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...
Oil prices held steady on Wednesday (August 27th), after falling in the previous session, as investors monitored the latest developments in the Ukraine war and weighed industry reports showing a decline in US crude inventories. US special envoy Steve Witkoff said on Tuesday that he would meet with Ukrainian representatives in New York this week, adding that Washington was also negotiating with Russia to try to end the war. Brent crude futures fell 4 cents to $67.18 a barrel at 08:20 GMT, while West Texas Intermediate (WTI) crude futures fell 3 cents to $63.22. Both contracts fell more than...
The dollar staged a shaky recovery on Wednesday, with gains capped by renewed investor worries about the Federal Reserve's independence following U.S. President Donald Trump's latest attempt to extend his power over the central bank. Trump had on Monday said he would fire Fed Governor Lisa Cook over alleged improprieties in obtaining mortgage loans, though Cook's lawyer later said she would file a lawsuit to prevent her ouster, kicking off what could be a protracted legal fight. The dollar initially weakened on the developments though later regained some ground on Wednesday, rising 0.33%...
Gold prices fell in Asian trade on Wednesday after rising to an over two-week high as U.S. President Donald Trump's attempts to fire a Federal Reserve Governor sparked renewed concerns over the central bank's independence. The yellow metal had initially rallied on Trump's late-Monday announcement that Fed Governor Lisa Cook be removed from her post immediately over allegations of mortgage fraud. The dollar tumbled after Trump's move, also benefiting broader metal prices. But the greenback recouped its losses, while Treasury yields also stabilized, as Cook and the Fed argued that Trump had...
The EUR/USD pair edges lower to near 1.1630 during the Asian trading session on Wednesday. The major currency pair faces a slight selling pressure as political uncertainty in France has weighed on the Euro (EUR). The existence of Prime Minister (PM) François Bayrou's minority government has come under threat as all three opposition parties of France have expressed that they won't back a confidence vote over his €44 billion budget package on September 8. Political uncertainty in France led to a meltdown in French assets on Tuesday. CAC 40 ended 1.7% down in Tuesday's trade. Source: FXstreet
The Australian Dollar (AUD) remains steady following the release of the Monthly Consumer Price Index (CPI) on Wednesday. However, the AUD/USD pair receives downward pressure as the US Dollar (USD) recovers its recent losses from the previous session. Australian Bureau of Statistics (ABS) reported that the Monthly Consumer Price Index jumped by 2.8% year-over-year in July, following a 1.9% increase reported in June. The market consensus was for 2.3% growth in the reported period. Meanwhile, the Australian Construction Work Done improved to 3% in the second quarter, against the 0.8%...