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 fall, markets look to US government reopening Oil prices fell nearly 1% on Wednesday, weighed down by oversupply in the market, while expectations that an end to the longest-ever U.S. government shutdown could boost oil demand curbed losses. Brent crude futures slipped 60 cents, or 0.9%, to $64.56 a barrel by 1007 GMT after gaining 1.7% on Tuesday. U.S. West Texas Intermediate crude was down 62 cents, or around 1%, at $60.42 a barrel, after climbing 1.5% in the previous session. "Overall, both WTI and Brent remains well and truly stuck, with short term speculative trading...
Silver slipped to around $51 per ounce on Wednesday, but stayed close to three-week highs as signs of US labor market weakness fueled expectations for a near-term Federal Reserve rate cut. ADP data showed US private employers shedding an average of 11,250 jobs per week in the four weeks ending October 25, painting a bleak picture amid the absence of official data. Markets now price in about a 68% chance of a 25 bps rate cut in December, up from roughly 62% a day earlier. Earlier this week, Fed Governor Stephen Miran also called for a larger half-point reduction amid falling inflation and...
Global silver prices have declined recently, following a major rally at the beginning of the year. One of the main factors is profit-taking—meaning investors who previously bought during the high price are now starting to take profits and sell. In addition, slightly improving global economic conditions have led to a slight decrease in demand for safe-haven assets like silver. Meanwhile, the supply of silver from mining and recycling has not seen a significant increase, creating uncertainty for market participants. Although prices are falling, this does not mean silver's long-term prospects...
Gold rises in the morning Asian session amid prospects of Fed rate cuts, which would enhance the appeal of the non-interest-bearing precious metal. Payrolls firm ADP estimated that the U.S. private sector was shedding 11,250 jobs a week in the four weeks through Oct. 25. Economic figures from alternative sources, like ADP's, have taken on greater weight during the government shutdown. The recent weaker U.S. economic data make a Fed rate cut in December more likely, Commerzbank Research's Carsten Fritsch says in a note. "It is obviously expected that a significant slowdown in the U.S....
Oil steadied following a three-day gain ahead of reports that'll shed light on the outlook for global crude market balances into 2026. West Texas Intermediate held near $61 a barrel, after rising 1.5% on Tuesday, while global benchmark Brent closed above $65. Later Wednesday, producers' alliance OPEC is due to issue its monthly market analysis, while the International Energy Agency releases its annual energy outlook. Crude has lost ground this year amid concerns that the market is headed for a surplus, with OPEC and allies including Russia restoring capacity, while drillers...