Oil headed for the biggest weekly loss since late June as traders positioned for a key OPEC+ decision on supply this weekend. Brent futures edged marginally higher on Friday, but were still trading below $65 a barrel and set for a weekly slump of about 8%. Prices have declined the past four days on the expectation OPEC+ will discuss fast-tracking more supply hikes. Meanwhile, efforts by the Trump administration to keep oil exports flowing from northern Iraq, as well as a US government shutdown, have added to the bearish sentiment. The OPEC+ meeting comes as...
Stocks in Hong Kong jumped 272 points or 1.4% to 19,702 in early trade on Monday after retreating in the prior six sessions, helped by robust gains in most sectors. Financial stocks led the advance, climbing around 2% after a Chinese regulator urged companies with share prices lower than book values to improve performance. Tech and consumer sectors also saw strong gains, despite Goldman Sachs' recommendation to underweight Hong Kong stocks due to limited economic and earnings growth. Capping the upturn was fresh data showing foreign direct investment in China tumbled 29.8% yoy in the first...
Asia-Pacific stocks were mostly lower Monday as markets kickstarted what ING calls a "quiet" week for economic data from the region. Key data this week from Asia will include China's loan prime rate, set to be released Wednesday. ING said no change is expected in China's LPR, with the one-year rate currently at 3.1% and the five-year LPR at 3.6%. Japan will release trade data on Tuesday and October headline inflation numbers on Friday, while Australia's central bank on Tuesday will release minutes of its meeting earlier this month. Japan's benchmark Nikkei 225 fell 1.16% in early trade,...
Stocks tumbled on Friday as the postelection rally fizzled, placing the major averages on track for sharp weekly losses. The Dow Jones Industrial Average lost 305 points, or 0.7%. The S&P 500 slipped about 1.3%, while the Nasdaq Composite shed 2.2%. Declines in pharmaceutical stocks weighed on the 30-stock Dow and the S&P 500, with Amgen down 4% and Moderna off by 6%. President-elect Donald Trump said on Thursday that he planned to nominate vaccine skeptic Robert F. Kennedy Jr. to lead the U.S. Department of Health and Human Services. The SPDR S&P Biotech ETF (XBI) tumbled more...
European stocks fell as traders pared back expectations for an interest-rate cut by the Federal Reserve in December after cautious comments from Chair Jerome Powell. The Stoxx Europe 600 Index was 0.7% lower at the close in London, giving back much of Thursday's rebound as it declined for the third day this week. Media, health care and technology stocks led Friday's retreat while basic resources gained on higher aluminum prices. China announced the removal of a tax rebate that covers over 5 million tons of exports of the metal. Sanofi SA was among...
Stocks tumbled on Friday as the postelection rally fizzled, placing the major averages on track for sharp weekly losses. The Dow Jones Industrial Average lost 292 points, or 0.68%. S&P 500 slipped about 1.1%, while Nasdaq Composite shed 2%. Declines in pharmaceutical stocks weighed on the 30-stock Dow and the S&P 500, with Amgen down 5% and Moderna off by more than 7%. President Donald Trump said on Thursday that he planned to nominate vaccine skeptic Robert F. Kennedy Jr. to lead the U.S. Department of Health and Human Services. The SPDR S&P Biotech ETF (XBI) tumbled more than...
European markets opened lower on Friday, as investors assessed the latest economic data and the future path to cut interest rates following hawkish comments from US Federal Reserve Chairman Jerome Powell. The pan-European Stoxx 600 fell 0.8% in early trade, with all major bourses and nearly all sectors in the red. Healthcare stocks fell 1.72%, tracking a broader decline for global vaccine makers, as investors weighed President-elect Donald Trump's choice of Robert F. Kennedy Jr. to lead the Department of Health and Human Services. Technology stocks also fell 1.36%, while utilities were...
The Nikkei 225 jumped 1.1% to above 38,900 while the broader Topix Index gained 1% to 2,728 on Friday (11/15), with Japanese shares snapping a three-day slide as solid GDP data lifted market sentiment. Japan's economy expanded 0.3% year-on-year in the third quarter, ending two straight quarters of declines amid further gains in private consumption and government spending. Local shares also benefited from a sharply weaker yen that boosted the profit outlook for Japan's export-driven industries. Meanwhile, investors remained cautious after U.S. Fed Chair Powell said that strong U.S. economic...
Hong Kong's shares rose 97 points or 0.5% to 19,532 in early trade on Friday, ending losses in the prior five months amid gains across all sectors. Traders digested activity data from China showing retail turnover rose to an eight-month high in October and the jobless rate fell to a four-month low. Nevertheless, industrial output in the mainland grew less than expected. Also supporting sentiment were hopes of favorable outcomes from the Chinese central government's work forum and a Politburo meeting in December. Cathay Pacific jumped over 9%, on a plan to repurchase convertible bonds. Other...
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....