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...
World oil prices weakened on Tuesday (August 19th) as investors weighed the possibility of a meeting between Russia, Ukraine, and the United States that could potentially lead to the lifting of sanctions on Russian oil. This raised expectations of additional supply in the market. Brent futures fell 0.72% to $65.80 per barrel, while WTI September fell 0.63% to $61.93 per barrel. The more active WTI October contract also weakened 0.73% to $62.24 per barrel. The price decline occurred after oil had closed up around 1% in the previous trading session. The market responded to news from the White...
The USD/CHF pair weakened near 0.8070 during the early European session on Tuesday (August 19). However, the pair's downside potential may be limited amid optimism for a ceasefire in the conflict between Russia and Ukraine, with US President Donald Trump planning a summit between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy in the near future. Trump said on Monday that the United States (US) would help guarantee Ukraine's security in any deal to end the war with Russia. The 30-nation "Coalition of the Willing" reached an agreement to provide security...
The GBP/USD pair trades on a softer note near 1.3500 during the early European session on Tuesday. The US Dollar (USD) posts modest gains against the Pound Sterling (GBP) as traders pared bets on a rate cut at the US Federal Reserve (Fed) September 16-17 meeting. The UK July Consumer Price Index (CPI) inflation report will take center stage later on Wednesday. A report last week showed that the US Producer Price Index (PPI) increased by the most in three years in July amid a surge in the costs of goods and services. This, in turn, prompted traders to reduce expectations of rate reduction,...
Silver fell below $38 per ounce on Tuesday, giving up the previous session's gains as signs of progress in Ukraine peace negotiations dampened safe-haven demand. On Monday, US President Donald Trump met with European leaders to discuss security guarantees for Ukraine, adding that he had spoken with Russian President Vladimir Putin and was working to arrange a direct meeting between Putin and Ukrainian President Volodymyr Zelenskiy, followed by a potential trilateral summit. Meanwhile, attention turns to the Federal Reserve's annual Jackson Hole symposium later this week, where global...
Gold prices were little changed on Tuesday as investors awaited the Federal Reserve's annual conference this week for cues into possible rate cuts, and weighed Washington's efforts to end the war in Ukraine. Spot gold held steady at $3,331.49 per ounce as of 0201 GMT. U.S. gold futures for December delivery fell 0.1% to $3,375.40. Fed Chair Jerome Powell's remarks at the central bank's symposium on August 21-23 in Wymoing could offer clarity on the economic outlook and expectations of policy easing. "Gold is still consolidating and is really waiting for a new catalyst to break higher. I...