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...
Oil prices rose on Monday to their highest level in three weeks, as investors anticipated further US sanctions against Russia that could impact global supply, while increased oil imports by China also provided support along with signs of tighter supply. Brent crude rose 89 cents, or 1.3%, to $71.25 a barrel at 11:14 GMT, while US West Texas Intermediate crude rose 93 cents, or 1.4%, to $69.38. Increased Chinese crude imports and expectations surrounding US President Donald Trump's announcement on Russia supported prices, said UBS analyst Giovanni Staunovo. "...There remains a perception of...
Silver (XAG/USD) continued its three-day uptrend, marking a new high since September 2011 and trading around $39.00 per troy ounce during the European trading session on Monday (July 14). The price of this safe-haven metal rose amidst weakening market sentiment, driven by concerns about new tariffs. US President Donald Trump announced on Saturday a 30% tariff on imports from the European Union (EU) and Mexico starting August 1. Trump also proposed a blanket tariff of 15%-20% on other trading partners, an increase from the current base rate of 10%. However, the European Union announced on...
Gold price (XAU/USD) remains on the defensive below a three-week high touched during the Asian session this Monday, albeit it lacks follow-through selling. Diminishing odds for an immediate interest rate cut by the Federal Reserve (Fed) assist the US Dollar (USD) to hold steady near its highest level since June 25 and turn out to be a key factor acting as a headwind for the non-yielding yellow metal. However, the downbeat market mood offers some to the safe-haven precious metal. The already weaker global risk sentiment took another hit from US President Donald Trump's fresh threat to...
USD/CHF remains subdued for the second successive session, trading around 0.7970 during the Asian hours on Monday. The pair struggled as the Swiss Franc (CHF) receives support from increased safe-haven demand amid ongoing global trade uncertainties, driven uncertain tariff concerns. Swiss Producer and Import Prices data for June will be eyed later in the day. Additionally, the CHF draws support from wavering expectations of further Swiss National Bank (SNB) policy easing amid a renewed inflation risk. The SNB officials are expected to keep the interest rate steady at 0% in September, with...
The Silver price ( XAG/USD) attracts some buyers to around $38.85, the highest since 2011 during the Asian trading hours on Monday. The white metal edges higher as US President Donald Trump's shock trade tariff on copper spurred a rush to import silver into the world's largest economy. Last week, Trump said that the 50% tariff on copper imports will take effect on August 1. The decision was made after Trump received a national security assessment. It's worth noting that Silver and copper are both used in industrial applications, especially in electronics and clean energy. If copper becomes...