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 US Dollar Index (DXY), which tracks the performance of the Greenback against a basket of six major currencies, is diving sharply on Monday as optimism surrounding a potential Ukraine peace deal weighs on safe-haven demand. European leaders have signaled their willingness to back security guarantees for Ukraine, boosting risk sentiment across global markets. Meanwhile, United States (US) economic data provided mixed signals. The ISM Manufacturing PMI missed forecasts, while the S&P Global Manufacturing PMI came in stronger than expected. As a result, DXY slides back from last week's...
Oil prices fell about 2% to a 12-week low on Monday on reports OPEC+ will proceed with a planned oil output increase in April and worries U.S. tariffs could hurt global economic growth and oil demand. Brent futures fell $1.19, or 1.6%, to settle at $71.62 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.39, or 2.0%, to settle at $68.37. Those were the lowest closes for Brent since December 6 and WTI since December 9. "Crude oil is under siege on multiple fronts and is vulnerable to the latest bearish headline or economic data," Bob Yawger, director of energy futures at...
Federal Reserve rate cut bets are still on the table for June. Gold price is slowely but surely making its way higher this Monday as President Trump remains silent on tariffs.Gold's price (XAU/USD) is set to revisit the high in the Asian session near $2,876 at the time of writing after a steady positive Monday thus far. Tariffs are still set to hit on Tuesday for Mexico and Canada and additional tariffs on China, they are not really triggering another flight into Gold. Traders will need to look for new headlines about tariffs, and there is still the chance that United States (US) President...
Gold prices rose on Monday (3/3), after hitting a more than three-week low in the previous session, supported by a weaker dollar and safe-haven buying fueled by concerns over U.S. President Donald Trump's tariff policies. Spot gold rose 0.5% to $2,873.93 an ounce. U.S. gold futures rose 1.3% to $2,885. The dollar index fell 0.6% from a more than two-week high in the previous session, reflecting weakness that makes dollar-priced bullion cheaper for buyers holding other currencies. "Gold's decline is still limited, given the clear demand for safe-haven assets amid rising geopolitical and...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, edges slightly lower and trades near 107.00 at the time of writing on Monday. Market mood improved after European leaders, including Ukrainian President Volodymyr Zelenskyy, showed a willingness to guarantee a peace deal in Ukraine on Sunday. The plan now needs to be backed by the United States (US). On the economic data front, the focus will be on the manufacturing sector in the United States. In addition to the S&P Global Purchase Managers Index (PMI) final reading for...