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...
Gold price (XAU/USD) maintains its offered tone through the Asian session on Monday and currently trades below the $3,300 round-figure mark, down 0.75% for the day. Despite mixed signals from the US and China, investors remain hopeful over the potential de-escalation of tensions between the world's two largest economies. Moreover, a fall in China's gold consumption in the first quarter of 2025 turns out to be a key factor undermining demand for the traditional safe-haven bullion. Meanwhile, prospects for more aggressive policy easing by the Federal Reserve (Fed) fail to assist the US Dollar...
The Australian Dollar (AUD) is extending loses for the second successive session on Monday. The AUD/USD pair is under pressure as the US Dollar (USD) strengthens amid signs of easing tensions between the US and China. China exempted certain US imports from its 125% tariffs on Friday, according to business sources. The move has fueled hopes that the prolonged trade war between the world's two largest economies might be drawing to a close. However, Reuters cited a Chinese embassy spokesperson on Friday, who firmly denied any current negotiations with the US, stating, "China and the US are...
The Japanese Yen (JPY) oscillates in a narrow range during the Asian session on Monday and stalls the recent pullback from a multi-month high touched against its American counterpart last week. US Treasury Secretary Scott Bessent did not back President Donald Trump's assertion that tariff talks with China were underway. This keeps a lid on the optimism over a quick resolution of trade tensions between the world's two largest economies and lends some support to the safe-haven JPY. Meanwhile, traders have pushed back expectations for an immediate interest rate hike by the Bank of Japan (BoJ)...
Silver price (XAG/USD) continues to lose ground for the second straight day, hovering around $32.80 per troy during Asian trading hours on Monday. The precious metal faces pressure as improving trade relations between the United States (US) and China diminish its safe-haven appeal. On Friday, reports indicated that China had exempted certain US imports from its steep 125% tariffs, raising hopes that the long-running trade dispute between the world's two largest economies could be nearing a resolution. Further boosting sentiment, US Agriculture Secretary Brooke Rollins said on Sunday,...
Gold fell further from last week's record high, as traders unwound positions on signs the metal's explosive rally may have run too hard and too fast. Bullion dipped 0.4% to near $3,305 an ounce in early Asian trading, and is down more than 5% since peaking above $3,500 on Wednesday. Shifts in options positioning — which last week saw trading volumes on the SPDR Gold Shares ETF surpass a record 1.3 million contracts — could point to an overheated market in the short term as prices run ahead of fundamental drivers including the dollar and real rates, according to Barclays...