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...
Oil prices plunged by 8% on Friday, heading for their lowest close since the middle of the pandemic in 2021, as China hit back in an escalating global trade war with the U.S. after President Donald Trump's barrage of levies this week. China announced it will impose additional tariffs of 34% on all U.S. goods from April 10. Nations around the world have readied retaliation after Trump raised tariff barriers to their highest in more than a century, leading to a plunge in world financial markets. Brent futures dived $4.70, or 6.7%, to $65.44 a barrel by 1314 GMT. U.S. West Texas Intermediate...
EUR/USD corrects to near 1.1030 during European trading hours on Friday after posting a fresh six-month high at 1.1145 the previous day. The major currency pair retraces as the US Dollar (USD) rebounds after United States (US) President Donald Trump's tariffs-driven sell-off and ahead of the Nonfarm Payrolls (NFP) data for March and Federal Reserve (Fed) Chair Jerome Powell's speech due to in the North American session. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, recovers above 102.00 from its six-month low of around 101.25. Economists expect...
The dollar index trimmed early gains to trade flat around 102 on Friday, hovering near six-month lows after a sharp 1.7% drop the previous day, as traders weighed escalating trade tensions. China's finance minister announced a 34% tariff on all US imports, matching the levy imposed by President Trump on Wednesday. Rising concerns over the economic fallout, including higher prices, slower growth, and a potential recession, have fueled speculation of more aggressive Federal Reserve rate cuts. Traders now see a 50% chance of four 25bps cuts this year, up from three earlier in the week, with...
Gold price (XAU/USD) maintains its offered tone through the first half of the European session on Friday and currently trades below the $3,100 mark, down for the second successive day. The downtick lacks any obvious fundamental catalyst and could be attributed to some repositioning trade ahead of the crucial US monthly employment details, or the Nonfarm Payrolls (NFP) report. In the meantime, worries about the potential economic fallout from US President Donald Trump's sweeping reciprocal tariffs might act as a tailwind for the safe-haven Gold price. Moreover, bets that the Federal...
Oil prices were down nearly 2% on Friday, and on track for the worst week in months over U.S. President Donald Trump's new tariffs, stoking concerns that a global trade war could hurt oil demand. Brent futures fell $1.28 to $68.86 a barrel by 0703 GMT, while U.S. West Texas Intermediate crude futures fell $1.29 to $65.66. Brent was on course for its biggest weekly loss in percentage terms since the week ended October 14, and WTI since the week ended January 21. While the highly anticipated tariff announcement by Trump on Wednesday sank crude prices, the impact was more severe elsewhere....