The Hang Seng Index opened lower by 63 points, or 0.24%, to 25,718, followed by the H-Share Index, which fell 0.34%, and the Technology Index, which fell 0.67%. This decline was driven by the decline in major technology stocks such as Tencent, Meituan, Xiaomi, JD.com, and Kuaishou, which all fell between 0.4% and 1%. Alibaba was the only major stock in this sector to remain stable. In the financial sector, stock movements were more mixed. HSBC Holdings and AIA Group recorded small gains of 0.1% and 0.2%, respectively, while Ping An and the Hong Kong Stock Exchange weakened slightly....
Oil prices eased about 1% to a two-week low on Thursday on a surprise build in U.S. crude inventories last week and expectations that OPEC+ producers will increase output targets at a meeting this weekend. Brent crude futures fell 67 cents, or 1.0%, to $66.93 a barrel at 12:05 p.m. EDT (1603 GMT), while U.S. West Texas Intermediate (WTI) crude fell 59 cents, or 0.9%, to $63.38. That put Brent on track for its lowest close since August 20. The U.S. Energy Information Administration said energy firms added 2.4 million barrels of crude into storage during the week ended August 29. [EIA/S]...
Gold price edges lower during the North American session on Thursday as the Greenback recovers some ground, even though the latest round of economic data increased speculation that the Federal Reserve may cut interest rates at the September meeting. The XAU/USD trades at $3,542, down 0.48%. Bullion eases 0.48% despite weak US jobs data fueling near-certainty of a September Fed rate cut The US economic docket revealed that the labor market continues to weaken after Initial Jobless Claims for the previous week rose. Other data showed that the trade deficit widened in July, while the...
Oil prices plunged 1.5% on Thursday, extending a more than 2% decline in the previous session, as investors awaited the weekend OPEC+ meeting where producers are expected to consider another production hike. Brent crude fell $1, or 1.5%, to $66.59 a barrel at 11:04 GMT, while U.S. West Texas Intermediate crude fell $1, or 1.6%, to $62.95 a barrel. The eight-member Organization of the Petroleum Exporting Countries (OPEC+) and its allies – known collectively as OPEC+ – will consider further production increases in October at a meeting on Sunday, two sources familiar with the discussions told...
The US dollar held steady on Thursday (September 4) amid a volatile week as investors grappled with a fragile bond market and data showing a weakening labor market, which has reinforced expectations that the Federal Reserve will cut interest rates this month. With the Fed's focus on employment, Friday's key employment report will help set expectations for the central bank's next few policy meetings. Wednesday's data showed job openings fell to a 10-month low in July, although layoffs remained relatively low. Separate surveys of private-sector employment and monthly layoffs will be released...
Gold prices fell on Thursday (September 4), slightly off record highs as investors locked in profits, while attention turned to key US employment data for further insight into the Federal Reserve's policy direction. Spot gold prices fell 0.4% to $3,542.97 per ounce as of 08:38 GMT. US gold futures for December delivery fell 0.9% to $3,601.40. Spot gold prices hit a record high of $3,578.50 on Wednesday amid growing speculation of a US Federal Reserve interest rate cut and lingering geopolitical and economic uncertainty. "The market is overbought and needs to correct," said StoneX analyst...