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...
The global gold price remains stable at around $4,500 per ounce after three consecutive days of sharp gains. Traders are now more focused on US economic data due this week, rather than the geopolitical tensions heating up in several parts of the world. This price adjustment indicates investors remain cautious, awaiting the latest information that could impact the market. News of the arrest of the Venezuelan leader, as well as comments from the White House about the possible use of military force in various regions, has heightened global tensions. Even tensions between China and Japan over...
Government officials in Caracas and Washington are discussing exporting Venezuelan crude to refiners in the United States, five government, industry and shipping sources told Reuters on Tuesday, a deal that could divert supplies away from China while helping state company PDVSA avoid deeper output cuts. Venezuela has millions of barrels of oil loaded on tankers and in storage tanks that it has been unable to ship due to a blockade on exports imposed by U.S. President Donald Trump since mid-December. The blockade was part of rising U.S. pressure on the government of Venezuelan President...
Gold price (XAU/USD) rallies on Tuesday for the fourth straight day, shy of reclaiming the $4,500 figure even though US Treasury yields rise along with the Greenback, which is also gaining 0.20%. At the time of writing, XAU/USD trades at $4,487, up nearly 1%. Bullion extends gains as Venezuela tensions fuel haven demand despite firmer yields and US Dollar strength. Precious metals traders continued to push Gold and Silver toward record high levels amid geopolitical uncertainty. The capture of the Venezuelan President Nicolas Maduro and US President Donald Trump's verbal threats of...
The dollar index edged up to 98.5 on Tuesday, its strongest level in more than two weeks, as investors focused on a slate of key economic data for the US. Recent indicators have pointed to some softening in economic momentum. The ISM Manufacturing PMI came in below forecasts, signalling the sharpest contraction in the factory sector since 2024, while the S&P Global Services PMI was revised lower, indicating further weakness in the services sector. Meanwhile, Richmond Fed President Barkin said that monetary policy will require "finely tuned judgments" going forward, while Governor Miran...
Silver rose to around $79 per ounce on Tuesday, marking a third consecutive session of gains and moving toward record levels. The US attack on Venezuela and the capture of President Nicolas Maduro added a new layer of geopolitical risk, supporting demand for safe-haven metals. Reports also indicated that President Donald Trump threatened a second military action if Venezuela's interim president, Delcy Rodriguez, did not comply with US demands. Investors further digested weaker-than-expected US manufacturing data and dovish comments from a key Federal Reserve official regarding labor market...