Hong Kong stocks rallied in Wednesday morning trading, with the benchmark index rising 357 points, or 1.4%, to 25,324. This increase extended the rally into a second session and brought the market to a two-week high, with broad-based gains across most sectors. Positive sentiment came from Wall Street, which posted solid gains overnight after weaker US inflation data. The data reinforced speculation that the Federal Reserve could cut interest rates in September to support the improving labor market. In mainland China, markets also rallied to a three-year high. The main boost came from the...
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...
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...