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 held near $75 in a volatile session as OPEC+ considers pushing back a series of monthly supply increases that were due to start in April. Brent futures earlier added as much as 0.6% in London, before trading little changed. Global oil markets remain too fragile to revive production now, a delegate of the group said. A decision is yet to be made and the group is split on how to proceed, said another. At the same time, Kazakhstan's primary oil export pipeline was operating at a reduced rate after an attack by drones, the facility's operator said. The...
Gold advanced, following its biggest one-day decline in two months, on nervousness over President Donald Trump's latest trade threats. Bullion traded near $2,900 an ounce, after tumbling 1.6% on Friday. The gains on Monday came even after the 14-day relative strength index — a gauge of the pace and intensity of moves — showed the precious metal reached overbought levels in recent sessions. Market participants are waiting for more insights on Trump's reciprocal tariff plans, which could heighten global trade tensions, said Manav Modi, an analyst at Motilal Oswal Financial Services Ltd....
Brent crude oil stayed just below $75 per barrel on Monday as investors watched for progress on a possible Russia-Ukraine peace deal, which could ease sanctions and boost oil supply. US President Donald Trump said he might meet with Russian President Vladimir Putin soon to discuss ending the war, with initial talks between the US and Russia set to take place in Saudi Arabia this week. If negotiations succeed, more Russian oil could enter global markets, increasing supply. Additionally, Iraq's Kurdistan region signaled that its oil exports may resume next month. However, oil prices are...
The Pound Sterling (GBP) trades steady against its major peers at the start of the week as investors turn cautious ahead of the United Kingdom (UK) employment data for three months ending December, which will be released on Tuesday. Investors will pay close attention to the UK labor market data to know whether business owners are still upset with Chancellor of the Exchequer Rachel Reeves's announcement of raising employers' contribution to National Insurance (NI). In the Autumn Budget, Reeves increased employers' social security contributions by 1.2% to 15%, which will come into effect from...
Gold price (XAU/USD) maintains its bid tone around the $2,900 round-figure mark through the first half of the European session on Monday, though it lacks follow-through and remains below the all-time peak touched last week. Investors remain worried that US President Donald Trump's tariffs could trigger a global trade war. This turns out to be a key factor that continues to benefit the safe-haven bullion. Meanwhile, the growing market acceptance that the Federal Reserve (Fed) would stick to its hawkish stance and keep interest rates on hold for an extended period helps revive the US Dollar...