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 Japanese Yen (JPY) maintained its positive bias against the broadly weaker US Dollar (USD) and dragged the USD/JPY pair down for the fourth straight day, to a fresh weekly low during the Asian session on Friday (5/16). The JPY's intraday strength seemed unaffected by the release of disappointing Japanese Q1 GDP data amid growing acceptance that the Bank of Japan (BOJ) will raise interest rates again in 2025. Moreover, hopes for an eventual US-Japan trade deal turned out to be another factor lending some support to the JPY. The US Dollar (USD), on the other hand, continued to struggle...
Oil prices held steady on Friday, heading for a second straight weekly gain as U.S.-China trade tensions eased, although a potential return of Iranian supplies capped gains. Brent crude futures were down 1 cent at $64.52 a barrel by 0326 GMT. U.S. West Texas Intermediate crude was up 2 cents at $61.64. Both contracts fell more than 2% in the previous session after selling off on the growing prospect of an Iran nuclear deal. President Donald Trump has said the U.S. is close to a nuclear deal with Iran, with Tehran "sort of" agreeing to its terms. However, a source familiar with the talks...
Gold prices dropped on Friday and were poised for their steepest weekly decline in six months, as a stronger dollar and waning trade war concerns dampened its appeal as a safe-haven asset. Spot gold was down 0.8% at $3,213.56 an ounce, as of 0429 GMT. Bullion has lost 3.3% so far this week and is set for its worst weekly performance since November 2024. U.S. gold futures shed 0.3% to $3,217.20. The dollar (.DXY), opens new tab has gained 0.4% for the week so far and was headed for its fourth straight weekly gain, making greenback-priced gold more expensive for overseas buyers. "Gold...
USD/CHF remained depressed near the 0.8360 level on Thursday, extending its consolidation in this week's range. The pair struggled to gain traction amid mixed US economic data and a resilient Swiss economy. In the United States, retail sales in April rose by 0.1% to $724.1 billion, slightly above market expectations for an unchanged reading, while the previous month's reading was revised up to 1.5% from 1.4%. However, the Producer Price Index (PPI) for final demand rose only 2.4% year-on-year, falling below the 2.5% forecast and down from 2.7% in March. This marked a significant slowdown in...
Silver (XAG/USD) eased from its recent gains seen in the previous session, holding around $32.50 during Asian trading hours on Friday (5/16). The metal came under pressure, possibly due to a Financial Times report suggesting that the Trump administration is planning to add several Chinese semiconductor firms to its export blacklist, known as the "entity list." Silver's growing association with the chipmaking industry—due to its critical role in the production of electronics and semiconductors—has heightened market sensitivity to the development. Meanwhile, safe-haven demand for precious...