Hong Kong stocks fell 50 points, or 0.2%, to 24,851 in Wednesday morning trading, ending a two-day winning streak amid weakness in the technology, consumer discretionary, and financial sectors. Sentiment worsened after Wall Street closed lower overnight, as weak US data underscored the economic impact of tariffs on activity and earnings. Risk appetite was further dented by reports that two Chinese nationals were arrested in California for allegedly smuggling AI chips, including the Nvidia H100, to China. Caution also grew ahead of China's July trade data and inflation report, with lingering...
Oil edges higher in early Asian trade, aided by renewed supply concerns. President Trump said that he would give Russian President Putin 10 or 12 days to reach a cease-fire with Ukraine or face more economic pressure from the U.S.. Previously, Trump had threatened Moscow with 100% secondary tariffs to create pressure toward a peace deal, ANZ Research analysts say in a research report. Trump's remarks have reignited fears that Russia's oil flows would be impacted, the analysts add. Front-month WTI crude oil futures are 0.2% higher at $66.85/bbl; front-month Brent crude oil futures are 0.2%...
Gold consolidates in the early Asian session, but may be weighed by trade-deal hopes. The Trump administration engaged in negotiations with China in Sweden on Monday, with additional discussions expected on Tuesday. The recent wave of trade optimism has resulted in a temporary outflow of capital from safe-haven assets such as gold into riskier assets such as equities, XS.com's Linh Tran says in an email. Hence, gold, which traditionally acts as a hedge against uncertainty, has lost some of its upward momentum in the short term, the market analyst adds. Spot gold is little changed at...
The EUR/USD dropped more than 1% on Monday as investors bought the Dollar on news that the United States (US) and the European Union (EU) had reached a trade agreement, similar to the one inked by Japan. The pair trades at 1.1590 after reaching a high of 1.1771. Wall Street ended Monday's session with gains as investors seemed confident that the US would reach additional deals throughout the week. Nevertheless, the August 1 deadline approaches, and Washington remains unable to reach agreements so far with two of its three largest partners: Canada and Mexico. Aside from this, the US...
Oil prices rose 2% on Monday after a trade deal between the U.S. and the European Union, and U.S. President Donald Trump's announcement that he would shorten the deadline for Russia to end its war in Ukraine or face sanctions. Brent crude futures were up $1.42, or 2.1%, at $69.86 a barrel by 12:58 p.m. EDT (1658 GMT), while U.S. West Texas Intermediate crude rose $1.40, or 2.2%, to $66.56. Brent touched its highest price in 10 days after Trump said he was reducing the 50-day deadline he gave Russia over its war in Ukraine to 10-12 days. The deal between the U.S. and EU and a possible...
The US Dollar (USD) starts the week on a firmer note, extending its modest recovery since Thursday, as easing global trade tensions lift investor sentiment. Interestingly, the Greenback, which typically underperforms in a risk-on environment, is finding support despite improving risk appetite, underpinned by expectations that the Federal Reserve (Fed) will leave interest rates unchanged at its monetary policy decision on Wednesday. Notably, a flurry of trade agreements finalized last week is also acting as a tailwind for the Greenback, with the August 1 tariff deadline looming and keeping...