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 edged up in early Asian trading on March 24, supported by geopolitical tensions. The Pentagon is sending another aircraft carrier strike group to the Middle East, a U.S. official said, as tensions rise in the region following the resumption of Israeli attacks on Hamas in the Gaza Strip. The precious metal is increasingly sought after as a safe haven, not least because of geopolitical tensions, Commerzbank Research commodity analysts said in a research report. "As long as this is the case, the downside potential for gold is likely to remain limited," they added. Spot gold was up 0.1%...
Oil prices were steady at start of week as traders weighed the impact of higher U.S. tariffs and an upcoming increase in OPEC+ supply. Brent traded above $72 a barrel after rising 2.2% last week, while West Texas Intermediate neared $68. Donald Trump's wave of retaliatory levies on April 2 is set to be more targeted, aides say, than the barrage the U.S. president has sometimes threatened. Global markets have been gripped by uncertainty and volatility as Trump has unleashed trade wars on multiple fronts, with U.S. levies met with retaliation from other countries including China. The new...
Gold price retreats for the second straight day yet is poised to finish the week in the green amid broad US Dollar (USD) strength and traders booking profits ahead of the weekend. The XAU/USD trades at $3,019, down 0.81%. Market mood remains downbeat, yet US equities are trimming some of their previous losses. Bullion remains defensive as the Greenback seems to have found its foot with the US Dollar Index (DXY) standing at 104.05, up 0.24%. The lack of a catalyst keeps traders focused on the main driver of the markets, President Donald Trump's trade policies. Aside from this, even Federal...
Oil prices settled higher on Friday and recorded a second consecutive weekly gain as fresh U.S. sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply. Brent crude futures rose 16 cents, or 0.2%, to settle at $72.16 a barrel. U.S. West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $68.28. On a weekly basis, Brent rose 2.1% and WTI about 1.6%, their biggest gains since the first week of the year. On Thursday, the U.S. Treasury announced new Iran-related sanctions, which for the first time targeted an independent...
The USD/CHF pair flattens around 0.8820 during North American trading hours on Friday. The Swiss Franc pair trades sideways even though the US Dollar (USD) exhibits strength amid expectations that the Federal Reserve (Fed) will not cut its key borrowing rates in the near term. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, rises to near 104.00.Fed officials have stated that they are not in a hurry to move to interest rate cuts as they struggle to interpret the outcome of United States (US) President Donald Trump's economic policies. In Friday's...