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...
The Australian Dollar (AUD) recovers ground against the US Dollar (USD) on Tuesday, with the Reserve Bank of Australia's (RBA) interest rate cut decision overshadowed by broad Greenback softness following mixed US Consumer Price Index (CPI) figures. At the time of writing, the AUD/USD pair is trading around 0.6530 during the American trading hours. Meanwhile, the US Dollar is also weighed down by political noise after President Donald Trump said on Truth Social he is "considering allowing a major lawsuit against Fed Chair Jerome Powell" and even suggested he "would sue Powell over...
The Swiss Franc (CHF) strengthens against the US Dollar (USD) on Tuesday, with USD/CHF drifting lower as mixed US inflation data reinforced expectations of a Federal Reserve (Fed) rate cut in September. Sentiment toward the Greenback was further dented after US President Donald Trump threatened to pursue legal action against Fed Chair Jerome Powell, escalating political pressure on the central bank. At the time of writing, USD/CHF is trading near 0.8080, down around 0.50% on the day, while the US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, is...
Gold (XAU/USD) steadies on Tuesday after slipping to a fresh one-week low. At the time of writing, the precious metal is trading near $3,350 during American hours, recovering modestly after marking an intraday low of $3,331, pressured by rising US Treasury yields and a risk-on sentiment in global markets, which are offsetting support from a softer Greenback after the release of the latest US inflation data. Data from the US Bureau of Labor Statistics showed headline Consumer Price Index (CPI) rose 0.2% MoM in July, matching expectations and slowing from June's 0.3% gain. On an annual basis,...
Silver prices hovered at $37.7 per ounce on Tuesday, extending its strong momentum since the start of the year amid signs of strong industrial demand and the prospect of a Federal Reserve interest rate cut. China installed more than 93 gigawatts of solar panels in May, surging 300% year-on-year to a new record high before a series of new policy changes made it more difficult to connect panels to the grid. Additionally, the State Grid Corporation of China stated it would invest more than $90 billion in the power grid this year to prevent solar power curtailments, aiming to ease concerns...
Gold futures are down 0.2% following the release of the July CPI, with the data causing traders to pare the downward move seen heading into this morning. The year-over-year move in consumer prices was less than forecast by economists, while core inflation at 3.1% was above forecasts. The numbers have investors embracing a risk-on attitude, says XMArabia in a note. "The fact that inflation is unchanged… means that the odds are high for a rate cut and this is pushing the prices higher," says XMArabia. Source: Bloomberg