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...
Gold prices were stable in Tuesday-Wednesday morning trading, with bullion trading around US$4,135 per troy ounce. Market participants were weighing two key sentiments: hopes for a US interest rate cut and the possibility of a peace agreement in Ukraine. Delayed US economic data supported speculation that the Federal Reserve would cut interest rates at its next meeting, after retail sales rose only slightly in September and consumer confidence recorded its deepest decline since April.The prospect of a lower interest rate environment was also reinforced by reports that Kevin Hassett, Director...
World oil prices held steady near their lowest levels in a month on Wednesday morning, after being pressured by positive developments in the Ukraine-Russia peace talks. West Texas Intermediate (WTI) held around US$58 per barrel after falling 1.5% on Tuesday, while Brent was just above US$62 per barrel. Market concerns persist that if a peace deal is reached, restrictions on Russian oil could be eased just as the global market is already facing the risk of oversupply. US President Donald Trump stated that only "a few points of difference" remain in the negotiations and that he has sent back...
Oil fell as signs of progress in peace talks between Ukraine and Russia buoyed expectations that Moscow's supply will stay online. West Texas Intermediate futures fell 1.5% to settle near $58 a barrel, the lowest in a month, as talks to end the war in Ukraine show signs of progress. Crude had dropped sharply earlier in the session after ABC News reported Kyiv agreed to the terms of a revised peace deal aimed at ending Russia's nearly four-year war. Ukraine's President Volodymyr Zelenskiy said talks on a peace plan are continuing with the US. There are...
Gold prices edged higher on Tuesday (November 25) as weaker-than-expected US retail sales data reinforced traders' expectations that the Federal Reserve will cut interest rates in December. Spot gold rose 0.3% to $4,150.09 an ounce at 12:16 p.m. EST (1716 GMT). Gold prices earlier in the day hit their highest level since November 14, and rose nearly 2% on Monday after several US central bank policymakers signaled support for a third rate cut this year at their December 9-10 meeting. US gold futures for December delivery rose 1.3% to $4,147 an ounce. "There were renewed expectations for a...
Oil prices fell sharply and the broader market plunged, with signs of progress in peace talks between Ukraine and Russia bolstering expectations that Moscow's supplies would remain available. West Texas Intermediate crude futures fell as much as 2.6% in New York as equities weakened, led by a decline in major technology stocks. The commodity fell earlier after ABC News reported that Kyiv had agreed to the terms of a revised peace deal aimed at ending Russia's nearly four-year war in the country. Ukrainian President Volodymyr Zelenskiy said negotiations on a peace plan with the US were...