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 prices fell further on Thursday, as easing trade tensions dented demand for safe-haven assets, overshadowing support from a weaker dollar. Spot gold was down 0.2% at $3,379.69 per ounce, as of 0534 GMT, after dropping 1.3% in the previous session. U.S. gold futures eased 0.4% to $3,385.40. "Yesterday, gold prices were seen building up for the next bullish run until the news came out on trade front, triggering some profit-taking," said Brian Lan, managing director at GoldSilver Central, Singapore. "We've seen the dollar has also weakened quite a bit, and of course, this also supports...
Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures gained 21 cents, or 0.3%, to $68.72 a barrel by 0335 GMT. U.S. West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $65.47 per barrel. Both benchmarks were little changed on Wednesday as markets monitored developments in U.S.-European Union trade talks, following President Donald Trump's tariff deal with Japan. The agreement lowers duties on auto imports and spares Tokyo...
Silver price (XAG/USD) extends its losses for the second successive session, trading around $39.10 per troy ounce during the Asian hours on Thursday. The price of Silver struggles due to weakened safe-haven demand, driven by the optimism over further trade deals between the US and key partners. The Financial Times reported that the European Union (EU) and the United States (US) are closing in on a deal that would impose 15% tariffs on EU goods imported into the US. Additionally, US President Donald Trump announced on Tuesday a major tariff deal with Japan, which includes a 15% tariff on...
Gold hovered below $3,390 per ounce on Thursday, holding on to losses of over 1% from the previous session, as optimism over further trade deals between the US and key partners weighed on the metal's safe-haven appeal. The European Union is moving toward a trade agreement with Washington that would impose a broad 15% tariff on EU goods entering the US, avoiding a steeper 30% levy scheduled to take effect on August 1. The tariff, which could also apply to cars, would mirror the framework of a similar US-Japan deal. However, some caution remained amid ongoing threats of 15% to 50% tariffs on...
The Japanese yen strengthened past 146 per dollar on Thursday, reaching a two-week high as optimism surrounding the new US-Japan trade deal lifted demand. The agreement sets a 15% tariff on Japanese exports to the US, notably lower than the 25% previously threatened by President Donald Trump. Broader risk sentiment also improved amid reports of progress in US-EU trade talks. On the domestic front, Japan's private sector growth held steady in July, supported by solid services activity, though manufacturing slipped into contraction. However, the yen faces potential downside pressure from...