AI. Most sectors ended up losing ground, especially technology, consumer discretionary and property. In contrast, financials rose after China's securities regulator encouraged local insurers and mutual funds to boost their equity holdings. Earlier this month,...
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....