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 price (XAU/USD) struggles to capitalize on the previous day's late rebound from the $3,054 area, or a one-week low, and attracts fresh sellers during the Asian session on Friday. However, the risk-off mood, fueled by growing market concerns that US President Donald Trump's reciprocal tariffs could dent global economic growth and trigger a recession in the US, helps limit losses for the safe-haven precious metal.Meanwhile, expectations that the Federal Reserve (Fed) will resume its rate-cutting cycle soon on the back of a tariffs-driven US economic slowdown keep the US Dollar (USD)...
The EUR/USD pair trades in positive territory for the third consecutive day around 1.1080 during the early European session on Friday bolstered by the broader US Dollar weakness. Investors await the German Factory Orders and US employment report, which will be published later on Friday. US President Donald Trump on Wednesday unveiled sweeping global tariffs of at least 10% on goods imported from most US trading partners. The Trump administration plans to impose a 20% tariff on EU goods and higher duties on some of the country's biggest trading partners. The tariffs will take effect on April...
The U.S. dollar sank on Friday and the safe-haven yen strengthened towards a six-month peak, as traders weighed the fallout from President Donald Trump's aggressive and far-reaching new tariff measures. The dollar slipped toward a six-month trough against the euro prior to the release of a crucial monthly U.S. payrolls report later in the day that will offer clues to the health of the economy and the outlook for monetary easing. Traders now predict four quarter-point interest rate cuts from the Federal Reserve in the remainder of this year, and reduced the odds of further Bank of Japan...
WTI crude oil futures fell toward $66 per barrel on Friday, building on a more than 6% drop from the previous session, weighed down by continued pressure from the OPEC+ hike and global trade concerns. Eight key OPEC+ producers agreed to boost output by 411,000 barrels per day next month, well above the expected 140,000 and faster than planned. The group called the increase "equivalent to three monthly increments," noting it may pause or reverse hikes based on market conditions. This comes against a backdrop of broader market turmoil sparked by higher-than-expected US tariffs announced...
Gold hovered above $3,110 per ounce on Friday, poised for its fifth consecutive weekly gain after repeatedly breaking its all-time highs, driven by risk aversion stemming from US tariffs. Trump unveiled a 10% baseline tariff on imports from all countries, along with higher duties on some of the US's largest trading partners, triggering countermeasures from those nations. Meanwhile, gold pulled back on Thursday, pressured by profit-taking and reports that precious metals were excluded from Trump's tariffs. Despite this, gold's upward momentum remained intact, supported by safe-haven demand,...