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 declined more than 1% on Friday and was headed for a weekly fall as news that China has exempted some U.S. goods from its tariffs raised hopes of a de-escalation in trade tensions. Spot gold was down 1.5% at $3,296.19 an ounce as of 1136 GMT. It hit a record high earlier this week. U.S. gold futures shed 1.3% to $3,306.50. "Gold is facing challenges in sustaining its upward momentum as optimism around a potential U.S.-China trade agreement grows," said Zain Vawda, analyst at MarketPulse by OANDA. China has exempted some U.S. imports from its 125% tariffs and is asking firms to...
Oil prices fell Friday, on track for sharp weekly losses as expectations of increased OPEC+ supply and lingering uncertainty over U.S.-China tariff talks weighed on sentiment. At 08:10 ET (12:10 GMT), Brent Oil Futures expiring in June fell 1.2% to $65.70 per barrel, while West Texas Intermediate WTI crude futures dropped 1.2% to $62.06 per barrel. Both contracts were set to decline over 3% this week, having fallen more than 10% in April. Potential OPEC+ output hike weighs Several OPEC+ nations are pushing to accelerate oil output hikes in June, extending May's surprise boost, as...
EUR/USD trades lower around 1.1350 during European trading hours on Friday. The major currency pair weakens due to a recovery move in the US Dollar (USD) on hopes of an improvement in trade relations between the United States (US) and China. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, resumes its upside recovery on Friday after correcting to near 99.20 the previous day. The USD Index rises to near 99.65 and aims to break above the weekly high around 100.00. The confidence of financial market participants that the trade war between the world's...
The U.S. dollar rose Friday at the end of a volatile week, boosted by hopes for a degree of compromise in the trade war between the U.S. and China, the world's two largest economies. At 04:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, climbed 0.3% to 99.415, after a sharp rebound from a three-year low in the previous session. Dollar helped by potential trade compromise The dollar traded higher, helped by a Bloomberg report indicating that China's government is weighing the exemption of some U.S. goods from its 125% import...
Oil prices rose for a second session on Friday buoyed by potential de-escalation of the U.S.-China trade war, but the market was headed for a weekly decline of around 2% amid concerns about oversupply. Brent crude futures gained 31 cents to $66.85 a barrel by 0650 GMT, falling 1.7% so far for the week. U.S. West Texas Intermediate (WTI) crude rose 35 cents to $63.12 a barrel, having declined 2.4% for the week. "For today, oil prices are slightly up as the market responds to signs of easing tensions around Trump's tariffs and a potential shift in the Fed's policy stance, contributing to a...