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...
Gold hovered around $3,360 per ounce on Friday, following two straight sessions of losses amid easing trade tensions and rising risk appetite. Investors continue to monitor progress in tariff negotiations, with the US and EU reportedly nearing an agreement, shortly after Washington announced a separate deal with Japan. On the economic front, US jobless claims fell for the sixth straight week—the longest stretch of declines since 2022—highlighting labor market strength and reinforcing views that the Fed will hold rates steady next week. Markets are now pricing in fewer than two rate cuts...
WTI crude futures climbed above $66 per barrel on Friday, extending gains for a second session as optimism over US trade deals lifted market sentiment. Reports suggest the US and EU are nearing an agreement that would impose a 15% tariff on most EU goods, following a similar pact with Japan. Potential trade agreements with India, Mexico, and Brazil are also on the horizon. Expectations that easing trade tensions could bolster global economic growth helped ease concerns over future oil demand. On the supply side, tightening conditions in the global diesel market added further support. The...
EUR/USD weakened more than 0.20% on Thursday after solid economic data from the United States weighed on the common currency, which benefited from the European Central Bank's (ECB) decision to keep interest rates unchanged. At the time of writing, the currency pair was trading at 1.1749, after hitting a daily high of 1.1789. The US Department of Labor (DoL) reported that the number of Americans filing for unemployment benefits fell below expectations, a positive sign for a healthy labor market. However, Continuing Claims remained largely unchanged, indicating that the unemployed are...
Oil prices pared gains on Thursday afternoon following a Reuters report that the Trump administration is likely to allow Chevron to resume operations in Venezuela. Brent crude futures rose 26 cents, or 0.38%, to $68.77 per barrel at 1:14 PM CDT (6:14 PM GMT). U.S. West Texas Intermediate crude futures rose 44 cents, or 0.67%, to $65.69 per barrel. Earlier in the session, WTI had risen more than a dollar, and Brent crude was near that level. "The news that Chevron could return to Venezuela and restore oil production really shook the market," said John Kilduff, a partner at Again Capital...
Gold prices fell for a second straight session on Thursday (July 25), as signs of easing global trade tensions dampened demand for safe-haven assets. Spot gold fell 0.5% to $3,370.69 an ounce, as of 1:45 PM ET (5:45 PM GMT). US gold futures closed 0.7% lower at $3,373.50. Markets are optimistic about a trade deal—first with the US and Japan, and now possibly with the European Union, said Aakash Doshi of State Street Investment Management, adding that strong equities and low volatility have weighed on gold prices. The US and EU are making progress toward a trade deal that could include a...