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 fall 0.4% to $2,596.30 a troy ounce. The precious metal had risen earlier in European trading, but looks set to end a fourth consecutive session down. The precious metal has faced significant downward pressure since Donald Trump won the U.S. presidential election. The U.S. dollar and Treasuries significantly rose after Trump's victory, reducing the appeal of non-yielding safe-havens like bullion. Trump's planned tax cuts and tariffs are also viewed as likely to boost inflation, decreasing the chances of further sizeable Federal Reserve interest rate cuts. Meanwhile, the latest...
Oil edged higher, but prices remain broadly stuck in a narrow band, as traders weigh the outlook for consumption and a possible oversupply next year. Brent crept above $72 a barrel in London after ending little changed on Tuesday, near its lowest level this month. Crude's slight gain coincided with a respite from an election-driven dollar rally that has made commodities less attractive for some buyers. Oil prices remain thoroughly rangebound though, trading in a band of a little over $5 for close to a month as traders weigh the outlook for next year. OPEC shaved...
Gold edged higher following a bruising run that came after Donald Trump's election win spurred a rally in the dollar. A gauge of the greenback has risen to its highest level in almost two years, making gold and other commodities priced in dollars more expensive for most buyers. Hedge funds have been unwinding bullish wagers on the precious metal and exchange-traded fund flows turned less supportive amid a widespread rotation into US equities. Bullion has slipped more than 6% from an all-time high on Oct. 31, but is still up by over a quarter this year. It has been...
Gold prices (XAU/USD) attracted some buyers during the Asian session on Wednesday (13/11) and for now, seems to have snapped three consecutive days of declines to the lowest level since September 20, around the $2,590-$2,589 region touched the previous day. The uptick lacked any obvious fundamental catalyst and could be attributed to some repositioning activity ahead of the US consumer inflation figures. The key data could influence expectations about the Federal Reserve's (Fed) interest rate cut path and provide a fresh directional impetus to the non-yielding yellow metal. Ahead of the key...
Gold prices edged up on Wednesday as investors hunted for bargains after steep declines in the previous session, while spotlight shifted to U.S. inflation print, which could shed more light on the Federal Reserve's monetary policy path. Spot gold rose 0.4% at $2,608.18 per ounce by 0200 GMT, after hitting its lowest since Sept. 20 on Tuesday. U.S. gold futures was up 0.3% at $2,614.10. There is currently some bargain hunting going on as prices fell below the $2,600 mark. Recent sessions saw gold negatively impacted due to a stronger dollar, driven by expectations of inflationary Trump...