The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to reduce risk in large cap stocks. Among the index's contributors, Tencent was a major drag, with its shares falling by around 2.3%, putting pressure on the technology sector, which has recently been a driving force behind market gains. Weakness in large cap companies like this typically quickly impacts sentiment due to their significant weighting in...
Silver prices held steady near $30 an ounce on Wednesday as investors awaited a key US inflation report that could influence the Federal Reserve's interest rate decision later this month. Earlier this week, silver faced downward pressure as stronger-than-expected US jobs data dampened expectations for further Fed rate cuts this year. Despite the recent pullback, the metal's value continues to be supported by strong industrial demand, particularly in renewable energy and electronics technologies, as well as ongoing supply concerns. In addition, investors remain hopeful that major consumer...
The Australian Dollar (AUD) held steady on Wednesday after two consecutive days of gains against the US Dollar (USD). The AUD/USD pair benefited from the risk-on market sentiment, supported by strong trade data from China, Beijing's efforts to stabilize the Yuan, and rising commodity prices. Traders are awaiting Australian employment data, scheduled for release later this week, for further insights on the Reserve Bank of Australia's (RBA) policy direction. Investor confidence is growing as US President-elect Donald Trump's economic team considers gradually increasing import tariffs. This...
Gold (XAU/USD) prices reversed an intraday dip to $2,669 area and turned positive for the second straight day on Wednesday, although the upside seemed limited ahead of the US Consumer Price Index (CPI) report. The US Dollar (USD) held near weekly lows touched in reaction to Tuesday's weaker US Producer Price Index (PPI) and turned out to be a key factor lending support to the commodity. Meanwhile, easing concerns over disruptive trade tariffs from US President-elect Donald Trump remained supportive of the risk sentiment – as depicted by a generally positive tone around the equity...
Oil prices were little changed on Wednesday, after falling the previous day, as a dip in U.S. crude stockpiles and expectations of supply disruptions from sanctions on Russian tankers lent support amid forecasts for lower global fuel demand. Brent crude futures were up 2 cents to $79.94 a barrel by 0205 GMT, after dropping 1.4% in the previous session. U.S. West Texas Intermediate crude rose 12 cents, or 0.15%, to $77.62 a barrel after a 1.6% drop. Prices slipped on Tuesday after the U.S. Energy Information Administration predicted oil will be under pressure over the next two years as...
Gold prices fell to around $2,670 an ounce on Wednesday (1/15), reversing gains from the previous session as investors turned cautious ahead of US consumer inflation data due later in the day. Signs of rising inflation could spur a further cautious adjustment to expectations for a Federal Reserve interest rate cut. On Tuesday, the precious metal found some support after a weaker-than-expected US PPI report sparked faint hopes that the Fed may have room for additional rate cuts this year. Meanwhile, with President-elect Donald Trump set to begin his second term next week, attention is also...