The Hang Seng fell 94 points or 0.4% to end at 25,519 on Thursday, snapping the three-day winning streak after reversing early gains. Sentiment weakened ahead of China's July activity data due Friday, with investors wary of the impact from U.S. tariffs, soft demand, and recent adverse weather. Industrial output and retail sales in the mainland are expected to slow, while the jobless rate may edge higher. Meantime, fresh data showed new yuan loans logged their first monthly drop since 2005, as banks typically ease lending in July. Most sectors declined, led by tech, consumer, and...
The US dollar index held around 100.9 on Wednesday, after falling nearly 1% in the previous session, pressured by weaker-than-expected inflation data that only hinted at a limited impact from President Donald Trump's tariffs. The data released Tuesday showed headline inflation eased to 2.3% in April, the lowest level since February 2021, and slightly below market expectations of 2.4%. On the trade front, markets continued to assess the implications of a temporary lifting of US-China tariffs, which would see tariffs reduced to 30% and 10%, respectively, over a 90-day period. The easing...
Gold edged up in early Asia, supported by mild US inflation signs that support the case for further Fed rate cuts that would boost the appeal of the non-interest-bearing precious metal. Economic data released Tuesday showed CPI rose a seasonally adjusted 0.2% in April, but year-on-year CPI cooled to 2.3% last month, the lowest level in four years. Moreover, a "thinning sell-off" in the precious metal appears likely, TD Securities' Daniel Ghali said in a research note. Despite the US-China trade deal, inflows into Chinese gold ETFs continued to strengthen, the senior commodity strategist...
Oil steadied after its biggest four-day rally since October, driven by trade war optimism and U.S. President Donald Trump's increasingly hostile rhetoric on Iranian supplies. West Texas Intermediate traded above $63 a barrel after rising nearly 10% in the previous four sessions, while Brent settled near $67. Trump said during a visit to Saudi Arabia that the U.S. would put maximum pressure on Iran's energy exports if a deal is not reached on the OPEC member's nuclear program, after the State Department earlier imposed sanctions on a pipeline that helps ship the Islamic Republic's oil to...
The USD/CHF pair retraces towards the critical round-level support of 0.8400 during the North American session on Tuesday. The US Dollar (USD) faced selling pressure following the release of the United States (US) Consumer Price Index (CPI) data for April, which revealed that inflation grew at a moderate pace, coming in below market expectations. According to the US Bureau of Labor Statistics (BLS), the headline CPI rose 2.3% year-on-year in April, down from 2.4% in March and missing the 2.4% forecast. The core CPI, which excludes volatile food and energy components, remained steady at 2.8%,...
The US Dollar faced downward pressure on Tuesday, retreating to 101.50, following a softer than expected Consumer Price Index (CPI) for April. The Australian Dollar, on the other hand, surged by nearly 1.5% against the US Dollar, boosted by improving global sentiment and the easing of US-China trade tensions. Investors now eye further economic data. The market expects that the Federal Reserve (Fed) will maintain its current rate policy through mid-2025.The Australian Dollar gains traction as the US Dollar weakens as a combination of softer inflation data and trade progress lifts...