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 over 1% on Tuesday as OPEC+'s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market. Brent crude futures fell 82 cents, or around 1.3%, to $64.07 a barrel by 0905 GMT. U.S. West Texas Intermediate crude was down 84 cents, or 1.4%, at $60.21 a barrel. "The succession of poor manufacturing PMIs from Asia and then the U.S. ISM is a worry for oil demand. So is the ever present market upsetting tariff threat," said John Evans, analyst at PVM Oil Associates. "The renaissance of the U.S. dollar...
Gold held steady amid disagreements among three Federal Reserve policymakers over the next interest rate cut next month, with the U.S. dollar trading near its highest level in months. The price of bullion held near $4,000 an ounce, after fluctuating between gains and losses on Monday. Fed Chair Lisa Cook said she sees the risk of further labor market weakness as greater than the risk of rising inflation, but refrained from committing to another interest rate cut in December. These comments echoed those of her colleagues, Mary Daly and Austan Goolsbee. Governor Stephen Miran, on the other...
Gold edges lower in the early Asian session amid lingering worries over China's Finance Ministry ending of a tax incentive for sales of the precious metal, effective Nov. 1. "The new rules may potentially dent wholesale gold demand for end-users," TD Securities' Daniel Ghali says in a research report. Also, "the new rules could have a meaningful impact on gold's ecosystem within China," the senior commodity strategist adds. Spot gold is 0.2% lower at $3,997.62/oz. Source: Dow Jones Newswires
Oil dipped after a four-day run of gains as the market weighed OPEC+'s decision to pause output hikes early next year and contrasting views on supply. West Texas Intermediate traded near $61 a barrel, while Brent settled just below $65 on Monday. The Organization of the Petroleum Exporting Countries and its allies said at the weekend they planned to hold back from lifting production quotas in the first quarter. That came as the market is widely expected to be headed for a glut. US sanctions on Russia's two biggest producers will delay cargoes and slow down trade, the...