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 slipped to its lowest level in more than seven weeks, as the dollar continued to strengthen following Donald Trump's election victory last week. Bullion fell as much as 1.1% — after sliding 2.5% in the previous session — as a gauge of the dollar rose to its highest level in a year. The gains, which make commodities priced in the currency more expensive for most buyers, are linked to Trump's pledges to cut taxes and impose trade tariffs. The precious metal has declined about 5.5% since last week's election, as hedge funds unwound bullish wagers and...
The USD/CHF pair attracted some buyers around 0.8810 during the early European session on Tuesday. A broadly stronger US Dollar (USD) extended some support to the pair. Federal Reserve (Fed) officials Christopher Waller, Thomas Barkin, Neel Kashkari, and Patrick Harker are due to speak later in the day. The US Consumer Price Index (CPI), and Producer Price Index (PPI) will be in the spotlight on Wednesday. Trump's proposed policies including tax cuts, trade tariffs, and deficit spending could trigger a fresh wave of inflation and could force the US Fed to slow down the pace of interest rate...
Gold (XAU/USD) prices, after posting their sharpest weekly decline in over five months, fell over 2% on Monday and fell to the lowest level since October 10 amid strong US Dollar (USD) buying. Traders are anticipating a cautious approach from the Federal Reserve (Fed) amid hopes that US President-elect Donald Trump's policies will boost economic growth and inflation. This, in turn, remained supportive of a pickup in the US Treasury bond yields, which pushed the USD to its highest in over four months and weighed heavily on the non-yielding yellow metal. The downward trajectory, however,...
Oil prices were flat in Asian trade on Tuesday after logging steep losses in the prior session as more stimulus measures in China underwhelmed, while focus also remained on U.S. supplies. Crude prices tumbled on Monday as China's plans for more fiscal spending left investors wanting, while inflation data from the world's biggest oil importer also disappointed. In the U.S., tropical storm Rafael was seen largely dissipating in the Gulf of Mexico, soothing any fears of supply disruptions in the region. Brent oil futures expiring in January rose 0.2% to $71.95 a barrel, while West Texas...
Silver (XAG/USD) prices fell for the third straight day, trading around $30.60 per troy ounce during the Asian session on Tuesday (12/11). The precious metals sector, including Silver, faced pressure due to reduced demand for safe-haven assets. Traders are increasingly turning to riskier assets as markets assess the potential impact of US President-elect Trump's fiscal policy and monetary strategy. The possibility of tariffs being implemented early in Trump's term could lead to inflation, which in turn could cause the Federal Reserve (Fed) to delay its expected easing measures in the coming...