The Hang Seng Index plunged 376 points, or 1.4%, to close at 25,907 on Friday, marking its third consecutive session of decline amid widespread declines across sectors. Market sentiment weakened after China's official PMI showed manufacturing activity contracted at its fastest pace in six months in October, while service sector growth remained weak. Meanwhile, the temporary US-China trade truce failed to boost confidence, with investors viewing it as a short-term respite rather than a meaningful breakthrough. Further pressure came after US Federal Reserve Chairman Powell signaled that a...
Oil prices ticked higher on Monday, rebounding after declines last week on concerns about a global trade war, as investors appeared to shrug off U.S. President Donald Trump's latest threat, this time on steel and aluminium imports. Brent crude futures was up 74 cents, or 1%, to $75.40 a barrel by 0938 GMT while U.S. West Texas Intermediate crude also climbed 1%, or 72 cents, at $71.72 a barrel. The market posted its third consecutive weekly decline last week on concerns about a global trade war. Source: Reuters
The US dollar rose Monday after US President Donald Trump threatened to levy new tariffs on metal imports, prompting demand for the safe haven, while the euro retreated. At 04:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher to 108.140. Dollar gains on trade war fears Concerns about a potential global trade war were raised Monday after President Trump said he will announce new 25% tariffs on all steel and aluminium imports into the US later on Monday. The US president also said he will impose reciprocal tariffs...
EUR/USD recovers above 1.0300 in Monday's European session after a weak opening around 1.0280. The major currency opened on a weak note as investors rushed to the safe-haven fleet on renewed United States (US) President Donald Trump's tariff fears. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, gives up majority of its intraday gains and wobbles around 108.20. However, the outlook of the USD Index remains firm on renewed fears of a global trade war. Over the weekend, President Trump threatened to raise 25% tariffs on imports of steel and...
Gold price (XAU/USD) retains its bullish bias through the first half of the European session on Monday and touches a fresh all-time high, around the $2,896-$2,897 region in the last hour. Concerns about the potential economic fallout from US President Donald Trump's tariffs and escalating US-China trade tensions continue to boost demand for the safe-haven bullion. Moreover, concerns that Trump's protectionist policies would reignite inflation in the US turn out to be another factor that benefits the precious metal's status as a hedge against rising prices. Meanwhile, the US Dollar (USD)...
Silver climbed back above $32 per ounce on Monday, recovering some losses from the previous session as tariff warnings from US President Donald Trump triggered increased safe-haven demand for the metal. Trump announced a blanket 25% tariff on all steel and aluminum imports, effective later today, with additional tariffs to be revealed on Tuesday or Wednesday. This announcement coincided with China's retaliatory tariffs on select US exports, set to take effect today. Meanwhile, German Chancellor Olaf Scholz stated that the EU is ready to respond "within an hour" if the US imposes tariffs on...