The Hong Kong stock market opened brightly on Monday, driven by gains in major technology stocks like Tencent, Alibaba, and Xiaomi. The positive performance of these tech companies led to a significant rise in the main Hang Seng Index, indicating recovering investor confidence. The technology sector index also surged, indicating that this sector is once again a mainstay in market movements. Gold mining stocks also showed sharp gains, following the rise in global gold prices. Companies like Zijin and Shandong Gold recorded strong gains, while jewelry retail stocks also rose. The financial...
Reserve Bank of Australia (RBA) Governor Michele Bullock is due to address a press conference and respond to media questions as part of a new reporting format for the central bank that started this year. The RBA maintained the benchmark interest rate at 4.35% for the ninth straight meeting earlier this Tuesday. The central bank, however, softened its hawkish tone, hinting at a dovish pivot early next year. This section below was published at 03:30 GMT to cover the Reserve Bank of Australia's monetary policy announcements and the initial market reaction. The Reserve Bank of Australia (RBA)...
The Australian dollar weakened past $0.64 on Tuesday, reversing gains from the previous session, after the Reserve Bank of Australia kept its policy rate unchanged at 4.35% for the ninth straight meeting. However, the slightly more dovish tone from the central bank in its policy statement fueled market expectations of an earlier rate cut than previously anticipated. Last week, data showed Australia's economy grew just 0.3% quarter-on-quarter in the three months to September, lower than the 0.4% growth expected by markets. In addition, business confidence in Australia weakened sharply in...
Gold rose above $2,660 an ounce on Tuesday, rising for a second straight session, supported by a shift in Chinese policy and geopolitical risks in the Middle East. China's ruling Politburo on Monday announced plans to ease monetary policy for the first time in 14 years to stimulate the economy, boosting market sentiment across commodities. In addition, China's central bank added gold to its reserves for the first time in seven months, bolstering demand for the precious metal. Geopolitical tensions in the Middle East, particularly the fall of the Syrian government, also added further...
The dollar index held steady around 106.1 on Tuesday, following two consecutive sessions of gains, as investors awaited crucial inflation data later this week that could shape expectations for Federal Reserve policy. On Monday, data revealed that US inflation expectations for the year ahead rose to 3% in November, up from 2.9% in October, signaling ongoing concerns about persistent price pressures. Additionally, last week's data showed stronger-than-expected job growth in November, although the unemployment rate edged up to 4.2%. Despite these mixed signals, markets are currently pricing...
Silver price (XAG/USD) extends its gains for the second day, trading around $32.00 per troy ounce during the Asian hours on Tuesday. The daily chart analysis indicates a bullish bias, with the pair moving upwards within an ascending channel pattern. Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 mark, further supporting the bullish sentiment. The XAG/USD pair continues to trade above the nine- and 14-day Exponential Moving Averages (EMA), reinforcing a bullish outlook and signaling to strengthen short-term price momentum. This points to increasing buying...