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 were little changed on Wednesday as investors await the next steps in talks to end Russia's invasion of Ukraine, leaving in place sanctions on Russian crude and the chance of further restrictions on its buyers. Brent crude futures were at $65.90 a barrel, up 11 cents, at 0405 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, were at $62.40 a barrel, up 5 cents. The more-active October contract was at $61.90 a barrel, up 13 cents. Prices settled down more than 1% on Tuesday on optimism a deal to end the war seemed closer, which...
Most Asian currencies edged lower on Wednesday as investors stayed cautious ahead of the Federal Reserve's Jackson Hole symposium for cues on the U.S. rate path and the timing of a possible September cut. Regional moves were also shaped by a busy data docket, with China holding its key lending rates steady, Japan's export slump underscoring external headwinds, and New Zealand easing policy as expected. The US Dollar Index, which measures the greenback against a basket of major currencies, edged 0.1% higher in Asia hours after gains in the previous session. RBNZ cuts rates by 25 bps; kiwi...
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades on a stronger note around 98.30 during the Asian trading hours on Wednesday. Diminishing odds for a more aggressive policy easing by the Federal Reserve (Fed) after a jump in US July wholesale prices provide some support to the DXY. Traders ramped up expectations on a rate reduction at the Fed's September meeting after a weak July employment report, and as last month's Consumer Price Index (CPI) inflation data showed limited upward pressure from tariffs....
Asian currencies mostly weaken against the dollar in the morning session ahead of the three-day Jackson Hole symposium that starts Thursday. Traders are seemingly squaring their books ahead of Fed Chair Powell's speech at the symposium on Friday, StoneX's Matt Simpson says in a commentary. This could prove to be a volatile event, given Jackson Hole has been used as a platform for the Fed to outline longer-term policy adjustments, the senior market analyst says. USD/KRW rises 0.3% to 1,397.00, USD/THB adds 0.2% to 32.61, and AUD/USD edges 0.1% lower to 0.6444, LSEG data show. Source: Dow...
Gold held a small decline ahead of a key address by Federal Reserve Chair Jerome Powell later this week, which may give fresh clues on the central bank's monetary path. Bullion traded at around $3,315 an ounce early in Asia, holding a 0.5% decline from the previous session after the latest efforts to halt the Russia-Ukraine war impacted haven demand. Attention is turning to Powell's annual address at Jackson Hole, Wyoming, on Friday, amid strong expectations the Fed will cut borrowing costs by a quarter point next month. Lower rates are beneficial for gold...