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...
Brent crude oil futures surged more than 2% to above $65 per barrel on Monday, reaching a two-week high, after the US and China agreed to pause most tariffs on each other's goods. This major trade breakthrough signaled a cooling of tensions between the world's two largest oil consumers, reducing risks to oil demand. Reports indicated both nations agreed to a 90-day pause and a significant reduction in tariff levels, with each side cutting reciprocal tariffs by 115%. Meanwhile, exerting bearish pressure on oil, OPEC+ plans to accelerate output hikes in May and June. Also, a potential...
Silver (XAG/USD) prices extended their gains for the third straight session, trading around $32.90 a troy ounce during Asian trading hours on Monday (5/12). The precious metal was supported by news that Canadian miner Pan American Silver will acquire MAG Silver Corp in a deal that values the company at around $2.1 billion, according to Reuters. The acquisition gives Pan American Silver access to MAG's 44% stake in Mexico's high-grade Juanicipio Silver mine, which is operated by Fresnillo, which owns the remaining 56%. The deal, which was unanimously approved by both companies' boards, is...
The USD/CHF pair rose near 0.8340 during the early European session on Monday (5/12). The Swiss Franc (CHF) weakened against the Greenback amid easing fears of a trade war between the United States (US) and China, the world's two largest economies. China and the US have said that they have made progress in trade talks in Switzerland, weighing on safe-haven currencies such as the CHF and providing some fresh air for the pair. US Treasury Secretary Scott Bessent described the discussions as "productive and constructive," while Chinese Vice Premier He Lifeng said trade talks with US officials...
Gold fell on Monday as positive US-China trade talks eased market concerns, prompting investors to shift from safe-haven assets to riskier investments. Spot gold fell 1.4% to $3,277.34 an ounce, as of 0432 GMT. US gold futures fell 1.9% to $3,281.70. "The dollar index has strengthened as the Trump administration touted progress in trade negotiations, with China joining talks over the weekend in Switzerland weighing on gold prices," said Jigar Trivedi, senior commodities analyst at Reliance Securities. The US and China ended high-stakes trade talks on a positive note on Sunday, with US...
Oil prices rose on Monday after both sides in U.S.-China trade talks over the weekend touted progress, lifting market sentiment that the world's two largest crude users may be moving toward resolving their trade dispute. Brent crude futures rose 43 cents, or 0.67%, to settle at $64.34 a barrel by 0500 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading at $61.50 a barrel, up 48 cents, or 0.79%, from Friday's close. Both benchmarks rose more than $1 on Friday and gained more than 4% last week for their first weekly gain since mid-April, after a U.S. trade deal with Britain...