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...
The Australian Dollar (AUD) continues to strengthen against the US Dollar (USD) for the third consecutive session, despite weaker Consumer Inflation Expectations data released on Thursday. Consumer expectations of future inflation during the next 12 months fell to 3.6% in March, down from 4.6% in February—the highest level since April 2024. The AUD/USD pair rises as the US Dollar faces headwinds amid ongoing tariff uncertainty from US President Donald Trump and growing concerns over a potential US recession. However, the pair's gains may be capped after Trump ruled out exempting Australia...
Gold edges higher in the early Asian session. EU and Canada unveiled retaliatory tariffs against the U.S. on Wednesday, further increasing prospects of a global trade war after the U.S. imposed levies on global steel and aluminum imports. Such prospects could enhance the safe-haven appeal of the precious metal. There's uncertainty over the impact of tariffs on the U.S. economy amid talk of a recession, XS.com's Samer Hasn says in an email. Market turmoil has also deepened due to President Trump's repeated "start-and-stop" over tariffs, Hasn adds. Spot gold is 0.1% higher at...
Oil steadied, after the biggest gain in two weeks, as easing US inflation aided broader financial market sentiment. West Texas Intermediate traded below $68 a barrel after jumping 2.2% on Wednesday, with Brent crude closing near $71. US consumer prices rose at the slowest pace in four months in February, official data showed, although economists anticipate that an escalating trade war will drive up prices on goods like food and clothing in the coming months. Crude has tumbled from a high in mid-January, with some of the biggest oil traders getting...
The AUD/USD pair added to Tuesday's uptick and trespassed the 0.6300 hurdle despite a decent rebound in the Greenback. The pair extended gains on Wednesday, supported by softening United States (US) inflation data, which bolstered expectations that the Federal Reserve (Fed) may adjust interest rates sooner than previously anticipated. While the US Dollar (USD) attempted a recovery, risk sentiment remained favorable for the Australian Dollar (AUD), opening the door for a potential test of the monthly highs near 0.6360.Australian Dollar extends gains as US CPI weakensThe US Consumer Price...
Gold price rises late in the North American session, unfazed by high US Treasury bond yields and a stronger US Dollar on Wednesday. At the time of writing, XAU/USD trades with gains of 0.63% and changes hands at $2,933 after a US inflation report that was softer than projected. The US Bureau of Labor Statistics (BLS) revealed that consumer inflation in the United States (US) edged lower in February. Nevertheless, investors remain skeptical of the improvement as aggressive tariffs on US imports could trigger a second round of inflation.February's data increased the odds that the Federal...