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 held steady on Wednesday as market participants braced for U.S. President Donald Trump's tit-for-tat tariffs, which they fear will stoke inflation and hamper economic growth. Spot gold was up 0.1% at $3,019.72 an ounce by 0328 GMT. U.S. gold futures were down 0.1% at $3,023.60. "There are real concerns around U.S. economic growth and also inflation. The U.S. is likely to face a stagflation scenario, and that could support prices," said Soni Kumari, commodity strategist at ANZ. U.S. consumer confidence plunged to its lowest level in more than four years in March, with...
The dollar weakened on Wednesday, with weak U.S. confidence data and concerns about the impact of broad tariffs on U.S. growth dampening its recent recovery. The dollar retreated about 0.5 percent against the yen overnight, dropping below 150 yen to 149.95 early in Asia. The euro, which spent the week sliding from a five-month high, was now steady at $1.0789. The euro and the Russian ruble did not react immediately to the U.S. deal with Russia and Ukraine to halt attacks at sea and on energy targets, although wheat prices fell as the U.S. said it would push for the lifting of sanctions on...
Gold was steady in early Asian trade, supported by signs of worsening U.S. household sentiment that could maintain the precious metal's appeal as a safe haven. The Conference Board's monthly survey on Tuesday showed forward expectations for income, business and labor market conditions fell to a 12-year low. Additionally, "ongoing trade tensions could dampen economic growth, supporting gold prices," Konstantinos Chrysikos of Kudotrade said in an email. Investors may want to keep an eye on economic data and updates on U.S. trade policy, the head of Client Relationship Management added. Spot...
Oil prices rose after an industry report signaled a big drop in U.S. crude stockpiles, while the market weighed the prospect of a Russia-Ukraine ceasefire in the Black Sea. West Texas Intermediate crude rose above $69 a barrel after closing slightly lower on Tuesday. Brent crude settled near $73. Inventories fell by 4.6 million barrels last week, according to the American Petroleum Institute, which would be the biggest drop since November if confirmed by official data due Wednesday. Meanwhile, the U.S. said Russia and Ukraine had agreed to a ceasefire "to ensure safe navigation" in the...
EUR/USD finds cushion around 1.0780 and rises to near 1.0825 during North American trading hours on Tuesday. The major currency pair attracts bids as the US Dollar (USD) drops on the narrower-than-feared tariff agenda of United States (US) President Donald Trump. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, falls to near 104.00 from an over two-week high of 104.50. US President Trump signaled to reporters at the White House on Monday that not all tariffs will be implemented on April 2. Trump said that some countries could get exempted from...