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 futures rise on a weaker dollar and easing U.S. Treasury yields. Futures rise 0.6% to $2,630.30 a troy ounce. The precious metal has regained some ground after Donald Trump's U.S. presidential election victory prompted a surge in the greenback, suppressing gold demand. Geopolitical risks have reemerged, driving safe-haven demand for gold and solidifying its role as a reliable hedge, says Pepperstone's Ahmad Assiri. The precious metal's future trajectory has split market opinions, Assiri says in a note. It could sink to lower price levels if the Federal Reserve tightens U.S. monetary...
Gold prices climbed to a one-week high on Tuesday, buoyed by a softer U.S. dollar, while the market awaited comments from Federal Reserve officials for cues on the U.S. interest rate outlook. Spot gold rose 0.4% to $2,623.54 per ounce by 0246 GMT, the highest since Nov. 12. Prices rose 2% on Monday. U.S. gold futures gained 0.5% to $2,627.60. The U.S. dollar pulled back as profit-booking kicked in after last week's stellar rally. A weaker dollar makes bullion less expensive for buyers holding other currencies. The recent strong economic data has raised concerns on whether the Fed will...
Oil steadied after the biggest gain in more than five weeks as the dollar weakened and a risk-on tone swept across wider markets. Brent traded above $73 a barrel after surging 3.2% on Monday, while West Texas Intermediate was near $69. A gauge of the dollar headed for a third day of losses, making commodities priced in the currency less expensive for most buyers, and Asian shares followed Wall Street higher. Oil is still lower for the year as concerns around Chinese demand and plentiful global supply weigh on the outlook. The prompt spread for WTI — the difference...
Gold steadied, after jumping the most since August on Monday, with the market focused on the dollar and the Federal Reserve's interest-rate path. Bullion traded near $2,615 an ounce after surging 1.9% in the previous session, with the gains driven by a falling dollar and Treasury yields. The precious metal has been hit by the greenback rallying to a two-year high following Donald Trump's election win, as well as signs the Fed may have to slow the pace of rate cuts due to the inflationary policies the president-elect is pledging. However, Goldman Sachs reiterated its forecast for gold...
Oil steadied after the biggest gain in more than five weeks as the dollar weakened and a risk-on tone swept across wider markets. West Texas Intermediate traded near $69 a barrel after surging 3.2% on Monday, while Brent closed above $73. A gauge of the dollar fell for a second session, making commodities priced in the currency less expensive for most buyers, and Wall Street stocks climbed. Asian shares are poised to track higher. Oil is still lower for the year as concerns around Chinese demand and plentiful global supply weigh on the outlook. The prompt spread...