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...
Australia's dollar held an intraday gain after the Reserve Bank of Australia left rates unchanged but reiterated that returning inflation to target was its highest priority. AUD/USD gained 0.4% to 0.6269, at session highs; it moved upward after Governor Bullock said that the board did not explicitly discuss a rate cut, while swaps traders held May rate-cut bets to about 80% The Bloomberg Dollar Spot Index eased 0.1% and Treasury yields fell across the curve ahead of President Donald Trump's announcement of his reciprocal tariff plan on April 2 in the White House Rose Garden,...
The Japanese Yen (JPY) edges higher against its American counterpart during the Asian session on Tuesday and for now, seems to have stalled the previous day's retracement slide from over a one-week high. The Bank of Japan's (BoJ) Tankan survey showed that Japanese enterprises raised their inflation forecasts for one year, three years, and five years ahead. This, in turn, backs the case for more rate increases from the BoJ and turns out to be a key factor supporting the JPY. Moreover, a modest US Dollar (USD) downtick keeps the USD/JPY pair depressed below the 150.00 psychological mark. The...
Oil steadied after jumping on Monday as President Donald Trump suggested that the US may work to curtail crude shipments from Russia, the world's third-largest producer and a major exporter. West Texas Intermediate traded above $71 a barrel after gaining 3.1% on Monday, the most since mid-January, with Brent crude closing below $75. Trump threatened so-called "secondary tariffs" on buyers of Russian oil, potentially hurting flows, as he pushes for an end to the war in Ukraine. The US is also set to implement levies and other measures on Wednesday, in what Trump has dubbed...
Gold held near Monday's fresh record, as a wave of volatility sent traders to havens ahead of President Donald Trump's expected tariff rollout, which has heightened concerns the global economy is heading for a trade war. Bullion was steady after surging 1.4% in the previous session to an all-time high of $3,127.92 an ounce. Traders are on edge as Trump plans to announce sweeping levies on all of America's trading partners on Wednesday. Gold is coming off its best quarter since September 1986 after gaining almost a fifth this year. Physical demand and a favorable macro...
Oil rose after US President Donald Trump suggested that the US may work to curtail crude shipments from Russia, the world's third-largest producer and a major exporter. West Texas Intermediate climbed 3.1% to settle above $71 a barrel, the biggest gain since before Trump took office, while Brent's June contract approached $75. Crude extended its advance on data showing lower-than-expected US production and positioning changes from algorithmic traders. Russia's crude exports hit a five-month high in March, and US sanctions on the nation's oil tanker fleet are...