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 traded near a record as investors assessed US inflation data that came in softer than expected. Platinum extended a breakneck rally that saw it surge close to $2,000 an ounce. Bullion traded little changed around $4,340 an ounce, paring earlier losses and just $40 away from an all-time high reached in October. The core US consumer prices index unexpectedly rose in November from a year earlier at the slowest pace since early 2021, supporting bets on the Federal Reserve's appetite for further interest-rate cuts next year. The Fed delivered its third straight rate cut...
Oil prices rose slightly on Thursday (December 18th) as investors assessed the possibility of further US sanctions on Russia and the supply risks posed by the blockade of Venezuelan oil tankers. Brent crude rose 32 cents, or 0.54%, to $60 a barrel at 0910 GMT. U.S. West Texas Intermediate crude rose 38 cents, or 0.68%, to $56.32 a barrel. The US intention to impose more sanctions on Russia and the threat of a blockade of sanctioned tankers carrying Venezuelan oil pushed prices higher, said PVM analyst John Evans. On Wednesday, Bloomberg reported that the US was preparing another round of...
Gold prices slip as investors focus on rising geopolitical tensions in Venezuela and await upcoming U.S. inflation data that could shape the Fed's next policy move. Futures in New York fall 0.4% to $4,356.50 a troy ounce in early trading, with uncertainty lingering over the pace of U.S. monetary easing next year. Even so, prices remain near October's record and are up about 65% this year, driven by robust central-bank buying, ETF inflows and a broader retreat from government debt and major currencies. Heightened geopolitical risks have also reinforced gold's appeal as a safe-haven...
The US dollar index fluctuated around 98.4 on Thursday, but remained within the previous session's strengthening zone. The market appeared cautious as investors began to position themselves ahead of the November US CPI release, which is expected to show price pressures remain above the Fed's target. Mixed US labor data earlier this week hasn't significantly changed the market outlook—investors still expect at least one interest rate cut in the future. Fed official Christopher Waller said there's still room to cut rates due to signs the labor market is softening, while Raphael Bostic was...
GBP/USD moved sideways and tended to hover above the 1.3300 area during Thursday's Asian session. After bouncing from around 1.3310 (a one-week low), the pair is now fluctuating slightly around 1.3370 as the market awaits two major triggers: the Bank of England (BoE) decision and the US inflation (CPI) release.The BoE is scheduled to announce its policy today, and the market is widely expecting a 25 bps interest rate cut, following a pause in November. These expectations were further strengthened by weaker UK inflation data, which automatically weighed on the pound.The latest data showed UK...