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, trades broadly flat near 99.20 at the time of writing on Wednesday after an earlier attempt to test the 100.00 big figure in early Asian trading. The pop in the DXY came on the back of comments from United States (US) President Donald Trump late Tuesday, saying that he had no intention of firing Federal Reserve (Fed) Chair Jerome Powell, despite being frustrated with the high interest rates. The President also said he would be ‘nice' to China if they come to the negotiating table,...
Oil prices climbed more than 1% on Wednesday, extending the prior day's gains, as investors weighed a fresh round of U.S. sanctions on Iran, a drop in U.S. crude stocks and a softer tone from President Donald Trump towards the Federal Reserve. Brent crude futures climbed $1, or 1.5%, to $68.44 a barrel at 0640 GMT, while U.S. West Texas Intermediate crude was up 99 cents, or 1.6%, at $64.66 a barrel. The U.S. issued new sanctions targeting Iranian liquefied petroleum gas and crude oil shipping magnate Seyed Asadoollah Emamjomeh and his corporate network on Tuesday. Emamjomeh's network is...
The Pound Sterling (GBP) recovers some of its initial losses against the US Dollar (USD) in Wednesday's European session, still trading lower in the day around 1.3300. The GBP/USD pair pares some intraday losses as the US Dollar (USD) retraces after a sharp upside move on Wednesday. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, corrects to near 99.20 from the earlier high of 99.88. Investors brace for more recovery in the US Dollar on optimism over de-escalation in the United States (US)-China trade war and diminishing fears of President Donald...
Gold prices fell more than 2% on Wednesday as U.S. President Donald Trump backed down from threats to dismiss Federal Reserve Chair Jerome Powell and expressed optimism for a trade deal with top metals consumer China, denting bullion's safe-haven appeal. Spot gold declined 2.2% to $3,308.81 an ounce as of 0704 GMT. U.S. gold futures shed 2.9% to $3,320.30. Hopes for a U.S.-China trade deal and Trump's softened stance toward Powell "caused the sell-off in gold price to hit a kind of a very extreme oversold level in the short term perspective here," said Kelvin Wong, senior market analyst,...
The dollar index rose above 99 on Wednesday, building on a 0.7% gain from the previous session, as concerns over the Federal Reserve's independence eased and hopes for a de-escalation in the trade war grew. President Trump stated he has no intention of dismissing Fed Chair Jerome Powell, alleviating fears of political interference in US monetary policy. He also signaled a softer stance toward China, saying he plans to be "very nice" in any trade negotiations. Meanwhile, Treasury Secretary Scott Bessent acknowledged that the tariff standoff with China is unsustainable and stressed the need...