The Hong Kong stock market posted moderate gains on Thursday (October 16th), with the Hang Seng Index rising 96 points, or 0.37%, to 26,007. This increase occurred despite mixed performance in the technology and financial sectors. Major tech stocks like Tencent and Alibaba rose slightly, while Xiaomi fell more than 2%. In the financial sector, HSBC and AIA weakened, but Ping An Insurance and the Hong Kong Stock Exchange posted gains. Gold-linked stocks were the market's stars, boosted by the continued record-breaking global gold price. Zijin Mining and Zhaojin Mining both rallied, while a...
Silver (XAG/USD) price depreciated near $32.20 during the European session on Wednesday. The daily chart analysis suggests a potential shift in momentum from bullish to bearish, as the nine-day Exponential Moving Average (EMA) is aligning with the 14-day EMA. A downside crossover here would signal weakening near-term momentum. Furthermore, the 14-day Relative Strength Index (RSI) is consolidating just below the 50 level, indicating an ongoing bearish bias. However, traders would want to see further moves to get a clear trend direction for the XAG/USD pair. Furthermore, the Moving Average...
The reaction to the US election so far in the FX market has been, as expected, a strong dollar across the board. "There is no major divergence in the performance of G10 currencies, with daily losses totaling around 1.0-1.7% except for the Canadian dollar, which is down less than 1%. This reflects the view that a landslide Republican victory is positive for the US economy and, by extension, Canadian exporters, as well as the fact that the CAD will be less exposed to tariffs in China and geopolitical developments under a new Trump presidency." "The sharp rise and broad sell-off across the...
Gold is being weighed by a stronger U.S. dollar as investors eye the election results, says Phillip Nova's Priyanka Sachdeva in a note. The U.S. dollar gained in early Asian trade as early election results trickled in. No matter whether Trump or Harris wins, gold remains the preferred hedge as the risk is immense and investors will need robust hedges in portfolios, the senior market analyst says. Current gold projections discount easing Fed rates, but inflation is still hovering above the Fed target, she says. There's still a possibility of derailment, especially given Trump's inflationary...
The Japanese yen weakened to around 154 per dollar on Wednesday, hitting its lowest level in 14 weeks as the dollar and US Treasury yields surged after former President Donald Trump took an early lead against Vice President Kamala Harris in the US presidential race. The results have unfolded largely as expected, with the outcome now hinged on seven key swing states. Domestically, minutes from the Bank of Japan's most recent meeting revealed that board members were in broad agreement on continuing to raise interest rates, as inflation and economic conditions align with the central bank's...
Oil slumped as traders monitored the US presidential election, and an industry report signaled a gain in stockpiles. Brent crude fell below $75 a barrel, with West Texas Intermediate near $71. With polls closed in more than two-thirds of states, Donald Trump had taken an early electoral lead over Kamala Harris, although the contest could take days to settle. A gauge of the US dollar advanced, weighing on most commodities. The outcome of the race for the White House carries the potential for significant shifts in US foreign, energy and climates policy. If Trump were to win,...