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...
The yen jumped more than 1% against the U.S. dollar to a six-week high on Friday after faster-than-expected inflation in Tokyo supported bets for a Bank of Japan interest rate hike next month. The dollar sagged against its peers in trading thinned by the U.S. Thanksgiving holiday. "The yen is turning into the latest momentum trade ... with little friction to prevent it rising in thin holiday trade," said Matt Simpson, senior market analyst at City Index. The dollar was down 1.05% to 149.93 yen as of 0915 GMT, and earlier dipped to 149.53 yen for the first time since Oct. 21. The dollar...
Silver prices climbed back above $30.6 per ounce on Friday, rebounding from 11-week lows as growing geopolitical risks spurred safe-haven demand for the precious metal. Russian President Vladimir Putin warned about a possible nuclear-capable ballistic missile strikes on Ukraine, following a series of large-scale Russian attacks on key Ukrainian energy infrastructure. In the Middle East, tensions flared as Israel and Hezbollah exchanged accusations over violations of a ceasefire agreement that went into effect on Wednesday. Additionally, silver prices received support from a weaker dollar...
Gold rose for a fourth day as the dollar weakened and tensions in Ukraine raised demand for safe-haven assets. Bullion rose as much as 1% to trade near $2,665 an ounce on Friday, but was still down about 2% for the week after a cease-fire deal between Israel and Hezbollah earlier in the week. President Vladimir Putin warned Thursday that his forces could strike "decision-making centers" in Kyiv with ballistic missiles, in retaliation for Ukrainian attacks on Russia using Western missiles. The U.S. currency gauge fell on Friday, and was on track for its first weekly decline in eight weeks....
Gold rose near $2,660 an ounce on Friday, rising for a fourth straight session, supported by a weaker U.S. dollar and rising geopolitical tensions. Reports showed President Vladimir Putin warned of a potential new attack on Ukraine using nuclear-capable ballistic missiles, following Moscow's recent large-scale attacks on critical energy infrastructure. The precious metal is expected to fall more than 2% for the week, as markets await further U.S. data for additional insight into the Federal Reserve's monetary policy outlook. Earlier this week, core PCE prices in October matched...
Oil prices edged lower in Asian trade on Friday and were headed for a weekly loss on expectations of easing tensions in the Middle East, with focus shifting to the upcoming OPEC+ meeting. Crude was hit by the announcement of a ceasefire between Israel and the Lebanese militant group Hezbollah, although whether the truce will hold remains unclear. Escalating tensions between Russia and Ukraine - following a series of debilitating attacks on Kyiv - provided limited support to crude, while overall trading volumes were limited due to the U.S. Thanksgiving holiday. Brent crude futures expiring...