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 fell to over two-month lows on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency, while investors eyed U.S. President Donald Trump's threat of "severe consequences" if Russia's Vladimir Putin blocked peace in Ukraine. Brent crude futures settled down 49 cents, or 0.7%, to $65.63 a barrel. During the session it dropped to $65.01 a barrel, the lowest since June 6. U.S. West Texas Intermediate crude futures fell 52 cents, or 0.8%, to $62.65 a barrel. The contract fell to $61.94 a barrel, the lowest since June 2. U.S. crude stocks...
Gold price climbs during the North American session on Wednesday, up by 0.30% as investors continue to increase their bets that the Federal Reserve (Fed) will reduce interest rates at the September meeting. At the time of writing, XAU/USD trades at $3,357, above a key technical support level. The latest inflation report in July showed mixed readings as the headline Consumer Price Index (CPI) remained unchanged, while core figures rose. Nevertheless, traders seem convinced that the Fed Chair Jerome Powell and Co. will resume its easing cycle in September. Voices within the Trump...
Gold futures rise on heightened expectations of a Federal Reserve interest rate cut. Futures are up 0.4% at $3,412.90 a troy ounce. Optimism for a rate cut in September is rising on benign consumer price index data and a weak nonfarm payroll print, Tradu.com's Nikos Tzabouras says in a note. This is weighing on the U.S. dollar, which competes with gold's safe-haven characteristics, and makes bullion's non-interest bearing nature more appealing, Tzabouras writes. Still, trade concerns have eased after the extension of the U.S.-China tariff truce and geopolitical tensions have cooled ahead...
Crude held near $66 a barrel after the International Energy Agency said oil markets are set to see a growing surplus at the end of this year and into next. The Brent and West Texas Intermediate futures benchmarks were both little changed. Oil inventories are set to grow at the fastest pace on record next year and hit a 46-month high in June, the agency said, a day after the US government also bolstered its view for a surplus this year. Against that backdrop, traders are looking ahead to a meeting between US President Donald Trump and his Russian...
The dollar fell to a two-week low on Wednesday after a tame reading on U.S. inflation bolstered expectations of a Federal Reserve rate cut next month, with President Donald Trump's attempts to extend his grip over U.S. institutions also undermining the currency. The dollar index, measuring the currency against a basket of peers, fell to 97.62, its lowest since July 28, extending its 0.5% fall on Tuesday. It was last down 0.3% at 97.70. U.S. consumer prices increased marginally in July, data showed on Tuesday, in line with forecasts and as the pass-through from Trump's sweeping tariffs to...