Hong Kong stocks fell 144 points, or 0.6%, to 24,936 in early trading on Friday, ending a four-day winning streak amid widespread weakness. Caution prevails ahead of China's July CPI and PPI data due Saturday, with consumer prices expected to ease slightly and producer deflation likely to persist amid ongoing trade risks. On the domestic front, Hong Kong's foreign exchange reserves fell to a three-month low of USD 425.4 billion in July. Semiconductor Manufacturing shares plunged 4.7% after missing second-quarter profit estimates, while MGM China (-4.3%), Kingdee Intl. Software (-4.2%), SITC...
Oil was little changed after two modest declines as talks between the US and its trading partners gain urgency ahead of next week's deadline. West Texas Intermediate traded near $67 a barrel after closing lower for two sessions, while Brent settled near $69.European Union and US negotiators are heading into another week of intensive talks as they seek to clinch a trade deal by Aug. 1, when President Donald Trump has threatened to hit most of the bloc's exports with 30% tariffs. Meanwhile, US Treasury Secretary Scott Bessent said the next round of US-China talks could include a discussion...
The EUR/USD pair surged on Monday (July 22nd), gaining more than 0.50%, as the US dollar weakened, pressured by falling US Treasury yields and trade uncertainty ahead of the August 1st deadline. This triggered an outflow of the greenback, as the pair traded at 1.1694 after bouncing from a daily low of 1.1614. The market mood was upbeat as investors awaited earnings reports from two megacap companies in the United States. Trade tensions between the European Union (EU) and the US have escalated as EU diplomats explore a broader range of retaliatory measures against the US, as the chances of...
The US dollar (USD) started the week weaker, weakening against other major currencies in trading on Monday (July 22). Investors reacted to renewed trade tensions ahead of the August 1 deadline and generally cautious market sentiment. Although US economic data has been largely solid of late, the greenback is feeling pressure from continued uncertainty surrounding the Trump administration's escalating tariff threats and growing political pressure on the Federal Reserve (Fed) to cut interest rates. Concerns over the Fed's independence intensified after Representative Anna Paulina Luna...
Oil prices weakened slightly on Monday as the latest European sanctions on Russian oil are expected to have a minimal impact on supply, but losses were offset by investors weighing the potential for a reduction in diesel supplies. Brent crude futures fell 7 cents, or 0.1%, to $69.21 a barrel. U.S. West Texas Intermediate crude fell 14 cents, or 0.2%, to $67.20. The European Union on Friday approved its 18th package of sanctions against Russia over its war in Ukraine, which also targets India's Nayara Energy, an exporter of refined Russian crude. "The market currently believes that supply...
Gold prices surged more than 1% on Monday (July 21st) as the US dollar and US Treasury yields fell sharply amid uncertainty over a trade deal, amidst overall risk sentiment in the market. At the time of writing, XAU/USD was trading at $3,397 after bouncing off a daily low of $3,338. Risk appetite improved as traders awaited the release of US financial reports. Meanwhile, the August 1st deadline for tariffs imposed by the White House is approaching, making investors uneasy about the trade deal between the US and its three major trading partners, including the European Union (EU), Canada, and...