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 (XAG/USD) prices rose near $31.30 during the European session on Friday. The white metal strengthened ahead of the United States (US) Nonfarm Payroll (NFP) data for December, due to be released at 13:30 GMT. The labor market data will influence market expectations on whether the Federal Reserve (Fed) will continue its cautious stance on further policy easing. The NFP report is expected to show that the US economy added 160,000 new jobs in December, down from 227,000 in November. The Unemployment Rate is expected to remain steady at 4.2%. Investors will also be watching the Average...
Brent crude rose more than 2% to above $78.50 a barrel on Friday, hitting its highest since October, boosted by a draw in U.S. crude stockpiles. Cold weather in the U.S. reduced inventory levels at Cushing, Oklahoma, to the lowest since 2014. Global oil markets are tight due to reduced supplies from major exporters such as Russia and Iran, as well as a surge in demand for heating fuel. The rise in oil prices is also linked to concerns about U.S. policy under President-elect Donald Trump, including potential sanctions on Iran and a trade conflict that could disrupt energy flows. Trump's...
The U.S. dollar rose on Friday, holding onto recent gains ahead of the highly influential monthly jobs report, while the pound continued to weaken. At 4 AM ET (0900 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.1% higher at 109.040, heading for a weekly gain of 0.3%. That would be its sixth straight weekly gain, the longest winning streak since an 11-week streak in 2023. Dollar holds strength ahead of payrolls announcement The dollar was trading near its strongest level since November 2022, holding onto recent gains as the U.S....
EUR/USD is trading quietly around 1.0300 during the European session on Friday. The major currency pair is trading cautiously as investors await the United States (US) Nonfarm Payrolls (NFP) data for December, due to be published at 13:30 GMT. Investors will be watching the official US jobs report as it will influence market expectations about when the Federal Reserve (Fed) will deliver its first interest rate cut this year. Economists expect 160,000 new workers to be added to the labor force in December, down from 227,000 in November. The Unemployment Rate is expected to remain steady at...
Gold (XAU/USD) prices extended its uptrend for the fourth straight day and climbed to four-week tops, around $2,678-$2,679 area during the early European session on Friday. Ongoing geopolitical risks stemming from the prolonged Russia-Ukraine war and tensions in the Middle East, along with fears of a trade war and a generally softer risk tone, turned out to be key factors supporting the precious metal as a safe-haven. Further, expectations that Trump's expansionary policies will boost inflation further benefitted the precious metal's status as a hedge against rising prices. Source: FXStreet