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) failed to maintain its early strength on Wednesday (4/23) and now hovers near the 99.50 region, reflecting continued uncertainty over US trade policy and weakening business momentum. The greenback's intraday surge towards the 100.00 mark during Asian trade faded quickly after comments from Treasury Secretary Scott Bessent and fresh scrutiny of President Donald Trump's policy stance. Additionally, the Federal Reserve's Beige Book pointed to worsening economic conditions. On the economic front, the S&P Global Composite Flash PMI for April fell to 51.2 from 53.5,...
Oil prices fell 2% on Wednesday as sources said OPEC+ would consider accelerating its oil output increase in June, but losses were contained following a report that U.S. President Donald Trump may cut tariffs on Chinese imports. Brent crude futures settled down $1.32, or 1.96%, at $66.12 a barrel, while U.S. West Texas Intermediate crude ended $1.40, or 2.2%, lower at $62.27. Global benchmark Brent hit a session high of $68.65, its highest since April 4, before the OPEC+ news. Some OPEC+ members are set to suggest the group accelerate its oil output increase for a second straight month in...
Gold on Wednesday extended its decline from an all-time high, dropping more than 3%, as risk appetite increased after President Donald Trump said he had no plans to fire the U.S. Fed chief and also signaled progress with China on tariffs. Spot gold fell 3% to $3,281.6 an ounce by 1:43 p.m. ET (1743 GMT), after hitting a record high of $3,500.05 in the previous session. U.S. gold futures fell 3.7% to $3,294.10. "The market is starting to move past the tariffs. You're going to see a broad rotation out of some of the safe havens back into some of the names like Apple, Tesla," said Phillip...
Gold on Wednesday extended its retreat from an all-time high, as appetite for riskier assets improved after President Donald Trump said he has no plans to fire the U.S. central bank chief and also signalled progress with China on the tariff front. Spot gold slipped 2.2% at $3,305.79 an ounce by 09:23 a.m. ET (1323 GMT), after hitting a record high of $3,500.05 in the previous session. U.S. gold futures dropped 2.9% to $3,320.40. "The market is starting to move past the tariff crash. You're going to see a broad rotation out of some of the safe haven assets back chasing some of the specific...
Oil turned lower after Kazakhstan said it will prioritize national interests over those of the OPEC+ alliance, a move that risks fueling further tensions within the cartel. Brent futures were earlier up 1.8% before erasing that gain. Kazakhstan's newly appointed energy minister said the country is not able to reduce production at its three largest projects as they are controlled by international oil majors, Reuters reported. Earlier this month the Organization of the Petroleum Exporting Countries and its allies unexpectedly announced plans to hike output at three...