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...
The Pound Sterling (GBP) trades broadly unchanged against its major peers, with investors focusing on the Bank of England's (BoE) policy meeting on Thursday. The BoE is expected to cut interest rates by 25 basis points (bps) to 4.75%. This would be the second interest rate cut of the year. Seven Monetary Policy Committee (MPC) members are expected to vote for further policy easing, while the remaining two will likely support keeping rates steady. BoE external member Catherine Mann is expected to be one of two members who would vote to keep interest rates at their current levels. In a panel...
Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close U.S. presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December. Brent crude futures ticked up 14 cents, or 0.19%, to $75.22 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude was at $71.6 a barrel, up 13 cents, or 0.18%. "We are now in the calm before the storm," IG market analyst Tony Sycamore said. Oil prices were supported by Sunday's announcement from the Organization of the Petroleum Exporting Countries...
The dollar index traded around 103.9 on Tuesday, holding onto losses from the previous session as uncertainty over the outcome of the US presidential election led traders to unwind some of their "Trump trade" positions. Recent polls suggest a tighter race between Kamala Harris and Donald Trump than initially expected, with market attention also focused on which party controls Congress, as a sweep could trigger significant changes in spending and tax policies. On the monetary policy front, the Federal Reserve is widely anticipated to announce a more cautious 25-basis-point rate cut on...
Oil edges lower in the Asian morning session due to a possible technical correction. Oil futures closed sharply higher Monday after members of OPEC+ said they would wait another month before starting to unwind 2.2 million barrels a day in production cuts. While the move may temporarily bolster oil prices, the U.S. presidential election is a critical factor in determining oil price trends, XS.com's Rania Gule says in an email. Investors are closely watching, as the economic policies of the new U.S. administration will directly affect global oil demand, the senior market analyst...
Gold prices are flat in early Asian trade on cautious mood ahead of the U.S. election later today and the Fed's rate decision this week, ANZ Research analysts say. Latest polls suggest a possible Harris win will weigh on the dollar and provide some support for the precious metal, they say. Meanwhile, the Fed is widely expected to lower rates when it meets later this week. Citi analysts point out that gold has historically unperformed following the U.S. elections due to fading hedging demand. However, Citi believes "the structural gold bull market remains intact and recommend buying into...