The Hang Seng Index fell 0.7% to 25,842.83 as of 10:00 a.m. local time, following a pause in Wall Street's rally as the S&P 500 stalled and the Nasdaq slipped 0.2%. Pressure came from tech stocks: NetEase slumped 3.3% to HK$232.40, Alibaba fell 2.3% to HK$161.30, and Baidu retreated 2% to HK$115. Precious metals stocks also took a hit—Zijin Mining fell 5.6% to HK$30.58 and jewelry retailer Chow Tai Fook fell 4.3% to HK$15.91—as gold held below US$4,100/oz after a sharp correction and silver weakened 7.9% to US$48.54. Index losses were limited by Pop Mart International's 4.5% surge to...
Gold price trimmed some of its earlier losses on Thursday, yet it remains negative in the day, down over 0.14% as the latest print of consumer inflation was aligned with estimates. Nevertheless, jobs data outweighed August's Consumer Price Index (CPI) report as the number of Americans filing for unemployment benefits rose. XAU/USD trades at $3,635 after hitting a daily high of $3,649. Bullion edges lower after soft CPI and higher Jobless Claims boost easing odds The US Bureau of Labor Statistics (BLS) revealed that inflation remained steady on the consumer side, with headline CPI standing...
Oil prices slid about 2% on Thursday on concerns over softening U.S. demand and broad oversupply that offset threats to output from the conflict in the Middle East and the war in Ukraine. Brent crude futures were down $1.11, or 1.6%, to $66.38 a barrel at 11:34 a.m. EDT (1534 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.20, or 1.9%, to $62.47. "Oil prices are falling today in response to bearish IEA (International Energy Agency) headlines, which suggest massive oversupply on the oil market next year," said Carsten Fritsch, an analyst at Commerzbank. The IEA said in its...
Gold trimmed losses after US inflation and labor market data strengthened bets that the Federal Reserve will cut interest rates next week. Consumer prices excluding food and energy rose 3.1% last month from a year earlier, in line with analysts' expectations, according to a Bureau of Labor Statistics report released Thursday (September 11). Separate data showed US initial jobless claims jumped to their highest level in nearly four years. The mixed data bolstered traders' confidence that the US central bank will lower borrowing costs at its two-day meeting ending September 17. Treasury bond...
Oil prices fell on Thursday (September 11), pressured by concerns over weakening US demand and a widespread oversupply, offsetting the threat to production from conflicts in the Middle East and Russia's war in Ukraine. Brent crude futures fell 86 cents, or 1.3%, to $66.63 per barrel at 12:40 GMT, while US West Texas Intermediate crude fell 89 cents, or 1.4%, to $62.78. "Oil prices fell today in response to the IEA's bearish headlines, which point to a massive oversupply in the oil market next year," said Commerzbank analyst Carsten Fritsch. The International Energy Agency (IEA) said in its...
Gold weakened slightly on Thursday (September 11), but held near record highs well above $3,600, as a modest dollar recovery and profit-taking weighed on prices, while investors awaited US consumer inflation data due later in the day. Spot gold fell 0.3% to $3,629.23 an ounce, as of 08:11 GMT. Bullion hit a record high of $3,673.95 on Tuesday. US gold futures for December delivery fell 0.4% to $3,666.70. The US dollar index rose 0.2% to a near one-week high against a basket of major currencies, making dollar-priced gold more expensive for overseas buyers. "Gold appears to be under some...