The Hang Seng fell 249 points or 1.0% to close at 25,270 on Friday, slipping for the second session as all sectors dipped. Weak July data in China hit investor sentiment as industrial output grew the least in eight months, retail sales notched a six-month low, and the jobless rate rose to a four-month high of 5.2%. The Chinese statistics agency also warned of persistent risks from global headwinds and weather disruptions. Still, the index rose 1.7% for the week, its second straight gain, helped by Wall Street record highs and optimism over a possible Fed rate cut in September, as well as a...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is having a knee jerk reaction on the back of comments from United States (US) Treasury Secretary Scott Bessent and White House Press Secretary Karoline Leavitt. During a Q&A at the White House Leavitt stepped in to take over from Bessent on a question around Amazon, that will publish the tariff impact on prices from goods it is selling on its website. Representative Leavitt said she just got off the phone with President Donald Trump and that this move by Amazon is considered...
Oil extended a decline as the global trade war hurt the outlook for demand, with data indicating strain in the US economy and China pushing back against the Trump administration's tariffs. Brent slipped below $65 a barrel, down for a second day, with West Texas Intermediate near $61. A widely referenced gauge of US manufacturing weakened significantly, another sign of the drag from President Donald Trump's levies. Other data due this week will shed further light on trading conditions. Brent is on track for the largest monthly loss since 2021, with prices battered by tit-for-tat...
The AUD/USD pair retraces to near 0.6400 during European trading hours on Tuesday from an over four-month high of 0.6450 posted earlier in the day. The Aussie pair corrects sharply as the US Dollar (USD) gains despite increasing uncertainty over the bilateral trade outlook between the United States (US) and China. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, rebounds to near 99.30 after a steep correction on Monday. Market sentiment is favorable as investors expect the trade war will be limited between the world's two largest powerhouses....
Silver prices hovered around $33 per ounce on Tuesday, stabilizing after a recent pullback as investors awaited clarity on US-China trade relations and key US economic releases. China reiterated that it is not engaged in trade talks with the US, countering claims made by President Donald Trump. Meanwhile, US Treasury Secretary Scott Bessent said several major trading partners have made "very good" tariff proposals, and a trade agreement with India could be announced soon. Bessent also noted that China's move to exempt certain US goods from retaliatory tariffs signaled a willingness to ease...
The dollar recouped some of its losses on Tuesday, supported by reports that the U.S. administration may ease planned tariffs, although investor caution lingered over whether a meaningful de-escalation in the U.S.-China trade conflict was in motion. The administration of U.S. President Donald Trump is set to take steps on Tuesday to soften the impact of his automotive tariffs. The United States and China in recent days seemed to have softened their respective stances, with Washington signalling openness to reducing tariffs and Beijing exempting some U.S. imports from its 125%...