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 U.S. dollar fell against other major currencies on Monday, giving up some of the previous week's gains, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to constrict growth and unleash inflation. The greenback starts the week on the back foot after Trump said on Friday that he planned to double duties on imported steel and aluminum to 50% from Wednesday, and as Beijing hit back against accusations it violated an agreement on critical minerals shipments. China's Commerce Ministry said on Monday the charges were "groundless," and promised to...
Silver prices rose over 1% to around $33.40 per ounce on Monday, approaching two-month highs as escalating global trade tensions boosted demand for safe-haven assets. The move came after US President Donald Trump announced plans late Friday to double tariffs on steel and aluminum imports to 50%, effective June 4. China also rejected Trump's claims that it breached a trade agreement reached in Geneva last month—casting further doubt on the prospect of a call between Trump and Chinese President Xi Jinping. The tariff announcement also comes amid an ongoing legal battle over the legality of...
Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase. Brent crude futures climbed $1.46, or 2.33%, to $64.24 a barrel by 0626 GMT after settling 0.9% lower on Friday. U.S. West Texas Intermediate crude was at $62.45 a barrel, up $1.66, or 2.73%, following a 0.3% decline in the previous session. Both contracts were down more than 1% last week. The Organization of the Petroleum Exporting Countries and their...
Gold price (XAU/USD) climbs to a one-week high, beyond the $3,350 level during the early European session on Monday and seems poised to climb further amid a combination of supporting factors. The Personal Consumption Expenditures (PCE) Price Index released on Friday further pointed to signs easing inflationary pressures in the US and bolstered the case for more rate cuts by the Federal Reserve (Fed). This, in turn, prompts fresh US Dollar (USD) selling and acts as a tailwind for the non-yielding yellow metal. Meanwhile, concerns about the worsening US fiscal situation, geopolitical risks...
Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase. Brent crude futures climbed $1.46, or 2.33%, to $64.24 a barrel by 0626 GMT after settling 0.9% lower on Friday. U.S. West Texas Intermediate crude was at $62.45 a barrel, up $1.66, or 2.73%, following a 0.3% decline in the previous session. Both contracts were down more than 1% last week. The Organization of the Petroleum Exporting Countries and their...