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...
Oil rose for a second day after the Trump administration again vowed to reduce Iran's energy exports to zero, while talks between the US and Japan stirred optimism that agreements on trade can be reached. Brent crude climbed above $66 a barrel after advancing almost 2% on Wednesday, putting futures on track for their first weekly gain this month. Treasury Secretary Scott Bessent said the US would apply maximum pressure to disrupt Iran's oil supply chain, as his department sanctioned a second Chinese refinery accused of handling crude from the Islamic Republic. The...
The GBP/USD pair ticks lower to near 1.3230 during European trading hours on Thursday. The Cable edges lower as the US Dollar (USD) attracts some bids on meaningful progress in trade talks between the United States (US) and Japan. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies rebounds to near 99.50 from the three-year low of 99.00. Investors see this as a sign that heightened global economic uncertainty, driven by imposition of hefty tariffs by US President Donald Trump, will ease amid growing confidence that Trump is leaned towards having...
Gold prices retreated on Thursday as investors booked profits after bullion hit an all-time high, with traders assessing tariff negotiations between the U.S. and Japan. Spot gold was down 0.8% to $3,317.63 an ounce, as of 0717 GMT. Bullion has gained over 2% so far this week. U.S. gold futures shed 0.5% to $3,330.60. Bullion hit a record high of $3,357.40 earlier in the session and has risen more than 27% so far this year. "The retreat is largely driven by short-term profit-taking following the sharp rally over the past week. A temporary stabilization in U.S. bond yields and a modest...
Oil prices extended gains on Thursday on the prospect of tighter supplies after Washington imposed further sanctions to curb Iran's oil trade and as some OPEC producers pledged more output cuts to offset pumping above agreed quotas. Brent crude futures rose 56 cents, or 0.85%, to $66.41 a barrel by 0625 GMT, and U.S. West Texas Intermediate crude was at $63.12 a barrel, up 65 cents, or 1.04%. Both benchmarks closed 2% higher on Wednesday at their highest since April 3 and were on track for their first weekly gain in three weeks. Thursday is the last settlement day of the week ahead of the...
Gold (XAU/USD) prices attracted some intraday sellers following an Asian session rally to a fresh all-time high as positive risk sentiment was seen denting demand for traditional safe-haven assets. Further, a modest US Dollar (USD) uptick from near multi-year lows turned out to be another factor that undermined the commodity. However, a meaningful corrective slide for the precious metal seems elusive amid ongoing uncertainty surrounding US President Donald Trump's tariff announcement, escalating US-China trade war, and fears of a global recession. Meanwhile, the market is still pricing in...