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 edges lower in the early Asian session on a likely technical correction after front-month gold futures settled at a record high overnight. The precious metal is now looking increasingly likely to reach and possibly exceed $3,000/oz level in the coming sessions, says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. The greenback continues to stay mostly under pressure and, with the U.S. government bond yields falling and stock markets volatile, it's a positive environment for the safe-haven asset, the analyst adds. Spot gold is 0.1% lower at...
Oil rose as fresh US sanctions against Iranian oil and shipping countered some of Thursday's slump following a dour demand forecast from the IEA. West Texas Intermediate rose toward $67 a barrel after sliding 1.7% in the previous session, while Brent crude closed near $70. The White House is imposing sanctions on Iran's oil minister, and targeted even more companies and vessels it said are used in the transport of crude. The decline on Thursday came after the International Energy Agency said a supply surplus is set to deepen as an escalating trade war...
GBP/USD churned chart paper for a second day in a row, holding steady just south of the 1.3000 handle as Cable traders take a breather and watch market headlines broadly sail past the Pound Sterling. US Producer Price Index (PPI) business-level inflation eased faster than expected in February. However, markets never got the chance to experience any joy from the easing inflation figures as US President Donald Trump continues his campaign to spark a global trade war between the US and everybody else. Despite the ongoing geopolitical headlines, Cable markets remain relatively untouched by...
The AUD/USD tumbles to near 0.6280 as the US Dollar outperforms on the Trump administration's tariff agenda. The pair faced sharp selling pressure on Thursday as renewed fears of a global economic slowdown triggered a flight to the US Dollar.Investors largely ignored softer US CPI and PPI data for February, instead focusing on US President Donald Trump's aggressive trade stance. His renewed commitment to "America First" policies stoked fears of retaliatory measures, weighing on risk-sensitive assets like the Australian Dollar.Australian Dollar under pressure as trade fears escalateThe US...
Gold prices skyrocketed on Thursday, with the yellow metal reaching a new record high of $2,989 yet poised to extend the trend towards the $3,000 figure. Uncertainty about the United States' (US) trade policies and increasing odds the Federal Reserve (Fed) would lower interest rates underpin the precious metal. XAU/USD trades at $2,988, up 1.86%.The yellow metal's advance is set to continue as US President Donald Trump embarks on a trade war with US allies and adversaries, as he tries to reduce the trade deficit. Fluctuations of imposing and removing duties on imports keep money flocking to...