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...
Gold prices climbed above $3,570 per ounce on Wednesday, extending its record-breaking rally, lifted by softer US jobs data that reinforced expectations for a Federal Reserve rate cut later this month. while safe-haven demand remained strong amid global uncertainties. The weaker labor market report, showing a larger-than-expected drop in job openings and moderate hiring, supported bullion's gains, with traders now seeing a 98% chance of a 25-basis-point cut at the September Fed meeting. Political concerns, including challenges to Fed independence and uncertainty over US trade policy, have...
The U.S. dollar was broadly steady on Wednesday, after a sell-off in some parts of bond markets globally in the prior session weighed on its currency peers and allowed the greenback to gain back some recently lost ground. Rising concerns over finances in countries from the U.S. to Japan partially helped to drive up longer-dated bond yields, which tend to move inversely to prices. The uptick in yields has shown signs of easing, with longer-dated European bonds stabilizing, although yields in countries like Germany and France remain close to multi-year highs. Yields on Japanese bonds have...
Oil prices fell after reports that the OPEC+ alliance would consider a new round of supply increases when the group meets over the weekend. Global benchmark Brent fell as much as 2.1% in London, extending previous declines. Oil prices closed at a one-month high on Tuesday. OPEC+ will consider further production increases at its meeting on Sunday, Reuters reported, citing two sources familiar with the discussions. Most analysts and traders expect OPEC+ to maintain production for October, halting a long-running production increase. An OPEC delegate said last month that the group could take...
Gold hit a new record high on Wednesday (September 3), consolidating gains above the $3,500 level amid growing expectations of a Federal Reserve rate cut this month and concerns over US tariff policy and the independence of its central bank. Spot gold rose 0.4% to $3,547.27 an ounce at 11:32 GMT, after hitting an all-time high of $3,549.53 earlier in the session. US gold futures for December delivery rose 0.6% to $3,613.30. Adding to market uncertainty and potential trade tensions, US President Donald Trump's administration said it would ask the Supreme Court to expedite a ruling on...
Oil prices fell by more than 1% on Wednesday ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October. Brent crude fell 96 cents, or 1.4%, to $68.18 a barrel by 0945 GMT. U.S. West Texas Intermediate crude fell $1.02, or 1.6%, to $65.57 a barrel. Eight members of the Organization of the Petroleum Exporting Countries and allies (OPEC+) will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions told Reuters, as the group seeks to regain market share. Another boost would...