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 edged higher but remained on track for a second weekly decline. West Texas Intermediate (WTI) briefly approached $60 per barrel, while Brent held steady around $63 on Thursday. However, both are still headed for a weekly decline of around 2%. The trigger is rising global supply. OPEC+ production rose slightly after several key members resumed supply, coupled with increased output from Brazil and the US. WTI has weakened by around 17% so far this year. Last month, the International Energy Agency (IEA) also predicted that next year's oversupply would reach a record, even greater...
Oil prices declined on Thursday as investors considered a potential supply glut, as well as weakened demand in the United States, the world's largest oil consumer. Brent crude futures settled down 14 cents, or 0.22%, to $63.38 a barrel. U.S. West Texas Intermediate futures settled down 17 cents, or 0.29%, to $59.43. Global oil prices fell for a third straight month in October on fears of oversupply as OPEC and its allies - known as OPEC+ - increase output while production from non-OPEC producers is also still growing. "The market keeps being haunted by the best-telegraphed supply glut in...
Gold (XAU/USD) edges lower on Thursday, after briefly reclaiming the key $4,000 psychological mark amid a weaker US Dollar (USD). At the time of writing, XAU/USD is trading around $3,985, easing from an intraday high of $4,019 as bullish momentum stalls. Gold's downside remains cushioned as the ongoing United States (US) government shutdown keeps markets on edge. The political deadlock is raising concerns over the potential economic fallout and weighing on the Greenback after a strong multi-day rally. However, Bullion's upside appears limited in the near term as both macro and technical...
Silver held around $48.1 per ounce on Thursday, steadying after recent gains as investors digested stronger-than-expected US economic data. The ADP report showed that private employers added 42,000 jobs in October, exceeding forecasts and underscoring labor market resilience, while the ISM Services PMI climbed to an eight-month high. Signs of economic strength reinforced expectations that the Federal Reserve will move cautiously on further rate cuts, though the ongoing US government shutdown has delayed key data releases. Markets now price in a 62% chance of a 25 bps rate cut in December,...
Oil prices edged higher on Thursday (November 6), boosted by easing concerns over a potential oversupply as sanctions against Russian companies began to take effect. After closing at a two-week low in the previous session, Brent crude futures rose 65 cents, or 1%, to $64.17 a barrel at 09:20 GMT, while U.S. West Texas Intermediate crude rose 73 cents, or 1.2%, to $60.33. Recent sanctions against Russia's largest oil companies two weeks ago raised concerns about supply disruptions, despite rising production from OPEC and its allies, analysts said. Lukoil's overseas operations are...