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...
The Euro tumbles late in the North American session, down by over 0.60% due to a risk-off mood triggered by threats to the independence of the Federal Reserve (Fed) and controversial US policy. Concerns over fiscal deterioration in many countries sent the EUR/USD sliding, trading at 1.1642 after falling beneath the 1.1700 figure. The last word about the firing of Fed Governor Lisa Cook by US President Donald Trump is awaiting a court ruling as the White House continued to exert pressure on the Fed to reduce interest rates. At the same time, fixed income traders demanding a higher premium...
Oil prices settled up more than 1% a barrel on Tuesday after the U.S. imposed sanctions targeting Iran's oil revenue stream, and ahead of an OPEC+ meeting on Sunday where analysts expect the group will not unwind remaining voluntary cuts. Brent crude settled up 99 cents, or 1.45%, at $69.14 a barrel. U.S. West Texas Intermediate crude settled at $65.59 a barrel, $1.58 or 2.47% higher. WTI futures did not settle on Monday due to the U.S. Labor Day holiday. The U.S. Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman...
Gold prices soar to a new all-time high past the $3,500 figure on Tuesday, rallying more than 2% even though the US Dollar advances and US Treasury yields rise. Risk aversion dominates, despite forecasts of a potential Federal Reserve (Fed) rate cut in September. XAU/USD trades above the $3,520 figure, after bouncing off daily lows of $3,470. Bullion hits fresh all-time high at $3,530 despite stronger Dollar and surging US Treasury yieldsMarket mood is downbeat, hence favoring flows toward the yellow metal, which cleared April's 22 peak of $3,500 and hit a record high at $3,530, poised to...
Oil prices rose on Tuesday ahead of an upcoming OPEC+ meeting on Sunday, in which analysts expect the group will not unwind remaining voluntary cuts. Brent crude was up 72 cents, or 1.06%, at $68.87 a barrel by 11:07 a.m. EDT (1507 GMT). U.S. West Texas Intermediate crude was at $65.34 a barrel, $1.33 or 2.08% higher. WTI futures did not settle on Monday due to the U.S. Labor Day holiday. Investors will monitor a meeting of eight members of the Organization of the Petroleum Exporting Countries and their allies on September 7. Analysts said they believed the group would not unwind the...
Gold now picks up extra pace and surpasses the $3,510 mark per troy ounce, reaching a record highs, always on the back of investors' rising perception of a couple of rate cut bets by the Federal Reserve in the next few monthsRising bets that the Federal Reserve will cut interest rates this month push the Gold price higher for the sixth straight day, to levels beyond the $3,500 psychological mark or a fresh all-time peak during the Asian session on Tuesday. US Treasury Secretary Scott Bessent defended US President Donald Trump's decision to fire Fed Governor Lisa Cook over allegations of...