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...
Oil prices rebounded on Friday after falling more than 1% in the previous session, partly as the prospect of an end to the Ukraine war that could bring more Russian energy supplies back to Western markets faded. Brent crude futures were up 54 cents, or 0.77%, at $70.42 a barrel by 1055 GMT, after closing 1.5% lower in the previous session. U.S. West Texas Intermediate crude futures were at $67.13 a barrel, up 58 cents, or 0.87%, after closing down 1.7% on Thursday. Prices are expected to end the week more or less flat from Friday, when Brent closed at $70.36 and WTI at $67.04. "Brent has...
Gold prices have topped $3,000 an ounce for the first time, driven higher by massive central bank spending, fragile economies around the world and President Donald Trump's efforts to rewrite the rules of global trade by imposing tariffs on strategic allies and rivals. Bullion prices rose as much as 0.4% to $3,001.20 an ounce on Friday. The move through the psychological $3,000 level underscores gold's centuries-long role as a store of value in turbulent times and as a gauge of fear in markets. In the past quarter-century, prices have risen 10-fold, even outperforming the S&P 500, the...
Here's what you need to know on Friday, March 14: The US Dollar (USD) held steady in European morning trading on Friday (3/14), with the USD Index holding in positive territory near 104.00 after posting modest gains for two straight days. The US economic docket will feature the University of Michigan's preliminary Consumer Sentiment Index data for March ahead of the weekend. Senate Democratic Leader Chuck Schumer announced late Thursday that he plans to vote to keep the government open as the chamber prepares to debate a stopgap GOP bill to continue funding the government on Friday. US...
Silver (XAG/USD) prices extended its upward momentum for the fourth straight day, trading around $33.90 per troy ounce during European trading hours on Friday (3/14). The precious metal benefited from rising safe-haven demand amid escalating global trade tensions. Market concerns escalated after US President Donald Trump threatened 200% tariffs on European wine, champagne and other spirits in response to the EU's 50% tariffs on American whiskey. Silver, a non-interest-bearing asset, gained support from rising expectations of a Federal Reserve (Fed) interest rate cut following weak US...
Gold hit an all-time high on Friday, boosted by uncertainty over U.S. tariffs, trade tensions and growing expectations of monetary easing by the Federal Reserve. Spot gold fell 0.1% to $2,984.71 an ounce by 0701 GMT. Earlier in the session, safe-haven bullion hit a record high of $2,993.80 and held near the key $3,000 milestone. Bullion is on track for a second straight weekly gain, up 2.5% so far. U.S. gold futures rose 0.2% to $2,997.50. "The market's risk-off stance reflects investors' expectations that trade tensions are likely to worsen before easing, and is turning to safe-haven...