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...
Gold prices held steady on Wednesday as investors adjusted positions ahead of US nonfarm payrolls data, seeking more clarity on the timing of the Federal Reserve's next interest rate cut. Spot gold was up 0.1% at $3,341.92 an ounce, as of 11:49 a.m. EDT (15:49 GMT), while US gold futures were up 0.1% at $3,352.50. "We're seeing a lull here with the holiday-shortened week, and we're going to get the unemployment report on Thursday. So there's kind of a positioning, with people just waiting to see what that report shows," said Jim Wyckoff, senior analyst at Kitco Metals. Earlier today, the...
The US Dollar (USD) is trading with a slightly positive tone on Wednesday, bouncing back a bit after hitting the lowest level since February 2022 on Tuesday. The modest rebound comes as traders digest US economic data and cautious comments from Federal Reserve (Fed) Chair Jerome Powell, which have slightly eased the downward pressure on the Greenback. Still, concerns over tariffs, fiscal policy and the Fed's next move continue to weigh on the USD broader outlook. The US Dollar Index (DXY), which measures the Greenback's performance against a basket of six major currencies, is moving...
Gold (XAU/USD) price is attempting to extend its recovery as traders digest Wednesday's Automatic Data Processing (ADP) employment report. With XAU/USD hovering near $3,350 at the time of writing, US President Trump's tax bill and interest rate expectations continue to drive demand for bullion. The ADP Employment Change report for June showed that the private sector contracted in June. Analysts had expected the June report to show that 95,000 jobs were added to the US private sector in May. Instead, a negative reading of 33K reflects potential weakness in the US labour market. As a...
Oil prices rose Wednesday after Iran suspended cooperation with the U.N. nuclear watchdog, lifting geopolitical tensions in the region. At 07:50 ET (11:50 GMT), Brent oil futures for September rose 1.2% to $67.94 a barrel, and West Texas Intermediate crude futures gained 1.3% to $66.30 a barrel. Iran suspends cooperation with UN Iran put into effect a law on Wednesday that stipulates that any future inspection of its nuclear sites by the International Atomic Energy Agency needs approval by Tehran's Supreme National Security Council. This decision comes amid growing tensions between Tehran...
The AUD/USD pair attracts some sellers on Wednesday and moves away from a fresh year-to-date high, around the 0.6590 area touched the previous day. Spot prices remain depressed near the 0.6565-0.6560 region through the first half of the European session, though the downside potential seems limited. The Australian Dollar (USD) is weighed down by unimpressive domestic data, which reaffirmed bets that the Reserve Bank of Australia (RBA) will cut interest rates again in July. The Australian Bureau of Statistics (ABS) reported that Retail Sales grew 0.2% MoM in May compared to 0% in April,...