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 (XAU/USD) held steady on Friday (4/18) after falling from an all-time high of $3,358 as investors booked profits during the long Easter holiday. Significant uncertainty over US President Donald Trump's tariffs on imports into the US and ongoing geopolitical tensions could support gold prices, which are known as safe-haven assets. On the other hand, Federal Reserve (Fed) Chairman Jerome Powell was hawkish, reducing the chances of a Fed rate cut in June. This, in turn, could lift the Greenback and weigh on USD-denominated commodity prices. Powell said that a weak economy and high...
The EUR/USD pair attracted some buyers near 1.1370 during the early Asian session on Friday (4/18). Concerns over the economic impact of tariffs continued to drag the US Dollar (USD) lower against the Euro (EUR). Traders will be closely monitoring developments surrounding the US trade talks. Trading volumes are likely to be thin on Good Friday. The European Central Bank (ECB) cut interest rates for the third time this year on Thursday, bringing its main rate to 2.25% in response to slowing growth and US President Donald Trump's tariffs. ECB President Christine Lagarde said during a press...
Oil prices settled more than 3% higher on Thursday, supported by hopes for a trade deal between the United States and the European Union and new U.S. sanctions to curb Iranian oil exports, which continued to elevate supply concerns. Brent crude futures settled $2.11, or 3.2%, higher to $67.96 a barrel, and U.S. West Texas Intermediate crude gained $2.21, or 3.54%, at $64.68 a barrel. For the week, both Brent and WTI gained about 5%, their first weekly gain in three weeks. Thursday is the last settlement day of the week ahead of the Easter holidays and trade volumes are expected to be...
Gold eased off a record high mid-afternoon on Thursday but stayed above the US$3,300 mark as U.S. President Donald Trump's tariff threats continue to support safe-haven demand. Gold for June delivery was last seen down US$18.10 to US$3,328.30 per ounce after closing at a record US$3,346.40 on Wednesday. The price of the metal has climbed 26% since the start of the year as the U.S. tariff battles threaten to slow global growth while roiling global trade flows, sending investors to gold as a store of value. The World Trade Organization on Wednesday lowered its forecast for 2025 global trade...
Gold prices eased on Thursday after a sharp rise in the previous session as investors booked profits ahead of a long weekend, although softer dollar and escalating U.S.-China trade tensions kept bullion above the $3,300 per ounce level. Spot gold slipped 0.5% to $3,326.51 an ounce as of 08:58 a.m. ET (1258 GMT), after touching a record high of $3,357.40 earlier in the session. Bullion has gained nearly 3% this week. U.S. gold futures were down 0.2% at $3,339.90. "Gold may have a short-term pullback given its spectacular surge this week and ahead of a rare long weekend in the markets,"...