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 held steady on Friday, heading for a second straight weekly gain as U.S.-China trade tensions eased, although a potential return of Iranian supplies capped gains. Brent crude futures were down 1 cent at $64.52 a barrel by 0326 GMT. U.S. West Texas Intermediate crude was up 2 cents at $61.64. Both contracts fell more than 2% in the previous session after selling off on the growing prospect of an Iran nuclear deal. President Donald Trump has said the U.S. is close to a nuclear deal with Iran, with Tehran "sort of" agreeing to its terms. However, a source familiar with the talks...
Gold prices dropped on Friday and were poised for their steepest weekly decline in six months, as a stronger dollar and waning trade war concerns dampened its appeal as a safe-haven asset. Spot gold was down 0.8% at $3,213.56 an ounce, as of 0429 GMT. Bullion has lost 3.3% so far this week and is set for its worst weekly performance since November 2024. U.S. gold futures shed 0.3% to $3,217.20. The dollar (.DXY), opens new tab has gained 0.4% for the week so far and was headed for its fourth straight weekly gain, making greenback-priced gold more expensive for overseas buyers. "Gold...
USD/CHF remained depressed near the 0.8360 level on Thursday, extending its consolidation in this week's range. The pair struggled to gain traction amid mixed US economic data and a resilient Swiss economy. In the United States, retail sales in April rose by 0.1% to $724.1 billion, slightly above market expectations for an unchanged reading, while the previous month's reading was revised up to 1.5% from 1.4%. However, the Producer Price Index (PPI) for final demand rose only 2.4% year-on-year, falling below the 2.5% forecast and down from 2.7% in March. This marked a significant slowdown in...
Silver (XAG/USD) eased from its recent gains seen in the previous session, holding around $32.50 during Asian trading hours on Friday (5/16). The metal came under pressure, possibly due to a Financial Times report suggesting that the Trump administration is planning to add several Chinese semiconductor firms to its export blacklist, known as the "entity list." Silver's growing association with the chipmaking industry—due to its critical role in the production of electronics and semiconductors—has heightened market sensitivity to the development. Meanwhile, safe-haven demand for precious...
Oil steadied after two days of losses as a potential nuclear deal between the U.S. and Iran risked worsening forecasts of a supply glut for later this year. West Texas Intermediate was trading near $62 a barrel after dropping 2.4% on Thursday in its biggest daily drop this month, while Brent closed below $65. President Donald Trump signaled the U.S. was getting closer to a deal to curb Iran's nuclear activities. The nuclear deal raises the prospect of limited additional supply from Iran, but it would come to a market already set for a surplus. The International Energy Agency reiterated on...