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 (XAU/USD) edges higher on Wednesday towards $3,311 at the time of writing, with concerns that tensions in the Middle East might spiral out of control again and Trump's fiscal bill not passing Congress. In late trading on Tuesday, CNN reported that Israel is considering targeting nuclear sites in Iran. While former United States (US) President Joe Biden was able to change Israel's Prime Minister Benjamin Netanyahu's mind, US President Donald Trump has seen his diplomatic efforts fall apart, with markets mulling whether Trump is still able to control Netanyahu. In the US, President...
The dollar fell for a third day against a range of currencies on Wednesday, after U.S. President Donald Trump failed to convince Republican holdouts to back his sweeping tax bill. Traders were also wary of U.S. officials potentially angling for a weaker dollar at Group of Seven finance minister meetings under way in Canada. Developments in Trump's global tariff war, which have swung currencies wildly in recent months, have slowed considerably this week, even as the clock ticks to the end of a 90-day tariff respite for U.S. trade partners in the absence of new deals. While markets remain...
The U.S. dollar fell further Wednesday, continuing to head lower on uncertainty over President Donald Trump's tax bill, while sterling jumped after a hot inflation report. At 04:30 ET (08:30 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.4% to 99.595, extending a 1.3% two-day decline. U.S. tax bill, G7 meeting in focus President Donald Trump's tax cut and spending bill has apparently run into opposition from several dissenting lawmakers, and faces a critical stress test on Wednesday as Republicans in the U.S. House of Representatives...
Oil prices gained more than 1% on Wednesday after reports of Israel preparing a strike on Iranian nuclear facilities raised fears that a conflict could upset supply availability in the key Middle East producing region. Brent futures for July rose 68 cents, or 1.04%, to $66.06 a barrel, by 0630 GMT. U.S. West Texas Intermediate crude futures for July climbed 70 cents, or 1.1%, to $62.73. New intelligence obtained by the United States suggests that Israel is preparing to strike Iranian nuclear facilities, CNN reported on Tuesday, citing multiple U.S. officials familiar with the matter. It...
Gold prices rose nearly 1% on Wednesday, hitting their highest levels in more than a week, as a weaker dollar and U.S. fiscal uncertainty amid Congressional debate on a sweeping tax bill spurred demand for safe-haven assets. Spot gold was up 0.9% at $3,319.51 an ounce, as of 0643 GMT. Earlier in the session, bullion touched its highest level since May 12. U.S. gold futures gained 1.1% to $3,320.30. The dollar opens new tab retreated to its lowest level since May 7, making greenback-priced gold cheaper for holders of overseas currency. "The general dollar index lost more than a full point...