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 U.S. dollar drooped near a three-month low versus major peers on Wednesday while shares in Asia were mixed after the latest round of U.S. tariffs and countermeasures from Canada and China stoked fears of an escalating trade war. China's yuan was firm in offshore trading following a rally of about 0.7% in the prior session, as annual parliamentary sessions of the National People's Congress (NPC) kicked off with Beijing retaining a 5% economic growth goal for 2025. The euro pushed to a near four-month peak as German political parties agreed to a 500-billion-euro infrastructure fund....
Brent crude oil futures declined below $71 per barrel on Wednesday, remaining close to a four-month low, as concerns over OPEC+ production increases weighed on prices. The group confirmed plans to phase out 2.2 million bpd of output cuts starting in April, with monthly increases of 138,000 bpd until late 2026. Further pressuring prices, the Trump administration suspended all US military aid to Ukraine, following reports of potential sanctions relief for Russia, which could boost Russian oil exports. Additionally, new US tariffs on Canada, Mexico, and China took effect Tuesday, raising...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.65 during the early Asian session on Wednesday. The WTI price attracts some sellers amid geopolitical concerns, the OPEC+ production increase announcement and US tariffs on Canada, Mexico and China. On Monday, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, said it will proceed with a plan to increase oil production from April. This increase follows a series of output cuts made by OPEC+ to stabilize the market. "The change in OPEC strategy looks like they are...
Gold price climbs amid a soft US Dollar (USD) as the trade war between the United States (US), Canada, Mexico and China escalates with new tariffs taking effect on Tuesday. Therefore, the plunge of the USD underpins the precious metal. The XAU/USD is trading at $2,918, gaining 0.62%. Market sentiment remains downbeat after 25% tariffs on Canada and Mexico and an additional 10% duties in China took effect around midnight. Consequently, traders seeking safety pushed Bullion prices higher on increased demand, while the Greenback dropped across the board. Source: FXStreet
Oil prices swooned and settled close to to multi-month lows after reports of OPEC+ plans to proceed with output increases in April and news of U.S. tariffs on Canada, Mexico and China as well as Beijing's retaliatory tariffs. Brent futures settled 58 cents lower, or 0.8%, at $71.04 a barrel. The session low was $69.75 a barrel, its lowest since September. U.S. West Texas Intermediate (WTI) crude fell 11 cents a barrel, or 0.2%, at $68.26. The benchmark previously dropped to $66.77 a barrel, the lowest since November. OPEC+, the Organization of the Petroleum Exporting Countries and allies...