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...
Gold rose during the North American session on Tuesday with buyers eyeing the $2,700 mark for the first time since November 25. One of the drivers of the yellow metal's rise was expectations that the Federal Reserve (Fed) will cut interest rates at its December meeting. At the time of writing, XAU/USD was trading at $2,694, up 1.32%. US economic data released on the day suggested that small businesses have grown optimistic about the economy, according to a survey by the National Federation of Independent Business. However, traders are focused on the release of US inflation figures on the...
Oil prices were little changed on Tuesday as concerns eased about the fallout from the overthrow of Syria's president while the market found support from Chinese stimulus that could boost demand from the world's biggest crude buyer. Brent crude futures rose 5 cents, or 0.07%, to close at $72.19 a barrel. U.S. West Texas Intermediate gained 22 cents, or 0.32%, to settle at $68.59. Both benchmarks had risen more than 1% on Monday. In Syria, rebels were working to form a government and restore order after the ousting of President Bashar al-Assad, with the country's banks and oil sector set to...
Gold prices hit a two-week high on Tuesday, underpinned by rising geopolitical tensions and expectations of a third U.S. rate cut by the Federal Reserve next week, while the market's gaze shifted to Wednesday's U.S. inflation data. Spot gold was up 1.3% at $2,692.32 per ounce at 01:41 p.m. ET (1841 GMT). U.S. gold futures settled 1.2% higher at $2,718.40. The spotlight is moving to the U.S. Consumer Price Index (CPI) on Wednesday, which is expected to rise by 0.3% in November, according to a Reuters poll, and the Producer Price Index (PPI) on Thursday, both pivotal in shaping the Fed's...
Oil prices fell slightly in trade on Tuesday, losing some ground after pledges of more stimulus in top importer China and heightened geopolitical tensions in Syria sparked strong gains. Anticipation of more economic signals from China and the U.S. in the coming days also kept traders to the sidelines, as did caution over a monthly report from the OPEC. Brent oil futures expiring in February fell 0.2% to $72.0 a barrel, while West Texas Intermediate crude futures fell 0.2% to $67.96 a barrel by 20:44 ET (01:44 GMT). Oil prices rose over 1% on Monday after China's top political body...
Gold futures rise on safe-haven demand and central-bank purchases. Futures are up 0.5% at $2,699.30 a troy ounce. The precious metal found support from heightened geopolitical tensions, bolstering its appeal as a safe-haven asset, says Ricardo Evangelista, senior analyst at ActivTrades. China's central bank said it has resumed gold purchases after a six-month hiatus, adding further support, Evangelista writes. Expectations that the Federal Reserve will cut U.S. interest rates later this month have solidified among traders, boosting the appeal of non-interest bearing bullion and completing...