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 extended declines in Asian trading on Friday and were on track for weekly losses, as renewed oversupply concerns emerged following a report that OPEC+ may be considering another increase in production levels. As of 21:36 ET (01:36 GMT), Brent Oil Futures expiring in July fell 0.5% to $64.11 per barrel, while West Texas Intermediate (WTI) crude futures also lost 0.5% to $60.92 per barrel. Both contracts were on track to decline nearly 2% for the week. OPEC+ reportedly weighs production hike againThe Organization of Petroleum Exporting Countries and allies, collectively known as...
Gold price (XAU/USD) lacks any firm intraday direction on Friday and seesaws between tepid gains/minor losses, around the $3,300 mark during the Asian session on Friday. The XAU/USD bears, however, seem reluctant to place aggressive bets and positioning for an extension of the previous day's pullback from over a two-week high on the back of US fiscal concerns. Apart from this, renewed US-China trade tensions and persistent geopolitical risks should continue to act as a tailwind for the safe-haven bullion. Meanwhile, the initial market reaction to Thursday's mostly upbeat US economic data...
The Australian Dollar (AUD) posts gains against the US Dollar (USD) on Friday after registering losses in the previous session. The AUD/USD pair jumps as the Greenback comes under pressure, driven by lower US Treasury yields, which continue to depreciate after the 30-year US bond yield topped in 19 months. US President Donald Trump's "One Big Beautiful Bill" passed the US House of Representatives and is on its way to the Senate floor, which has raised concerns regarding the increase in the fiscal deficit in the United States (US). However, the AUD/USD pair depreciated on Thursday as the US...
Silver price (XAG/USD) edges higher after registering losses over 1% in the previous session, hovering around $33.10 per troy ounce during the Asian trading hours on Friday. The manufacturing-sensitive commodities, including Silver, faced challenges due to growing concerns regarding the increase in the fiscal deficit in the United States (US). However, rising safe-haven demand over these fiscal concerns could offset the demand-related threat surrounding such commodities. On Thursday, US President Donald Trump's "One Big Beautiful Bill" passed the US House of Representatives and is on its...
The Japanese yen strengthened to around 143.6 per dollar on Friday and was set to advance more than 1% for the week, underpinned by hotter-than-anticipated inflation data. Japan's core inflation rate accelerated more than expected to 3.5%, the highest in over two years. This reinforces expectations that the Bank of Japan will continue tightening monetary policy in response to sustained inflationary pressures. Meanwhile, the headline inflation rate remained steady at 3.6%. The yen also benefited from a general weakness in the dollar amid concerns about the US fiscal outlook. Elsewhere,...