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...
US President Donald Trump expressed disappointment with Ukrainian President Volodymyr Zelenskiy's response to Washington's peace proposal to end the war with Russia. According to Trump, Kyiv hasn't moved quickly enough to review the proposal, even though it was sent just hours earlier. He even said that "the Ukrainian people like" the plan, but the president doesn't. Meanwhile, Trump claimed that Russia is "fine" with the proposal's contents, giving the impression that he is more optimistic about Moscow's response than Kyiv. This stance contrasts with Trump's tone toward Russian President...
President Donald Trump announced a new peace pact between Rwanda and the Democratic Republic of Congo, which he linked to US access to critical minerals. At a meeting in Washington, Trump claimed his administration had "succeeded where many others have failed," calling this the eighth war he has ended in less than a year. However, the reality on the ground is far more complicated, as fighting in eastern Congo continues despite the signing of the previous peace agreement. The agreement is not just about a ceasefire; it also concerns the mineral trade. The agreement grants US companies access...
US bonds fell after jobless claims fell to their lowest level since 2022, one of the last readings on the health of the US labor market before the Federal Reserve's interest rate decision next week. Yields rose two to four basis points across all tenors, led by the five-year Treasury. The 10-year Treasury yield was just below its session high of around 4.10%. Labor Department data released Thursday showed that applications for unemployment benefits fell last week to their lowest level in more than three years, signaling that most companies are retaining workers. The day before, ADP...
According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance went down to 191K for the week ending November 29. The latest print came in short of initial estimates (220K) and was lower than the previous week's 218K (revised from 216K). Additionally, the 4-week moving average decreased by 9.5K, bringing it to 214.75K from the revised average of the previous week. The report indicated a seasonally adjusted insured unemployment rate of 1.3%, with Continuing Jobless Claims shrinking by 4K to...
Treasury Secretary Scott Bessent on Wednesday predicted that the administration still will be able to implement its tariff agenda regardless of whether it prevails in a pending case before the Supreme Court. Repeating assertions he had made prior to the high court hearing a month ago, Bessent cited several sections of 1962 Trade Act that give the president sweeping powers over import duties. "We can recreate the exact tariff structure with sections 301, with 232, with 122," he said during an onstage interview at The New York Times DealBook Summit. Asked by host Andrew Ross Sorkin the...