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 edged up in Asian trade on Friday but were on track for a third straight weekly decline, fueled by U.S. President Donald Trump's renewed trade war with China and threats of tariffs on other countries. Brent crude was up 32 cents at $74.61 a barrel by 0500 GMT, but is expected to drop 2.8% this week. U.S. West Texas Intermediate crude, meanwhile, was up 24 cents at $70.85 a barrel, down about 2.3% for the week. "Oil prices have stabilized this morning after a volatile session overnight, as traders react to news of U.S. sanctions on Iranian crude exports to China," said Yeap Jun...
The Japanese Yen (JPY) moved lower after a cautious statement from the International Monetary Fund (IMF) and helped the USD/JPY pair bounce from sub-151.00 levels, the lowest level since December 10, touched during the Asian session on Friday (February 7). However, a meaningful JPY depreciation seems elusive given the growing acceptance that the Bank of Japan (BOJ) will continue to tighten its policy. In fact, comments from a senior BOJ official on Thursday suggested that the Japanese central bank is sticking to its stance of continuing to raise borrowing costs. This would result in a...
Gold rose near $2,870 an ounce on Friday, hitting a record high and heading for a sixth straight weekly gain. The precious metal has repeatedly set new records this week, boosted by accelerating central bank buying and rising safe-haven demand amid global trade tensions and economic uncertainty. President Trump followed through on plans to impose a 10% levy on all Chinese imports, prompting Beijing to announce retaliatory tariffs on U.S. energy goods, set to take effect next week. Adding to the uncertainty, Trump also suggested the U.S. could take over the Gaza Strip for...
Gold edges higher in early Asian trade. Tariff fears continue to push gold to all-time highs, with an estimated 7% boost to prices coming from trade tensions, the Goldman Sachs commodities research team writes in a note. There could be modest downside to prices if tariff risks fade and investor positioning normalizes, they say. But sustained central bank buying and falling Fed funds rates will continue to support prices, which could hit $3,000/oz by 2Q 2026, they add. Spot gold is 0.1% higher at $2,859.45/oz. Source : Dow Jones Newswires
Oil headed for a third weekly decline as worries that President Donald Trump's tariffs on China will sap demand outweighed the new US administration's first round of sanctions against Iran. West Texas Intermediate was steady near $71 a barrel, and is down almost 3% this week, while Brent crude closed above $74. Trump has slapped levies on all imports from China, with the world's biggest oil importer countering with its own more restrained measures, which will come into force on Monday. The trade war — and the potential for it to spread — has stoked concerns that it will...