Gold steadied and was set for a moderate weekly loss as investors assessed the outlook for Federal Reserve rate cuts after resilient US jobs and retail data eased concerns about the economy. Bullion traded below $3,340 an ounce, heading for a 0.5% drop on the week. That came after data that showed applications for unemployment benefits fell for a fifth straight week to the lowest level since mid-April, and advancing retail sales in June. San Francisco Fed President Mary Daly said it's reasonable for policymakers to plan on two interest-rate cuts this year, emphasizing that the central bank...
Hong Kong stocks fell 42 points, or 0.2%, to 19,328 on Friday morning, down for a second session amid continued caution ahead of China's official November PMI figures due later this week. The Hang Seng is on track for a second straight monthly decline, down nearly 5% so far, weighed down by growing concerns over the impact of Sino-U.S. trade tensions from the current and incoming administrations. A decline in financial stocks dragged on the index, amid uncertainty over whether Beijing will introduce new policy measures to support the Chinese economy as the year ends. Source: Trading...
The Nikkei 225 Index fell 0.7% to below 38,100, while the broader Topix Index fell 0.4% to 2,677 on Friday, reversing some of the previous session's gains. Investors were reacting to data showing that Tokyo inflation rose above 2% in November, fueling speculation that the Bank of Japan will raise interest rates next month. Markets now price in a 60% chance of a 25 basis point rate hike in December, up from about 50% a week ago. Meanwhile, the latest data on industrial production, retail sales and employment showed signs of slowing economic activity. Technology stocks led the decline, with...
The pan-European Stoxx 600index ended up 0.45%, having slightly pulling back from earlier gains. Banking stocks led the pack, up 0.98%, while household goods were a rare outlier, down 0.67%. France's CAC 40 index rose 0.51%, rebounding from a decline Wednesday even as the country's risk premium drew level with Greece's for the first time amid ongoing political turmoil.Shares of British insurance firm Direct Line jumped 42%, hitting their highest level since early 2023, after it said a takeover offer from rival Aviva "substantially undervalued" the company. The stock ended the day 41%...
The Hang Seng tumbled 236 points or 1.2% to end at 19,367 on Thursday, marking the first decline in three sessions amid escalating trade disputes between China and the US. The Biden administration reportedly may introduce fresh curbs on sales of semiconductor equipment and AI memory chips to China next week. Meanwhile, US President-elect Trump's trade policies and their potential impacts remain uncertain, with China's state media warning of possibly severe repercussions. In business news, media reports said BYD Co. and other Chinese automakers urged suppliers to cut prices, signaling...
The Nikkei 225 Index rose 0.56% to close 38,349 while the broader Topix Index jumped 0.82% to 2,687 on Thursday, with Japanese shares ending a two-day decline as risk sentiment improved, while investors took advantage of lower valuations. However, caution persisted as the yen surged to its highest levels in over five weeks on Wednesday, driven by speculation that the Bank of Japan may raise interest rates again as soon as next month. Markets are now assigning a 60% chance of a 25 basis point rate hike in Japan in December, up from around 50% a week ago. Investors are also closely watching...
European markets are expected to open higher Thursday, rallying after being in the doldrums yesterday. The U.K.'s FTSE 100 index is expected to open 16 points higher at 8,291, Germany's DAX up 72 points at 19,334, France's CAC up 30 points at 7.173 and Italy's FTSE MIB up 98 points at 33,310, according to data from IG. There are no major earnings Thursday, but data releases include Spanish and German inflation and European economic sentiment figures. Italian and Spanish business confidence data is also due. It'll be a quieter day globally with U.S. markets...
Hong Kong's equities plunged 198 points or 1.0% to 19,405 on Thursday morning deals, ending gains in the previous two sessions amid declines in all sectors, especially consumers, tech, and financials. Sentiment was downbeat following overnight losses on Wall Street, driven by a pullback in major US tech stocks ahead of the Thanksgiving holiday. Meanwhile, concerns over trade disputes between China and the US administration were heightened as the Biden administration reportedly considered imposing additional restrictions on the sales of semiconductor equipment and AI memory chips to...
Asia-Pacific markets opened mixed on Thursday after Wall Street's rally stalled overnight even as inflation data matched expectations. The U.S. personal consumption expenditures, or PCE, price index rose 2.3% on an annualized basis, up from 2.1% in September. So-called core inflation, which excludes food and energy prices, rose 2.8% in the 12 months to October, up from 2.7% in the previous month. Both were in line with expectations from economists polled by Reuters, according to LSEG data. The Bank of Korea is expected to keep its benchmark interest rate unchanged at 3.25% when its...
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....