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 relatively stable on Tuesday (November 25th), as weaker-than-expected US retail sales data reinforced traders' expectations that the Federal Reserve will cut interest rates in December. Gold edged down 0.2% to $4,130.85 an ounce at 9:36 a.m. ET (14:36 GMT). Gold prices earlier in the day hit their highest level since November 14th, and rose nearly 2% on Monday after several Fed policymakers signaled support for a third rate cut this year. US gold futures for December delivery rose 0.8% to $4,127.40 an ounce. "There were renewed expectations for a December rate cut based...
The US Dollar (USD) remains under pressure in the early American session on Tuesday. At the time of press, the USD Index was down 0.2% on the day at 99.97. With the US Government open again after a 43-day shutdown, federal agencies are scrambling through a backlog of data to deliver a stream of delayed macroeconomic releases. The focus today is on September's US Retail Sales report. The latest reference, released more than two months ago, showed a strong increase in retail consumption, with a 0.6% monthly gain beating market expectations and easing concerns about the deterioration of the...
Oil prices eased on Tuesday as oversupply concerns outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive. Brent futures were down 33 cents, or 0.5%, at $63.04 a barrel by 1146 GMT. West Texas Intermediate (WTI) crude declined 32 cents, or 0.5%, to $58.52. Both crude benchmarks gained 1.3% on Monday as rising doubts about a peace deal to end the Russia-Ukraine war reduced expectations for the unfettered flow of Russian crude and fuel supplies, which are under sanctions from Western nations. Even as market participants...
Silver rose above $51 per ounce on Tuesday, hitting an over one-week high as dovish comments from Federal Reserve officials strengthened expectations for a near-term interest rate cut. Fed Governor Christopher Waller expressed support for a December reduction, citing rising labor market risks and echoing remarks from San Francisco Fed President Mary Daly and New York Fed President John Williams. Waller also noted that policy moves next year would depend heavily on a backlog of delayed data caused by the government shutdown. Markets now price in an 81% chance of a 25 basis point cut next...
Oil steadied as investors tracked risk-on mood in wider financial markets, which countered the impact of progress in peace talks over Ukraine that could pave the way for increased crude supplies. Brent held near $63 a barrel after gaining more than 1% on Monday, while West Texas Intermediate was below $59. Asian stocks tracked gains on Wall Street on the outlook for further rate cuts from the Federal Reserve. Adding to the upbeat mood, US President Donald Trump and Chinese counterpart Xi Jinping held their first talks since agreeing to a tariff truce last month. On...