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 edged higher as investors assess the outlook for US interest rates following inflation data on Wednesday that supported the case for a cut next month. Bullion rose 0.5% to $2,648.21 an ounce as of 10:53 a.m. in London, with pressure on the metal easing as a rally in the dollar lost steam. The greenback, which strengthened in the wake of President-elect Donald Trump's win, has weakened this week against other currencies amid month-end flows. A stronger dollar makes the metal more expensive for many buyers. The case for a December rate cut was bolstered by...
Oil prices were flat on Thursday after a surprise jump in U.S. gasoline inventories and postponement of the OPEC+ meeting on output policy to Dec. 5 from Dec. 1. Brent crude futures edged up by 8 cents to $72.91 a barrel by 0955 GMT while U.S. West Texas Intermediate crude futures were up 7 cents at $68.79. Trading is expected to be light because of the U.S. Thanksgiving holiday on Thursday. OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its weekend meeting to avoid a conflict with another event, the producer group said. The...
Silver prices dropped below $30 an ounce on Thursday, hitting 11-week lows as demand for the metal's safe-haven appeal waned and the outlook for its industrial usage weakened. The recent ceasefire between Israel and Hezbollah, brokered by the US and France, alleviated geopolitical tensions, reducing silver's appeal as a risk-off asset. Additionally, expect that the US Federal Reserve may adopt a more cautious stance on interest rate cuts weighed on silver prices. Economic uncertainty in China, the world's largest silver consumer, and concerns over the potential negative impact of US...
Oil prices fell on Thursday after a surprise jump in US gasoline inventories, with investors focused on an OPEC+ meeting later this week to discuss oil output policy. Brent crude futures were down 14 cents, or 0.2%, at $72.69 a barrel by 0401 GMT, while U.S. West Texas Intermediate crude futures were also down 14 cents, or 0.2%, at $68.58 a barrel. Trading is expected to be thin as the U.S. Thanksgiving holiday begins on Thursday. Oil prices are likely to maintain their near-term bearish momentum as risks of supply disruptions fade in the Middle East and from higher-than-expected U.S....
Gold (XAU/USD) prices moved lower during the Asian session on Thursday (11/28), albeit found some support near the $2,620 area and has now trimmed some of its intraday losses. US macro data released on Wednesday showed a still-resilient US economy and stalled inflation progress, suggesting that the Federal Reserve (Fed) may be cautious about further interest rate cuts. This, in turn, triggered a fresh leg up in the US Treasury bond yields, which helped revive demand for the US Dollar (USD) and undermined the non-yielding yellow metal. Meanwhile, current market pricing suggests around a 70%...