Gold (XAU/USD) holds firm on Wednesday, with price action contained inside the recent consolidation zone as markets brace for the Federal Reserve's (Fed) interest rate decision. At the time of writing, XAU/USD is hovering near $4,204, down from the intraday high of $4,218. The Fed will announce its policy decision at 19:00 GMT, with markets leaning toward another 25 basis point cut that would lower the Federal Funds Rate to the 3.50%-3.75% range. Expectations for reduced borrowing costs keep Bullion broadly supported, as lower interest rates reduce the opportunity cost of holding...
The Hang Seng ended nearly flat at 20,217 on the first trading day of February, steadying after a sharp loss in morning deals as gains in the technology and consumer discretionary sectors nearly offset losses in the property and financial sectors. Traders digested a Wall Street Journal report that Beijing is seeking to avoid tariff hikes and technology restrictions from the Trump administration. Meanwhile, China's Commerce Ministry is preparing to file a complaint with the WTO. Although private survey data showed the weakest factory activity growth in four months for China through early...
Japanese stocks fell after the close on Monday (2/3), as losses in the Precision Instruments, Real Estate and Food sectors led shares lower. At the close in Tokyo, the Nikkei 225 was down 2.69%. The best performers on the Nikkei 225 were Sumitomo Dainippon Pharma Co Ltd (TYO:4506), which rose 16.39% or 100.00 points to trade at 710.00 at the close. Meanwhile, Konami Corp. (TYO:9766) gained 14.14% or 2,025.00 points to close at 16,345.00 and Alps Electric Co., Ltd. (TYO:6770) gained 5.04% or 78.50 points to 1,637.50 in late trade. The worst performers on the session were NH Foods Ltd...
Shares in Hong Kong plunged 266 points or 1.3% to 19,959 in early trading at the start of the new month, reversing gains from the prior three sessions as trading resumed after the Lunar New Year holidays amid widespread sector losses. Investors responded to Donald Trump's extensive tariffs on several nations over the weekend, including China. Meanwhile, Beijing announced plans to challenge Trump's move at the WTO and roll out other countermeasures, intensifying fears of a trade dispute between the two countries. Source: Trading Economics
China's manufacturing activity unexpectedly declined for a second straight month in January, underlining the need for Beijing to step up economic stimulus with Donald Trump slapping tariffs on the country's exports. The Caixin manufacturing purchasing managers index fell to 50.1 from 50.5 in December, according to a statement released by Caixin and S&P Global on Monday. While any reading above 50 indicates an expansion of activity, the figure was well below the median forecast of 50.6 by economists surveyed by Bloomberg. The results of the private survey compare with last month's sharp...
The Nikkei 225 Index dropped 2.2% to around 38,700, while the broader Topix Index fell 2% to 2,730 on Monday, reaching their lowest levels in about two weeks. This decline came after President Donald Trump imposed sweeping tariffs on key US trading partners over the weekend. The US introduced a 25% tariff on goods from Mexico and Canada and a 10% levy on imports from China, raising concerns about the potential disruption to global trade. Meanwhile, a summary of opinions from the Bank of Japan's January meeting revealed discussions about possible interest rate hikes due to ongoing...
Asian stock markets slumped on Monday and U.S. equity futures pointed sharply lower after U.S. President Donald Trump's tariffs on Canada, Mexico and China triggered fears of a broad trade war and hit to global growth. The U.S. dollar shot to a record high against the Chinese yuan in offshore trading, and jumped to the highest since 2003 against Canada's currency and the strongest since 2022 versus Mexico's peso. Source: Reuters
US stocks rose on Friday, with the S&P 500 up 0.5%, the Nasdaq up 0.9% and the Dow Jones up about 90 points, boosted by a nearly 4% jump in Apple shares. The tech giant reported a 4% increase in revenue and issued a positive outlook for the current quarter, even as iPhone sales missed expectations. Intel, meanwhile, rose 1% and AbbVie jumped about 7.6% after its earnings and revenue beat expectations. On the other hand, Exxon Mobil fell 0.8% after its earnings missed estimates and Chevron shares fell about 2.2% as its refining business posted its first loss since 2020. On the data...
European equity markets are set to open little changed on Friday after hitting record highs in the previous session, supported by strong earnings and a favorable policy environment. On Thursday, the European Central Bank cut its main deposit rate by 25 basis points, as expected, and signaled that further cuts could follow. Recent data showed that the euro zone economy unexpectedly stalled in the last quarter, led by contractions in Germany and France. On the corporate side, Swiss pharmaceutical company Novartis reported better-than-expected fourth-quarter sales, which rose 16% to $13.2...
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....