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...
Oil prices rose in Asian trade on Thursday, encouraged by improving market sentiment after a U.S. court ruled that President Donald Trump could not proceed with his plans for reciprocal trade tariffs. Crude also rose after the OPEC+ ducked market expectations for an increase in the group's output quota, while signs of a sharp drawdown in U.S. inventories spurred bets on tighter supplies. Focus is now on an upcoming OPEC+ decision on July production, although the group is now expected to leave output unchanged. Oil was sitting on some gains this week after a devastating Russian attack on...
Gold prices fell below $3,260 per ounce on Thursday, marking a fourth straight day of decline, as reduced tariff risks eroded demand for safe-haven assets. The drop followed a ruling from the US Court of International Trade, which found that President Donald Trump had exceeded his authority in imposing reciprocal tariffs. The court ordered the measures to be vacated and permanently blocked a significant setback for the president's economic agenda. The administration is expected to appeal the decision. Meanwhile, minutes from the Federal Reserve's May meeting showed that policymakers are...
GBP/USD pared further gains on Wednesday, slumping for the second straight session and dropping back below 1.3500 after failing to reclaim 1.3600 earlier this week. The pound market retreated from the peak of a bull run that took cable to multi-year highs, but momentum still favors the pound bulls. The Federal Reserve's (Fed) latest minutes from the Federal Open Market Committee (FOMC) interest rate meeting on May 6-7 revealed that the Fed's wait-and-see approach has deep roots. Policymakers at the latest Fed meeting noted that the US dollar's (USD) safe-haven status had taken a hit...
EUR/USD fell below 1.1300 during the North American session as the US Dollar (USD) remained firmer following the release of the Federal Reserve's (Fed) latest meeting minutes. High US bond yields and a slightly downbeat mood have pushed the greenback higher against most G7 currencies. On May 6-7, the Fed decided to keep interest rates unchanged, citing uncertainty about the impact of tariffs on the economy. The minutes revealed that policymakers were concerned that inflation could become more persistent, driven by the Trump administration's inflation-prone trade policies. The policymakers...
Oil prices rose more than 1% on Wednesday on supply concerns as OPEC+ agreed to leave its output policy unchanged and as the U.S. banned Chevron (CVX.N), opening up new opportunities to export Venezuelan crude. Investors had anticipated OPEC+ members would agree to increase output later this week. Brent crude futures settled up 81 cents, or 1.26%, at $64.90 a barrel. U.S. West Texas Intermediate crude rose 95 cents, or 1.56%, to $61.84 a barrel. OPEC+, the Organization of the Petroleum Exporting Countries and its allies, left output policy unchanged. They agreed to establish a mechanism...