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 rose on Monday after officials said the U.S. had intercepted an oil tanker in international waters off the coast of Venezuela, raising fresh supply uncertainty. Brent crude futures gained 57 cents, or 0.9%, to $61.04 per barrel by 0751 GMT, while U.S. West Texas Intermediate crude climbed 55 cents, or 1.0%, to $57.07. "The market is waking up to the fact that the Trump administration is taking a hardline approach to the Venezuelan oil trade," said June Goh, senior oil market analyst at Sparta Commodities. "Oil prices have thus been supported by this geopolitical news alongside...
Gold price (XAU/USD) rises to an all-time high near $4,400 during the early European trading hours on Monday. The precious metal gains momentum on the expectation of US Federal Reserve (Fed) interest rate cuts after signs of softer US inflation and cooler jobs reports. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal. Additionally, persistent safe-haven demand amid the Israel-Iran conflict and the rise in US-Venezuela tensions might contribute to the yellow metal's upside. It's worth noting that traders seek assets that can...
Silver climbed more than 3% to above $69 per ounce on Monday, reaching a new record, driven by expectations of further Federal Reserve rate cuts and escalating geopolitical tensions. Recent US data point to moderating inflation and a softer labor market, giving the Fed more scope to ease policy, with markets pricing in two additional rate reductions next year. Lower interest rates tend to support non-yielding metals. Geopolitical developments, including intensified US sanctions on Venezuela and Ukraine's attack on a Russian-controlled oil tanker in the Mediterranean, have further reinforced...
Pound Rebounds, UK Data Determines GBP/USD strengthened after three consecutive days of declines. In Monday's Asian session, the pair traded around 1.3394, approaching the 1.3400 level, ahead of the release of UK Q3 GDP. This strengthening occurred as the pound sterling attempted to hold its ground ahead of important economic data. However, its movement remains volatile as the market has already priced in expectations for the direction of future interest rates. In the UK, the market is said to have fully priced in the Bank of England's (BoE) first interest rate cut in June 2026....
Gold prices rose slightly in the morning session in Asia, driven by geopolitical conditions that typically drive investors to seek safe-haven assets like gold. The latest trigger came from the US seizing a second oil tanker near Venezuela on Saturday. This action increased pressure on the government of President Nicolás Maduro. According to analyst Milad Azar of XTB MENA, geopolitical tensions remain a "key support pillar" for gold prices. He believes friction between the US and Venezuela has the potential to escalate. Azar also noted that tensions have not subsided in several other...