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 weakened on Friday due to negative economic news from the United States and China and signs of rising supply, despite optimism that a U.S. trade deal could boost global economic growth and future oil demand. Brent crude futures fell 32 cents, or 0.5%, to $68.86 a barrel at 11:02 a.m. EDT (15:02 GMT), while U.S. West Texas Intermediate (WTI) crude fell 47 cents, or 0.7%, to $65.56. This caused Brent prices to fall about 1% for the week and WTI to fall about 3%. U.S. President Donald Trump said on Friday there was a 50-50 chance, or even less, that the U.S. would reach a trade...
Gold prices weakened on Friday (July 25th), weighed down by a stronger US dollar and signs of progress in US-EU trade negotiations, which have reduced safe-haven demand. Spot gold fell 1% to $3,333.12 per ounce at 11:23 a.m. ET (15:23 GMT). US gold futures fell 1.2% to $3,333.70. The US dollar index rebounded from a more than two-week low, making bullion more expensive for overseas buyers, while the 10-year US Treasury yield held steady. "The Japan deal is significant, and there are hopes for a US-EU deal before the August 1st deadline. That's weakening safe-haven demand as rising risk...
The US dollar (USD) traded with positive sentiment for the second consecutive day on Friday (July 25th), driven by upbeat US economic data and renewed optimism about trade. On Thursday, better-than-expected weekly Initial Jobless Claims and a stable Purchasing Managers' Index (PMI) figure helped ease recession fears, supporting the view that the US economy remains resilient. At the same time, recent progress on bilateral tariff agreements between the United States (US) and Japan, Indonesia, and the Philippines has improved risk sentiment, limiting pressure on the US dollar. The US Dollar...
Oil was steady on optimism over US trade talks ahead of a key deadline next week, and as tightness in diesel markets boosts sentiment. Brent crude was above $69 a barrel after adding 1% on Thursday, while West Texas Intermediate traded near $66. Indian Commerce Minister Piyush Goyal said he was confident that his country could reach an agreement with the US before the Aug. 1 target date, while Brazil and Mexico looked to broaden trade ties. Oil Rises With US Trade Talks in Focus Optimism over prospect of successful trade agreements supports prices Meanwhile,...
Oil prices were stable on Friday, as trade talk optimism supported the outlook for both the global economy and oil demand, balancing news of the potential for more oil supply from Venezuela. Brent crude futures were up 38 cents, or 0.55%, at $69.56 a barrel at 0755 GMT. U.S. West Texas Intermediate crude futures were up 34 cents, or 0.51%, to $66.37. Brent was heading for a 0.4% weekly gain at that level, while WTI was down around 1.44% from where it closed last week. Brent prices have been largely range-bound between $67 and $70 a barrel for the last month, since the sharp drop in prices...