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 fell more than 1% on Wednesday, settling at two-week lows on pressure from concerns of a possible global oil glut, but data showing signs of strong U.S. demand for fuel limited losses. Brent crude futures closed 92 cents, or 1.43%, lower at $63.52 a barrel, while U.S. West Texas Intermediate crude settled 96 cents, or 1.59%, low at $59.60. Oil prices fell following U.S. government data that showed an increase in crude inventories last week. "A rebound in imports and subdued refining activity amid seasonal maintenance has encouraged a build to U.S. crude inventories," said Kpler...
Silver traded above $47.5 per ounce on Wednesday, snapping a three-day losing streak as global risk-off sentiment spurred demand for safe-haven assets. Global equities and other risk assets fell sharply amid concerns over stretched valuations and uncertainty about future US rate cuts. Meanwhile, ADP data showed private employers added 42,000 jobs in October, beating forecasts and signaling continued labor market resilience. The stronger data reinforced the view that the Fed is in no rush to cut rates further, as inflation remains above target and the government shutdown delays key labor...
Gold (XAU/USD) holds steady within familiar ranges on Wednesday as a mild risk-off tone across global markets underpins demand for the safe-haven metal. At the time of writing, XAU/USD is trading around $3,975, recovering modestly from Tuesday's low of $3,928. The risk-off sentiment follows a broad sell-off in global equities, led by weakness in US tech and AI-related stocks. Concerns about stretched valuations and warnings from Wall Street executives of a potential correction sparked the downturn, which rippled through Asian and European markets. Meanwhile, ongoing uncertainty surrounding...
The U.S. dollar edged up on Wednesday, extending its gains from last week on doubts about the outlook for another Fed rate cut this year and as private payrolls data assuaged worries over the state of the labor market. U.S. private payrolls rose by 42,000 jobs in October, exceeding expectations of a 28,000 gain, according to a Reuters poll of economists. While the turnaround likely does not suggest a material shift in the labor market because some industries such as professional business services shed jobs for a third straight month, it did help soothe worries about labor market...
Gold prices rose more than 1% on Wednesday (November 5), with a slight weakening of the US dollar and widespread risk-off sentiment boosting demand. Spot gold rose 0.8% to $3,966.54 per ounce as of 10:44 GMT. US gold futures for December delivery rose 0.4% to $3,976.10 per ounce. Gold prices have risen about 52% this year, hitting an all-time high of $4,381.21 on October 20. "The recent shift to risk-off sentiment in financial markets due to rising concerns about equity market valuations helped gold stabilize after falling from record levels," said Julius Baer analyst Carsten...