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...
TariffsOil gained at the start of the week ahead of planned tariffs by the Trump administration on major US trading partners including China, which raises the prospect of retaliatory measures and market volatility. Brent climbed above $73 a barrel after posting the biggest monthly loss since September, while West Texas Intermediate futures traded near $70. The levies on China, Mexico and Canada, which are scheduled to start on Tuesday, may yet be delayed, but any reprieve would likely be temporary. President Donald Trump's threats to implement sweeping tariffs on a number of...
Gold rises in early Asian trade. Goldman Sachs Research forecasts that gold will continue climbing up to $3,100/oz by the end of the year, supported by higher-than-expected central bank demand, says analyst Lina Thomas in a report. Policy uncertainty and tariff fears could also result in speculators holding their net long positions in gold for longer as a haven asset, Thomas adds, though this could be short-lived if investors become more confident about the economic and political environment. Spot gold is 0.4% higher at $2,868.21/oz. Source : Dow Jones Newswires
Oil prices fell on Friday and headed for their first monthly drop since November, as markets braced for Washington's tariff threats and Iraq's decision to resume oil exports from the Kurdistan region. Uncertainty over OPEC's planned April production restart and ongoing peace talks to end the war in Ukraine also weighed on investor sentiment. More active May Brent crude fell 83 cents, or 1.12%, to settle at $73.21 a barrel. U.S. West Texas Intermediate crude was at $69.78 a barrel, down 57 cents, or 0.81%. Front-month Brent, which expires on Friday, traded at $73.28, down 76 cents. Both...
Gold prices fell more than 1% on Friday as the dollar held near a two-week high after U.S. inflation data matched expectations, suggesting the Federal Reserve may be cautious about further interest rate cuts. Spot gold fell 1% to $2,846.96 an ounce. Bullion has fallen 3% so far this week, its sharpest weekly decline since November. U.S. gold futures fell 1.3% to $2,858.90. The dollar index is set for a weekly gain, making dollar-priced bullion more expensive for overseas buyers. "I think the main elements that are impacting the gold and silver markets are profit-taking in the liquidation...
The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, held firm above 107.00 on Friday after January Personal Consumption Expenditures (PCE) inflation data matched estimates, easing concerns over an unexpected spike in inflation. The greenback held onto its recent gains as President Donald Trump reiterated that tariffs on Canada, Mexico and China will be implemented on March 4. Meanwhile, risk sentiment improved with US equity markets erasing earlier losses and moving higher. Daily Market Movers Summary: US dollar holds firm after PCE report The...