The Hang Seng Index fell 54 points, or 0.2%, to close at 25,123 on Tuesday (August 19), marking its fourth session of declines and its lowest close in nearly three weeks. Investors remained cautious ahead of the PBoC's monthly benchmark lending rate review due on Wednesday. Weakening US index futures also added to risk-off sentiment ahead of the Jackson Hole meeting later this week. Meanwhile, the latest data showed China's youth unemployment rate jumped to 17.8% in July from 14.5% in June, the highest since August 2024. The broader unemployment rate also rose to a four-month high of...
Gold prices fell on Monday as investors turned to the dollar as a safe haven after broad U.S. tariffs raised fears of a global recession. However, analysts remained optimistic about bullion given the challenging economic environment. Spot gold fell 0.2% to $3,030.69 an ounce by 9:01 a.m. ET (1301 GMT), after hitting a more than three-week low of $2,971.09 earlier in the session. U.S. gold futures rose 0.5% to $3,048.90. "Gold prices fell as investors turned to cash and other safe havens such as the Swiss franc and Japanese yen amid market turmoil, which creates the risk of a deeper...
Oil posted a third steep decline — with the US benchmark falling below $60 a barrel — as another plunge across financial markets was compounded by Saudi Arabia making some of the biggest cuts in years to its flagship oil price. The plunge in just a few days is threatening the coffers of oil-producing nations that need far higher prices to meet their budgets. At the same time, it will take some of the sting out of inflationary pressures from Donald Trump's tariffs on trade partners. Oil major BP Plc's shares have declined as much as 20% in three trading sessions while...
Gold futures rise in volatile trading. Futures are up 0.7% at $3,056.50 a troy ounce, having traded as high as $3,084.40/oz and as low as $2,985/oz earlier in the session. The precious metal has seen significant swings as traders and funds are forced to liquidate holdings to meet margin calls elsewhere in the market, SP Angel analysts say in a note. The Trump administration is holding firm on its tariff position despite widespread market turmoil. While it is normal for gold to fall in the event of a market collapse, it is always the first instrument to rebound as investors move out of...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, recovers initial losses and trades near 103.00 at the time of writing on Monday after an earliest move lower. Markets were selling the US Dollar again as Equities, Yields and precious metals dropped lower. The concern comes after US President Donald Trump said over the weekend that he will be sticking to his tariffs plan, while financial backer and billionaire Bill Ackman warned the President that he is losing business leaders' confidence. On the economic front, all eyes will be on...
EUR/USD recovers intraday losses and flattens to near 1.0960 in Monday's European session. The major currency pair bounces back as the US Dollar (USD) slides in a risk-averse market environment, driven by the imposition of worse-than-expected reciprocal tariffs by United States (US) President Donald Trump on Wednesday. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, slumps to near 104.40. Reciprocal tariffs announced by US President Trump have spooked global markets, resulting in equities melting down across the globe. However, Trump is not...