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 fell by about $2 on Thursday on expectations for a U.S.-Iran nuclear deal that could result in sanctions easing, while a surprise build in U.S. crude oil inventories last week heightened investor concerns about oversupply. Brent crude futures were down $1.99, or 3%, to $64.10 a barrel at 0806 GMT. U.S. West Texas Intermediate (WTI) crude futures were down $2.05, or 3.3%, to $61.10. U.S. President Donald Trump said on Thursday that the United States was getting very close to securing a nuclear deal with Iran, and Tehran had "sort of" agreed to the terms. This came after an...
The U.S. dollar lost its footing against major peers on Thursday ahead of retail sales later in the day that could offer clues on U.S. consumer strength in the face of tariff risks, while excitement over a Sino-US trade deal faded. The greenback has given up most of its gains from Monday after the United States and China announced a 90-day pause on most of the tariffs imposed on each other's goods since early April, easing fears of a global recession. "Markets have exhausted the positivity from the U.S.-China trade talk," said Benjamin Ford, strategist at Macro Hive in London. Safe-haven...
Gold prices hit a one-month low on Thursday as investors awaited key US inflation figures for clues on the Federal Reserve's monetary policy path, while easing US-China trade tensions also weighed on bullion's appeal. Spot gold fell 1.3% to $3,136.97 an ounce by 0536 GMT, after hitting its lowest since April 10 earlier in the session. US gold futures fell 1.5% to $3,140.00. The US and China agreed to drastically reduce tariffs and impose a 90-day pause, defusing a potentially damaging trade war between the world's two largest economies. "The intraday outlook today is weak for the yellow...
Oil prices plunged more than $1 during trading on Thursday on hopes of a potential U.S.-Iran nuclear deal, while a surprise build in U.S. crude inventories last week raised investor concerns about a supply glut. Brent crude fell $1.49, or 2.3%, to $64.60 a barrel by 0405 GMT. U.S. West Texas Intermediate (WTI) crude fell $1.46, or 2.3%, to $61.69. Both benchmarks fell about 0.8% on Wednesday. Iran is willing to agree to a deal with the U.S. in exchange for the lifting of economic sanctions, an Iranian official told NBC News in an interview published Wednesday. "The renewed selling was...
Silver (XAG/USD) price extended its decline for the second straight session, trading around $31.90 per troy ounce during Asian hours on Thursday (5/15). The daily chart technical analysis suggests a weakening bullish outlook, as the precious metal has dropped below an ascending channel pattern. The 14-day Relative Strength Index (RSI) has dropped below the 50 level, indicating a developing bearish bias. Moreover, Silver price has fallen below the nine-day and 50-day Exponential Moving Averages (EMA), further highlighting the fading strength of its near-term upside momentum. On the...