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 rose by about $1 on Tuesday (November 11), boosted by the impact of the latest US sanctions on Russian oil and optimism over a potential end to the US government shutdown, although oversupply concerns capped gains. Brent crude futures closed up $1.10, or 1.72%, at $65.16 a barrel. US West Texas Intermediate crude rose 91 cents, or 1.51%, to $61.04 a barrel. Investors continue to monitor the impact of US sanctions on Russia and their impact on crude and refined fuel markets. Russia's Lukoil (LKOH.MM), opens a new tab, declared force majeure at an Iraqi oilfield it operates,...
Gold prices hit a nearly three-week high on Tuesday (November 11), boosted by expectations that a potential end to the US government shutdown and a restart of economic data could pave the way for the Federal Reserve to cut interest rates next month. Spot gold prices rose 0.3% to $4,126.77 an ounce at 3:13 p.m. ET (2013 GMT), after earlier hitting their highest level since October 23. US gold futures for December delivery fell 0.1% to $4,116.30 an ounce. Gold, traditionally considered a safe-haven asset, also tends to benefit in a low-interest-rate environment because it is a non-yielding...
Gold shed gains as traders weighed the prospect of an end to the US government shutdown and weak jobs data. The record-breaking 42-day government shutdown is set to end soon after the Senate passed a stopgap funding measure supported by eight centrist Democrats. The reopening of the government now hinges on the Republican-controlled House of Representatives, which plans to return to Washington on Wednesday. Meanwhile, US companies lost an average of 11,250 jobs per week in the four weeks ending October 25, according to data released Tuesday by ADP Research. The figures suggest the labor...
Crude oil prices rose as signs of a weakening crude market were offset by soaring premiums for fuels like gasoline and diesel. West Texas Intermediate crude rose as much as 1.5% to $61 a barrel, posting a third straight day of gains. In addition to rising fuel premiums, technical traders known as commodity trading advisors could potentially spur additional buying in the coming days, according to consultancy Energy Aspects. "A larger CTA buying trigger above $64.50 tilts the balance of risks to the upside," said James Taylor, head of quantitative services at Energy Aspects. However,...
Tonight, the greenback weakened amid global optimism and hopes for an end to the US government shutdown. The US dollar (USD) came under pressure again in Tuesday evening's Asian trading, as market confidence grew that the Federal Reserve (The Fed) would cut interest rates sooner than expected. Positive sentiment regarding the prospect of an end to the US government shutdown also prompted investors to shift to riskier assets. The dollar index (DXY) fell to around 99.5, near a three-month low. This weakening occurred after a series of statements by Fed officials emphasized that the next...