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 extended losses on Tuesday following reports that OPEC+ will go ahead with a planned output increase in April and as US tariffs on Canada, Mexico and China come into effect, as well as Beijing's retaliatory tariffs. Brent crude futures were down $1.05, or 1.5%, at $70.57 a barrel by 0924 GMT while US West Texas Intermediate (WTI) crude was down 86 cents, or 1.3%, at $67.51. "The current downtrend in oil prices is mainly driven by the decision by OPEC+ to increase production and the imposition of US tariffs," said Darren Lim, commodity strategist at Phillip Nova. He said another...
Gold (XAU/USD) attracted some dip-buying during the early European session on Tuesday (04/03) and turned positive for the second straight day, with bullish investors looking to build on the momentum beyond the $2,900 mark. Concerns about the economic impact of US President Donald Trump's trade tariffs, which could trigger a global trade war, along with geopolitical risks, weighed on investor sentiment. This turned out to be a key factor that continued to support the safe-haven demand for bullion. Meanwhile, expectations that US President Donald Trump's trade tariffs will reignite inflation...
Silver rose above $31 per ounce at the start of March, driven by a weaker dollar and safe-haven buying amid concerns over shifting US trade policy. Last week, US President Donald Trump announced that tariffs on Canadian and Mexican imports were set to take effect Tuesday, along with an additional 10% duty on Chinese shipments, bringing the cumulative tariff on China to 20%. In response, reports indicated that Beijing was preparing to impose countermeasures against US imports. Meanwhile, ongoing supply and demand uncertainties continued to weigh on sentiment. Hecla Mining, the largest US...
Gold prices were largely unchanged in Asian trading on Tuesday, supported by safe-haven demand as U.S. President Donald Trump's tariffs on Mexico and Canada came into effect. Spot Gold was steady at $2,892.98 per ounce, while Gold Futures expiring in April gained 0.1% to $2,903.87 an ounce by 00:23 ET (05:23 GMT). Gold steady as Trump tariffs on Mexico, Canada come into effect At 5:01 GMT on Tuesday, President Trump's administration implemented 25% tariffs on imports from Mexico and Canada, aiming to address concerns over illegal immigration and drug trafficking. Trump also signed an...
Oil prices continued to fall in on Tuesday after U.S. President Donald Trump paused military aid to Ukraine and as markets braced for U.S. tariffs on Canada, Mexico and China to take effect. Brent futures fell 54 cents, or 0.75%, to $71.08 a barrel by 0149 GMT, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or 0.53%, to $68.01. The pause to all U.S. military aid to Ukraine confirmed by a White House official on Monday followed Trump's Oval Office clash with Ukrainian President Volodymyr Zelenskiy last week. The market has viewed the growing distance between the White House...