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...
The USD/CHF pair weakened to around 0.8830 during the Asian trading hours on Tuesday (3/25), pressured by a decline in the US Dollar (USD). Traders will keep an eye on the US Conference Board's Consumer Confidence gauge, New Home Sales, and the Richmond Fed Manufacturing Index, due on Tuesday. Data released by S&P Global on Monday showed that the US Composite PMI rose to 53.5 (preliminary) in March from 51.6 in February. Meanwhile, the Manufacturing PMI fell to 49.8 in March compared to 52.7 previously, missing the estimate of 51.9. The Services PMI improved to 54.3 in March from 51.0...
Oil prices were little changed on Tuesday as markets weighed the impact of newly announced U.S. tariffs on countries that buy Venezuelan oil and an uncertain outlook for global demand. Brent crude futures were up 1 cent at $73.01 a barrel by 0424 GMT. U.S. West Texas Intermediate crude futures were down 1 cent at $69.10. Both benchmarks rose more than 1% on Monday after U.S. President Donald Trump announced 25% tariffs on countries that import Venezuelan oil and gas. Oil is Venezuela's main export and China, already subject to U.S. tariffs, is its biggest buyer. "Investors are concerned...
GBP/USD held steady around 1.2920 during the Asian session on Tuesday (3/25) after a surge in the previous session. However, the pair held steady amid a US Dollar (USD) correction. The greenback strengthened, supported by strong S&P Services PMI data and cautious remarks from Federal Reserve officials. The S&P Global Services PMI jumped to 54.3 in March, the highest in three months, up from 51.0 in February and surpassing market expectations of 50.8. The services sector rebounded sharply from a 15-month low, while the Composite PMI rose to 53.5, marking its strongest expansion since...
Gold (XAU/USD) prices struggled to gain any meaningful traction during the Asian session on Tuesday (March 25), albeit held above the psychological $3,000 mark amid mixed fundamental cues. The US Dollar (USD) held on to its recent recovery from multi-month lows and hovered near three-week highs touched on Monday. Moreover, the upbeat market mood, supported by hopes for less disruptive US trade tariffs, a Russia-Ukraine peace deal, and optimism over Chinese stimulus, acted as a headwind for the safe-haven precious metal. Meanwhile, growing acceptance that the Federal Reserve (Fed) will soon...
Silver (XAG/USD) prices snapped a four-day losing streak, trading around $33.10 per troy ounce during Asian market hours on Tuesday (3/25). The recovery was driven by increased demand for safe-haven assets amid rising geopolitical tensions. The United Nations (UN) announced on Monday that it would reduce its international staff in Gaza by about a third after Israeli airstrikes killed hundreds of civilians, including UN personnel. After a two-month ceasefire brought relative calm to the 18-month war, Israel resumed a full-scale air and ground campaign against Hamas on Tuesday. Palestinian...