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 dropped on Wednesday, pressured by a firmer dollar and easing trade tensions, while investors awaited key U.S. data this week for insights into the Federal Reserve's rate outlook. Spot gold fell 0.3% to $3,306.18 an ounce as of 0624 GMT. The metal was on track to log its fourth consecutive monthly gain, rising nearly 6% so far in April. There's been a minor recovery in the broad dollar strength, which led to a little bit of retracement in gold, said Nicholas Frappell, global head of institutional markets at ABC Refinery. U.S. President Donald Trump signed a pair of orders to...
Oil prices extended declines on Wednesday and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed. Brent crude futures fell by 75 cents, or 1.17%, to $63.50 per barrel by 0641 GMT. U.S. West Texas Intermediate crude futures dropped 79 cents, or 1.31%, to $59.63 a barrel. Brent and WTI have lost 15% and 17% respectively so far this month, the biggest percentage drop since November 2021. Both benchmarks slumped after U.S. President Donald Trump's April 2 announcement of...
Gold prices extended declines in Asian trading on Wednesday, as the U.S. administration reduced the impact of auto tariffs amid signs of easing trade tensions, while investors cautiously awaited key U.S. data to gauge the Federal Reserve's rate outlook. Despite the dip, gold was set for its fourth consecutive monthly rise, with a nearly 6% jump in April so far. As of 02:30 ET (06:30 GMT), Spot Gold fell 0.4% to $3,305.10 per ounce, while Gold Futures expiring in June lost 0.6% to $3,314.94 an ounce.President Trump signed two orders on Tuesday to ease the impact of auto tariffs, offering...
The EUR/USD pair recovers a few pips from the vicinity of the mix-1.1300s, or the Asian session low, though it lacks any follow-through amid a modest US Dollar (USD) uptick. Spot prices currently trade around the 1.1375 area and remain confined in a familiar range held over the past week or so. The USD attracts buyers for the second straight day amid some repositioning trade ahead of this week's key US macro data. The shared currency, on the other hand, is undermined by dovish signals from the European Central Bank (ECB), which turns out to be another factor acting as a headwind for the...
The USD/CHF pair posts modest losses around 0.6410 during the early European session on Wednesday. The uncertainty surrounding trade policy continues to boost the safe-haven flows, supporting the Swiss Franc (CHF). The Swiss KOF Leading Indicator for April is due later on Wednesday. China exempted some US imports from its 125% tariffs last week, although China quickly knocked down US President Donald Trump's assertion that trade talks between the two countries were underway. On Monday, US Treasury Secretary Scott Bessent said that key trade partners have made "very good" offers to avoid US...