Hong Kong stocks continued to weaken. The Hang Seng Index fell 1.3% to 25,555.02 at 10:14 a.m. local time, widening its weekly loss to 2.8%. Hang Seng Tech also fell 2.3%. The biggest pressure came from large caps: BYD Electronics -5.2%, SMIC -4.3%, Alibaba -2.7%, and Tencent -1.1%. In mainland China, the CSI 300 -1.3% and the Shanghai Composite -0.9%. After rallying more than 30% this year, sentiment has turned cautious. All eyes are on Monday's Chinese data releases: third-quarter GDP, retail sales, and industrial production. Economists' consensus forecasts GDP at ~4.7% (y/y), the slowest...
Oil was steady as an industry report signaled a build in US crude inventories ahead of government figures. Brent traded near $73 a barrel after closing slightly higher on Tuesday, and West Texas Intermediate was above $69. The American Petroleum Institute reported crude stockpiles expanded by 4.8 million barrels last week while fuel supplies fell, according to a document seen by Bloomberg. The Energy Information Administration is scheduled to release its data on inventories, refining and fuel demand later on Wednesday. Oil has swung between gains and losses since...
The Australian dollar climbed above $0.653 on Wednesday, marking its fourth straight session of gains, supported by a weaker US dollar and a hawkish outlook on Reserve Bank of Australia policy. The greenback ran into some profit-taking in recent sessions following a strong rally, while investors awaited news on US President-elect Donald Trump's pick for Treasury Secretary. On the domestic front, minutes from the RBA's November policy meeting indicated that the central bank intends to maintain a restrictive monetary policy until it is confident that inflation is sustainably moving toward its...
Gold price (XAU/USD) attracts some follow-through buying for the third consecutive day on Wednesday and climbs to a one-and-half-week high, around the $2,641-2,642 region during the Asian session. Mounting Russia-Ukraine tensions continue to boost demand for traditional safe-haven assets, which, along with subdued US Dollar (USD) price action, act as a tailwind for the precious metal. That said, the overnight comments from Russian and US officials helped ease market concerns about the onset of a full-blown nuclear war, which is evident from a generally positive tone around the equity...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.30 on Wednesday. The WTI price trades flat after Ukraine used US ATACMS missiles to strike Russian territory for the first time. On Tuesday, Russia's defense ministry said that Ukraine hit a facility in the Bryansk region with six ATACAMS missiles. In response, Russian President Vladimir Putin lowered the threshold for a possible nuclear strike. The rising geopolitical tensions could boost the WTI price for the time being. "This marks a renewed build up in tensions in the Russia-Ukraine war and brings back into...
Gold edges higher in early Asian trade. The precious metal's appeal as a safe-haven asset has been supported by the escalating geopolitical tensions, particularly the ongoing conflict between Russia and Ukraine, says FlowCommunity's commercial director Tito Iakopa. Ukraine fired U.S.-provided long-range missiles in Russia on Tuesday. Concerns over trade uncertainties and U.S. fiscal sustainability may also provide support for higher gold prices, Iakopa says in an email. Spot gold is 0.1% higher at $2,635.88/oz. Source: Marketwatch