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 prices inched lower on Thursday, ahead of U.S. President Donald Trump's likely announcement of a trade deal between the United States and Britain. Spot gold was down 0.1% to $3,362.19 an ounce as of 1318 GMT, after rising 1% earlier in the session. U.S. gold futures slipped 0.7% to $3,368.50. "The gold market has been very volatile. What you're seeing are short term investors buying and selling based on news headlines," said Jeffrey Christian, managing partner of CPM Group. "Prices could trade as low as $3,050 or as high as $3,500 on a long term basis." Trump posted on Truth Social...
EUR/USD ticks lower to near 1.1280 during European trading hours on Thursday. The major currency pair edges down as the US Dollar (USD) trades slightly higher on signals from the Federal Reserve (Fed) that there is no rush to lower interest rates, which came on Wednesday just after the central bank left interest rates unchanged in the range of 4.25%-4.50% for the third time in a row. The US Dollar Index (DXY), which gauges the Greenback's value against six major currencies, ticks higher to near 100.00. Fed Chair Jerome Powell stated that "uncertainty about the economic outlook has...
The U.S. dollar rose Thursday, retaining some strength after the Federal Reserve highlighted stagflation risks at its latest meeting, prompting traders to push out the chance of near-term rate cuts. At 04:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, gained 0.4% to 99.877, having bounced around 0.3% in the previous session. Dollar gains on hawkish Fed The U.S. central bank kept its benchmark interest rate steady in the 4.25%-4.50% range on Wednesday, but said that the risks of both higher inflation and unemployment had risen and...
The British pound briefly jumped 0.5% to $1.3356 after reports suggested that President Trump would announce a US-UK trade deal later on Thursday. The pound initially rallied on the news, which followed a social media tease from Trump hinting at a "major trade deal," later linked to the UK. The move also reflected broader dollar weakness, which has dominated currency markets since Trump's April 2 tariff wave sparked concerns over a potential US recession and persistent inflation. Meanwhile, the Sterling gave up gains to change hands at $1.327 as investors are now focused on the Bank of...
Oil rose on Thursday after falling more than $1 in the previous session, supported by hopes of a breakthrough in looming trade talks between the U.S. and China, the world's two largest oil consumers. Brent crude futures were up 10 cents, or 0.2%, at $61.22 a barrel, while U.S. West Texas Intermediate crude rose 13 cents, or 0.2% to $58.20 a barrel at 0632 GMT. "Optimism around the U.S. and China trade talks this weekend is a primary factor supporting the rebound in the oil market," said independent market analyst Tina Teng. "Signs of a de-escalating trade war improved market sentiment,...