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 fell for the second time in a week after Saudi Arabia cut its crude prices for Asia more than expected, as the market eyed any impact from the fall of the Syrian regime. Brent futures traded near $71 a barrel and West Texas Intermediate was above $67. Saudi Aramco cut its oil prices after OPEC+ further delayed the restart of stalled production, underscoring the weak market outlook. Meanwhile, the fall of the Syrian government sent shockwaves across the Middle East and would be a blow to longtime backers Russia and Iran. Crude prices have been confined to a tight range since...
Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026. Brent crude futures settled at $71.12 a barrel, shedding 97 cents, or 1.4%. U.S. West Texas Intermediate crude futures settled at $67.20 a barrel, falling $1.10, or 1.6%. For the week, Brent prices lost more than 2.5%, while WTI saw a drop of 1.2%. A rising number oil and gas rigs deployed in the United States this week, pointing to rising production from the...
Gold traded higher mid-afternoon on Friday as treasury yields fell after the United States added more new jobs than expected last month. Gold for February delivery was last seen up US$10.40 to US$2,658.80 per ounce. The U.S. Bureau of Labor Statistics reported the country added 227,000 new jobs last month, above expectations for a rise of 214,000 according to Marketwatch and well higher than the unusually low rise of 36,000 jobs a month earlier. The unemployment rate rose to 4.2% from 4.1% in October. The data shows the the U.S. labor market remains solid, easing pressure on the Federal...
Gold prices after the latest U.S. data showed the labor market bounced back in November. Futures are flat at $2,649 a troy ounce, after rising 0.5% earlier in the session. Fed officials are still expected to cut interest rates by 25 basis points at their next meeting, but the job data could make it easier for them to leave rates on hold if inflation data comes in warmer than anticipated next week. Friday's nonfarm payrolls report "matches the message from some of the alternative indicators suggesting that conditions in the labour market are stabilizing at a healthy level," Capital...
Oil prices fell on Friday, with weak demand in focus after the OPEC+ group delayed a planned increase in supplies and extended deep production cuts until the end of 2026. Brent crude futures were down 20 cents, or 0.3%, at $71.89 a barrel by 0910 GMT. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $68.16 a barrel. For the week, Brent was on track to fall 1.5%, while WTI was on track to gain 0.2%. The Organization of the Petroleum Exporting Countries and its allies on Thursday delayed the start of oil output increases by three months to April and extended a full...