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...
The EUR/USD pair recorded a slight decline on Thursday (September 11th), trading at 1.1695, but remained within the previous day's narrow range at the start of the European session. Investors were reluctant to place directional bets, awaiting the outcome of the European Central Bank (ECB) monetary policy meeting and the release of the US Consumer Price Index (CPI) figures. The ECB is expected to maintain its monetary policy stance. Focus will be on President Christine Lagarde's press conference to see if the unfavorable trade deal with the US and the uncertain political situation in several...
Oil prices held steady on Thursday (September 11th) as concerns over weakening US demand and the risk of a wider oversupply were offset by concerns over attacks in the Middle East and Russia's war in Ukraine. Brent crude futures fell 13 cents, or 0.2%, to $67.36 per barrel at 07:29 GMT, while U.S. West Texas Intermediate crude futures fell 17 cents, or 0.3%, to $63.50. Benchmark crude prices rose more than $1 per contract on Wednesday following Israel's attack on Hamas leaders in Qatar the previous day and the mobilization of Polish and NATO air defenses to shoot down a suspected Russian...
The Australian dollar weakened slightly on Thursday after strengthening in the previous session. The AUD/USD pair still has room to recover as the US dollar faces pressure following weaker-than-expected US PPI data, which reinforced expectations of Fed easing in September. Domestically, the AUD received support as solid Australian data reduced expectations for further interest rate cuts by the RBA. The swap market now rates an ~86% chance of the RBA holding rates this month. Australian Consumer Inflation Expectations rose to 4.7% in September from 3.9% in August, reflecting stronger...
Silver held around $41/oz, near a 14-year peak, as the market awaited the US Consumer Price Index (CPI) release, which could determine the size of the Fed's interest rate cut next week. Wednesday's US Consumer Price Index (PPI) data fell 0.1% month-on-month (July revised down from +0.7%), missing the +0.3% forecast. Market participants had already priced in a 25 bps cut, with a 50 bps chance of around 8%. Safe haven demand also supported after President Donald Trump pushed the EU to consider tariffs of up to 100% on China and India to pressure Russia. On the industrial side, demand for...
The US dollar held steady early in the Asian session after the PPI data fell 0.1% in August, reinforcing expectations that the Fed would cut interest rates next week. The Dollar Index edged up to 97.822, marking a third consecutive day of gains. The market now awaits the release of the US CPI later tonight (WIB) for confirmation of its next direction. Market participants consider a 25 bps cut at the September 16-17 meeting almost certain. The chance of a 50 bps cut is only around 8%. Analysts' comments suggest the "benign" PPI result is in line with market pricing, shifting focus to the CPI...