The Hang Seng closed almost flat at 24,911 on Wednesday after dipping slightly in morning deals. Traders digested comments from President Trump, who said the U.S. was close to a trade deal with China and that he would meet President Xi before year-end if an agreement is reached. Investors also looked ahead to key Chinese economic data, including trade figures on Thursday and inflation on Saturday, amid concerns over rising trade barriers and persistent deflation risks. At the same time, markets braced for a possible new U.S. tariff announcement targeting semiconductors and chips, expected...
The dollar rose on Friday after the latest round of economic data showed a jump in import prices while consumer sentiment remained subdued, putting it on pace for a fourth straight weekly advance. The Labor Department said import prices gained 0.1% last month after dropping 0.4% in March as a jump in the cost of capital goods outweighed cheaper energy prices. Economists polled by Reuters had forecast import prices, which exclude tariffs, would decrease 0.4%. The dollar began to strengthen after a separate reading from the University of Michigan Surveys of Consumers showed its Consumer...
Gold (XAU/USD) continues to decline on Friday, falling toward $3,180 and marking a sharp weekly loss of over 4%, its biggest since November 2024. The precious metal has now shed over $300 from its record high of $3,500 set in April, as safe-haven demand weakens and technical selling accelerates. Risk sentiment improved this week after the United States (US) and China agreed to reduce tariffs for 90 days, while geopolitical tensions remained muted with India-Pakistan and Middle East risks stabilizing. After a period of conflicting reports and diplomatic deadlock, Ukrainian and Russian...
Oil prices edged up on Friday, heading for a second consecutive weekly gain on easing U.S.-China trade tensions, although the optimism was somewhat offset by higher supply expectations from Iran and OPEC+. Brent crude futures were up 29 cents, or 0.5%, at $64.82 per barrel at 1054 GMT, while U.S. West Texas Intermediate crude futures rose 27 cents, or 0.4%, to $61.89. Both contracts fell more than 2% in the previous session on the prospect of an Iranian nuclear deal, which could result in more barrels being released onto the global market. "The enthusiasm resulting from progress in...
Gold prices slipped more than 1% on Friday and were heading for their worst week in six months, as an overall higher dollar and a temporary U.S.-China trade agreement dented demand for the safe-haven metal among investors. Spot gold was down 0.9% to $3,210.19 an ounce as of 0933 GMT. Bullion has lost more than 3% so far this week and is set for its worst weekly performance since November 2024. U.S. gold futures fell 0.4% to $3,213.60. "We've gone through a week where there have been optimistic signals in terms of trade negotiations and we have seen the dollar appreciate on the course,...
The dollar fell alongside U.S. Treasury yields on Friday after a surprise downside in U.S. economic data this week reinforced bets that the Federal Reserve will cut interest rates this year. The week started with a mix of market drivers, led by a U.S.-China trade truce that pushed the dollar higher, although the euphoria soon wore off and the currency traded sideways. Most of the action in the foreign exchange market came from the dollar's moves against the South Korean won, where it fell sharply for a second straight day on news that Washington and Seoul were discussing a dollar/won...