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...
WTI crude oil prices edged higher by 0.1% to $68.1 per barrel on Tuesday, after a 5% decline over two sessions. Investors reacted to OPEC's fourth consecutive cut to its 2024 global oil demand forecast and China's economic concerns. China's October data showed the slowest consumer price growth in four months and deeper producer price deflation, raising deflation risks and disappointing investors due to a lack of significant stimulus. Analysts said China's 10-trillion-yuan ($1.4 trillion) debt plan fell short of growth expectations. Meanwhile, U.S. policy may shift towards increased domestic...
Gold prices fell to nearly a two-month low on Tuesday in the face of a stronger dollar, optimism about economic growth under a second Trump administration, and a broader market pivot following the Nov. 5 U.S. presidential election. Spot gold was down 0.7% at $2,600.93 per ounce by 2:23 p.m. EST (1923 GMT), after dropping 1% to hit its lowest level since Sept. 20 at $2,589.59 earlier in the session. U.S. gold futures settled 0.4% lower at $2,606.30. The dollar index's (.DXY), rise to more than four-month high increased the cost of bullion for holders of other currencies, while bitcoin...
The Euro dropped below $1.06, the lowest since October 2023, pressured by a strong dollar following Donald Trump's US election victory. Investors are worried about potential trade tariffs Trump suggested, which could hurt European exports. Reports about Trump's possible administration picks added to fears of policies that might impact Europe's economy. The Euro is also under pressure due to political uncertainty in Germany, set to hold snap elections on Feb. 23 after the collapse of Chancellor Olaf Scholz's governing coalition. Meanwhile, markets adjusted their expectations for European...
Gold futures slip 0.2% to $2,612 a troy ounce. U.S. dollar-denominated commodities like gold have been pressured in the wake of Donald Trump's victory in the U.S. election. Market expectations for fewer interest-rate cuts and a resurgence in inflationary pressures given Trump's planned tax and tariff laws have started to play against the precious metal, says Capital.com's Daniela Sabin Hathorn. In the short term, investor attitude toward gold has turned bearish, but gold isn't a hard sell just because the market expects fewer rate cuts, Hathorn says in a note. There is still plenty for...
Oil held close to this month's low, following steep losses in the previous two days, amid a soft demand outlook in China, a stronger US dollar and concerns the market may flip to oversupply. Brent crude edged higher near $72 a barrel, paring an earlier decline, after shedding 5% over two sessions, while West Texas Intermediate traded below $69. The recent tumble has coincided with marked weakness in the nearest portion of the oil futures curve, pointing to a market that's softening. China's latest measures to kick-start its economy stopped short of direct...