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 Australian Dollar (AUD) traded within a well-defined range against the US Dollar (USD) on Wednesday (July 9th), as markets digested the latest Fed Meeting Minutes and tariff-related headlines. Although tariffs are set to take effect in August, lingering trade uncertainty continues to weigh on the US Dollar. The latest tariff letters were sent to countries including Libya, Iraq, and the Philippines on Wednesday. At the time of writing, AUD/USD was trading around 0.6540, with strong resistance at 0.6550. The minutes of the June Federal Open Market Committee (FOMC) meeting revealed that...
Oil prices were steady on Wednesday (July 9) as investors weighed strong US gasoline demand data and attacks on shipping in the Red Sea, while US copper tariffs loomed. Brent crude futures closed up 4 cents, or 0.06%, at $70.19 a barrel. US West Texas Intermediate crude closed up 5 cents, or 0.07%, at $68.38 a barrel. US crude oil inventories rose while gasoline and distillate inventories fell last week, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 7.1 million barrels to 426 million barrels in the week ending July 4, the EIA said, compared with...
Gold rallied above $3,300 an ounce on Wednesday, recovering from earlier losses following the release of the latest FOMC minutes. At the June meeting, Fed officials differed on how quickly and aggressively to cut interest rates. While most predicted some rate cuts were likely this year, their views varied, ranging from calls for a rate cut in July to no rate cuts at all in 2025. The Fed kept its benchmark interest rate unchanged at 4.25%–4.5%, maintaining a cautious and data-driven stance amid mixed economic signals—tariff-driven inflation concerns, slowing consumer spending, and a...
Gold prices edged up on Wednesday (July 9) as investors monitored negotiations between the United States and its trading partners, while a stronger dollar limited further gains. Spot gold was up 0.3% at $3,309.24 an ounce at 11:59 a.m. ET (1559 GMT) after hitting its lowest level since June 30 the previous day. U.S. gold futures were steady at $3,318.10. Amid market volatility, fiscal concerns, and a widening U.S. deficit, investors are increasingly turning to gold, said Phillip Streible, chief market strategist at Blue Line Futures. On the trade front, the European Union said it is...
Oil prices fluctuated as traders weighed a large increase in US crude stockpiles against renewed US efforts to restrict Iranian crude exports. West Texas Intermediate crude prices fluctuated between gains and losses, trading above $68 per barrel, after two days of gains. US crude oil stocks rose by 7.1 million barrels last week, the largest increase since January, according to the Energy Information Administration (EIA) on Wednesday. At the same time, the US Treasury Department imposed sanctions on 22 foreign entities for their role in facilitating Iranian oil sales. "Despite the...