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 US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its gains for the second successive day and trading higher at around 99.10 during the Asian hours on Wednesday. The US Consumer Price Index (CPI) is expected to rise by 2.5% year-over-year in May. The US Dollar receives support from easing trade tensions between the United States (US) and China. US Commerce Secretary Howard Lutnick suggested, on Tuesday, potential resolutions with China and noted that both countries have reached a framework to implement the Geneva Consensus....
Gold prices rose on Wednesday as uncertainty surrounding the finalisation of a U.S.-China trade agreement weighed on sentiment and fuelled some safe-haven buying, with investors awaiting key U.S. inflation data for further market direction. Spot gold gained 0.5% to $3,339.60 an ounce, as of 0350 GMT. U.S. gold futures rose 0.5% to $3,361.20. U.S. and Chinese officials said on Tuesday they had agreed on a framework to put their trade truce back on track and remove China's export restrictions on rare earths, while offering little sign of a durable resolution to longstanding trade...
Silver price (XAG/USD) holds ground after registering over a 0.50% loss in the previous session, trading around $36.60 per troy ounce during the Asian hours on Wednesday. The price of the grey metal maintains a position near a 13-year high of $36.89, which was reached on Monday. The US Consumer Price Index (CPI) data will be closely watched later in the North American session, with expectations of a 2.5% year-over-year (YoY) rise in May. However, precious metals, including Silver, may face challenges due to dampened safe-haven demand amid easing trade tensions between the United States (US)...
Oil prices edged lower from a seven-week high in Asian trading on Wednesday amid demand outlook worries, while focus remained on the outcome of crucial U.S.-China trade talks in London. As of 21:55 ET (01:55 GMT), Brent Oil Futures expiring in July fell 0.3% to $66.65 per barrel, after reaching its highest level since late April. West Texas Intermediate (WTI) crude futures also fell 0.2% to $64.86 per barrel, after jumping to its highest since early April. US-China trade talks outcome awaited U.S. and Chinese officials concluded two days of intense trade negotiations in London on...
The Australian dollar slipped to around $0.650 on Wednesday, ending two consecutive sessions of gains, pressured by growing expectations of further rate cuts by the Reserve Bank of Australia. Markets are now pricing in a 97% chance of a 25bps cut in July, with futures implying a total of 75bps of easing to 3.1% by the end of the year. This sentiment follows a string of soft economic data, including just 0.2% GDP growth in Q1, weak consumer spending, and falling business investment—raising concerns the RBA may have waited too long to act. Adding pressure, the US dollar firmed ahead of key US...