The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to reduce risk in large cap stocks. Among the index's contributors, Tencent was a major drag, with its shares falling by around 2.3%, putting pressure on the technology sector, which has recently been a driving force behind market gains. Weakness in large cap companies like this typically quickly impacts sentiment due to their significant weighting in...
Asia-Pacific markets traded higher, tracking Wall Street gains overnight. Japan's benchmark Nikkei 225 rose 0.41% after hitting a fresh record high on Thursday, while the Topix added 0.61%. South Korea's Kospi climbed 0.83%, and the small-cap Kosdaq jumped 0.65%. Australia's benchmark S&P/ASX 200 added 0.41%. Futures for Hong Kong's Hang Seng index stood at 26,464, higher than its last close of 26,086.32. Equities in several parts of the world have been rallying as easing inflation pressures and expectations for U.S. rate cuts boost investor sentiment. "Momentum and the promise of...
United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan's tour of Gulf countries is aimed at coordinating positions after Tuesday's Israeli attack on Hamas leaders in Doha, his diplomatic adviser said on Thursday. "The President's Gulf tour reflects a deep conviction in strengthening coordination and cooperation, and in reinforcing the concept of a common destiny," Anwar Gargash said in a post on X. Israel attempted on Tuesday to kill Hamas political leaders in an airstrike on the Qatari capital, escalating its military campaign in the Middle East and prompting a flurry of...
The U.S. economy is showing some strains after years of resilience, with domestic demand moderating and job growth slowing, the International Monetary Fund said on Thursday. IMF spokesperson Julie Kozack said inflation was on a path to meet the Federal Reserve's 2% target, but there were some risks that could push it higher, largely as a result of tariffs imposed on imports by the Trump administration. "What we've seen over the past few years is that the U.S. economy has proven to be quite resilient. We do see now that some strains are beginning to show," she told a regular briefing....
The United States was rocked by another political tragedy after Charlie Kirk, a conservative figure and close supporter of Donald Trump, was shot dead while attending an event at Utah Valley University. This incident immediately sparked national outrage, given that Kirk was known as an influential young figure in the conservative movement and a frequent mobilizer of Trump's voter base. The shooting is feared to deepen political polarization in the US, with Republicans viewing it as an attack on free speech, while the issue of gun control has resurfaced. This political uncertainty has the...
Initial jobless claims in the US surged by 27,000 from the previous week to 263,000 in the first week of September, the highest single-week figure since October 2021, and well above market consensus of 235,000 initial claims. This finding aligns with a series of downbeat labor market surveys released since the beginning of the month, adding to evidence of worsening employment conditions in the US. (alg) Source: Trading Economics