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...
The price of Gold started the new week with gains, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes. Recent record high at $3,500 is likely to approach quickly"The precious metal received support from dovish comments from the ranks of the US Federal Reserve: Fed Governor Christopher Waller reiterated his view that the Fed should cut its key interest rate as early as July. Overall, he advocates interest rate cuts of 125-150 basis points to bring the key interest rate to a 'neutral' level of around 3%. He pointed to the latest inflation data, which was again moderate...
The US Dollar (USD) is mixed against its major currency peers. The USD is up a little against the GBP, JPY, AUD and NZD but has lost marginal ground against the EUR, CAD and CHF as trading here gets going, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report. USD mixed versus majors"The DXY is slightly lower, holding near yesterday's session low at 97.7 which was in effect a retest of last Wednesday slump low in the index around the Powell firing reports. We think the USD's broader rebound seen through the first half of the month has stalled and may be reversing which...
Oil prices declined for a third consecutive session on Tuesday on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by reducing economic activity. Brent crude futures were down 49 cents, or 0.7%, to $68.72 a barrel at 0915 GMT. U.S. West Texas Intermediate crude was at $66.60 a barrel, down 60 cents, or 0.9%. The August WTI contract expires on Tuesday and the more active September contract was down 47 cents, or 0.7%, to $65.48 a barrel. "Oil prices fell for a third straight session ... as urgency builds in...
Gold price (XAU/USD) edges lower on Tuesday after two days of gains. However, the price of the safe-haven metal may appreciate due to prevailing uncertainty ahead of US President Donald Trump's August 1 tariff deadline. Additionally, market sentiment deepens due to increasing worries about the Federal Reserve's (Fed) independence. Traders keep their eyes on the trade negotiations between the United States (US) and the European Union (EU) this week, expecting to finalize a trade deal before the August 1 deadline, when Trump has threatened to hit the bloc's exports with 30% tariffs. The EU is...
Silver price (XAG/USD) edges lower to near $38.80 during the early European session on Tuesday. Still, the white metal is close to its decadal high around $39.00. The outlook of the white metal remains bullish on upbeat demand for safe-haven assets as concerns over global trade flow continue to persist. Escalating trade tensions between the United States (US) and the European Union (EU) have raised trade tensions across the globe, given the scale of business between both economies. EU officials are preparing for countermeasures to offset the impact of additional tariffs imposed by the US,...