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...
Oil prices were on track to end 2024 with a second consecutive year of losses on Tuesday, but were steady on the day as data showing an expansion in Chinese manufacturing was balanced by Nigeria targeting higher output next year. Brent crude futures fell by 7 cents, or 0.09%, to $73.92 a barrel. U.S. West Texas Intermediate crude lost 4 cents, or 0.06%, to $70.95 a barrel. At those levels, Brent was down around 4% from its final 2023 close price of $77.04, while WTI was down around 1% from where it settled on Dec. 29 last year at $71.65. In September, Brent futures closed below $70 a...
Gold prices were set to end a record-breaking year on a positive note on Tuesday as robust central bank buying, geopolitical uncertainties and monetary policy easing fuelled the safe-haven metal's strongest annual performance since 2010. Spot gold rose 0.4% to $2,615.00 per ounce, while U.S. gold futures gained 0.4% to $2,627.30. As one of the best-performing assets of 2024, bullion has gained more than 26% year-to-date, the biggest annual jump since 2010, and last scaled a record high of $2,790.15 on Oct. 31 after a series of record-breaking rallies throughout the year. "Rising...
Brent crude rose to $74.50 a barrel on Tuesday, extending gains for a third straight session, boosted by signs of economic recovery in China, the world's largest crude importer. Chinese factory activity expanded for a third month, boosted by recent stimulus measures. However, despite the current momentum, Brent is on track for a slight annual loss after months of trading in a narrow range. Looking ahead, the market faces significant uncertainties, including the risk of oversupply, geopolitical tensions and potential changes in oil policy under the incoming Trump administration. Source:...
Gold prices rose above $2,600 an ounce on Tuesday, marking one of its strongest annual performances since 2010 with a 26% gain in 2024. The surge has been driven by U.S. monetary easing, ongoing geopolitical tensions and record central bank purchases. Despite a slight dip following Donald Trump's election victory in November, gold's annual gains have outpaced most other commodities, including a mixed year for base metals and sharp declines in iron ore and lithium. Looking ahead to 2025, investors are weighing the impact of U.S. monetary policy uncertainty, potential challenges under a Trump...
USD/JPY extends its decline for the third straight session on New Year's Eve, trading around 156.20 during early European hours on Tuesday. However, the Japanese Yen (JPY) is heading for a more than 10% decline in 2024, marking the fourth consecutive year of weakness against the US Dollar (USD). The decline in the USD/JPY pair was driven by a rise in the Japanese Yen (JPY) as traders continued to assess market sentiment that the Bank of Japan (BOJ) might hike interest rates in January following the release of the Tokyo Consumer Price Index (CPI) inflation data last week. Source: FXStreet