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 fell after four days of gains as investors awaited clearer signals on supply while monitoring the broader market impact of President Donald Trump's move to try to oust the Federal Reserve chairman. Brent crude prices fell near $68 a barrel, though prices have largely held between $65 and $70 this month. Tuesday's decline in crude prices reflected broader risk-off sentiment in the market, as Trump seeks to oust Lisa Cook from the Fed. The Department of Homeland Security issued a notice on Monday doubling tariffs on all Indian imports, as the US seeks to punish the country for...
The dollar weakened against longer-dated U.S. Treasury bonds as President Donald Trump's attempt to oust Federal Reserve Chair Lisa Cook fueled concerns about the long-term outlook for inflation. The yield on the 30-year U.S. Treasury bond rose two basis points to 4.91% as the move against Cook fueled concerns that price pressures could intensify if Trump reshuffles the Fed's policymaking committee. The yield on the two-year Treasury bond fell on speculation of lower interest rates. The dollar weakened 0.2%, while S&P 500 futures fell 0.1%. Nvidia Corp. rose 0.4% in pre-market trading...
Oil prices plunged more than 1% on Tuesday (August 26th) after surging nearly 2% in the previous session as traders monitored developments surrounding the war in Ukraine and potential disruptions to Russian fuel supplies. Brent crude fell $1.08, or 1.57%, to $67.72 per barrel at 10:40 GMT, after hitting its highest level since early August in the previous session. West Texas Intermediate (WTI) crude fell $1.13, or about 1.74%, to $63.67. "Today's moderate decline is driven by risk aversion, with equity markets trading lower," said UBS analyst Giovanni Staunovo. "Geopolitical factors need...
Gold prices rose to a more than two-week high on Tuesday (August 26th), after US President Donald Trump said he would fire Federal Reserve Chairwoman Lisa Cook, a move widely seen as eroding the central bank's independence and undermining confidence in US assets. Spot gold rose 0.4% to $3,379.05 an ounce at 08:03 GMT, after hitting its highest level since August 11th earlier in the session. US gold futures for December delivery rose 0.3% to $3,425.80. On Monday, Trump took the unprecedented action of firing Cook over claims of mortgage loan abuse. "Investors view Trump's move as an attempt...
Silver (XAG/USD) recovered from an initial decline and traded 0.33% higher near $38.80 during the European trading session on Tuesday (August 26th). The precious metal strengthened as market sentiment shifted slightly toward risk aversion following US President Donald Trump's firing of Federal Reserve (Fed) Governor Lisa Cook over mortgage allegations. S&P 500 futures fell 0.15% during European trading hours. US equities continued to weaken after a weak session on Monday, indicating cautious market sentiment. Demand for safe-haven assets, such as silver, increased amidst the risk-averse...