Silver climbed above $61 per ounce, extending a record rally as markets digested the Fed's 25 basis point cut and parsed Chair Powell's remarks which markets read as relatively dovish even as committee guidance remained cautious. The cut itself was largely priced in, but Powell's comments and a softer dollar lowered the opportunity cost of holding metal. At the same time the physical market has tightened materially which amplifies the policy impulse. ETF inflows and spot buying have surged this year and funds added large tonnes last week, while official and retail demand in Asia and India...
The Hang Seng Index plunged 615 points, or 2.4%, to close at 25,220 on Friday (November 21), extending last week's decline and marking its lowest level in five weeks. The decline occurred broadly amid sharp fluctuations in global equities. The technology sector slumped 3.2% to a three-month low, mirroring the weak performance of US tech stocks on Thursday. Consumer, property, and financial stocks also fell sharply, following a decline in mainland Chinese markets, which hit their lowest level since mid-October. On a weekly basis, Hong Kong markets slumped 5.1%, reversing gains from the...
The Japanese stock market closed lower on Friday, with the Nikkei 225 index falling 2.30%. The paper & pulp, transportation, and communications sectors were the main drags on the index. Despite the steep decline, the market mood wasn't entirely negative, as several large stocks still rallied. Among the top gainers, M3 Inc rose 6.9%, Obayashi Corp surged nearly 5% to hit an all-time high of 3,125, and Nitori Holdings rallied around 4.1%. Overall, the number of stocks rising was far greater: 2,522 rose, 1,117 fell, and 190 remained unchanged on the Tokyo Stock Exchange. This means that...
The Hong Kong stock market opened lower in the morning session, with the benchmark Hang Seng Index falling 375 points, or 1.45%, to 25,460. Selling pressure was felt across the entire market. The Hang Seng China Enterprises Index fell 1.43% to 9,012, while the Technology Index fell further, down 2.2% to 5,451. Technology stocks were the main market bearish. Tencent fell around 1.7%, Alibaba fell more sharply, by around 3.1%, and Meituan fell 1.5%. Xiaomi and JD.com both fell 2.3%, while Kuaishou Technology also fell by around 1.6%. The weakness in this sector indicates that investors remain...
Japan's Nikkei index fell 2.2% to 48,720.59 in morning trading, following a sharp decline on Wall Street overnight. Negative sentiment was still fueled by renewed concerns about a potential "bubble" in AI-based stocks, prompting investors to reduce exposure to riskier assets. The technology and banking sectors were the main drags on the index. Panasonic shares fell around 1.2%, while Mizuho Financial fell 0.8% and Mitsubishi UFJ Financial slipped 1.5%. Several consumer stocks also suffered, with Fast Retailing down 0.4%. In the foreign exchange market, currency movements were relatively...
US stocks erased gains to close at one-month lows on Thursday amid the outlook of higher interest rates by the Federal Reserve, as markets reassessed risks that high valuations for AI companies are unwarranted. The Nasdaq 100 lost 2.4% while the S&P 500 fell 1.5% and the Dow was 350 points lower. Delayed employment data from the BLS, set to be the last before the FOMC's December meeting, reflected stronger than expected job growth to consolidate expectations that the Fed will hold rates unchanged next month. In the meantime, Nvidia dropped 3.2% after trading as high as 5% at the...
European markets closed higher on Thursday as investors reacted to strong earnings by artificial intelligence darling Nvidia. The pan-European Stoxx 600 was up 0.5% by the end of the session, with most bourses and sectors in positive territory. AI-related stocks were amongst those making gains, with Dutch semiconductor firms BESI and ASMI up 0.7% and 0.8%, respectively. Fellow Dutch firm ASML, which makes critical equipment for semiconductors, ended almost 0.4% higher. Nvidia posted third-quarter results after the bell on Wednesday, topping forecasts for revenue and its fourth-quarter...
Wall Street's main indexes jumped at the open on Thursday as technology stocks received a boost after Nvidia's stellar results quelled some concerns around an AI bubble, while a firm September jobs report showed signs of a resilient economy. The Dow Jones Industrial Average rose 428.7 points, or 0.93%, at the open to 46567.51. The S&P 500 rose 95.8 points, or 1.44%, at the open to 6737.93, while the Nasdaq Composite rose 492.8 points, or 2.18%, to 23057.001 at the opening bell. Source: Reuters.com
The Hang Seng closed almost flat at 25,835 on Thursday (November 20), reversing morning gains after four consecutive sessions of losses. Strength in the financial sector helped offset declines in technology, property, and consumer stocks after the People's Bank of China (PBOC) maintained its benchmark interest rate at a record low for the sixth consecutive meeting, reinforcing its accommodative stance. Sentiment was mixed as media reports suggested China was considering new property support measures, including mortgage subsidies for first-time buyers, higher income tax rebates for mortgage...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
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....