Hong Kong shares added 53 points or 0.2% to 25,659 in Thursday's morning session, rising for the fourth day to a three-week high. Sentiment was lifted by record closes for Wall Street's S&P 500 and Nasdaq for the second day overnight, as traders increased bets on a US Fed rate cut next month. Meantime, Treasury Secretary Bessent called for a series of cuts, starting with a 50bps move in September. In China, Beijing pledged interest subsidies for businesses in eight consumer service sectors to boost spending. Further strength, however, was capped by growing caution ahead of July activity...
Gold (XAU/USD) remains in a well-defined range between $3,320 and $3,350 at the time of writing on Tuesday, amid a looming tariff deadline and potential trade deals. US President Donald Trump's consistent tariff threats have temporarily muted demand for the yellow metal while supporting the demand for the Greenback. The president has announced new tariffs on countries, with Japan at 25% and South Korea at 30% standing out. He has also given a new deadline, August 1, instead of July 9. The yellow metal is down 0.43% intraday, and the lack of conviction reflects ongoing indecision amid...
The Pound Sterling (GBP) trades lower against its major peers on Tuesday. The British currency remains on the back foot due to the overhang of mounting fiscal risks in the United Kingdom (UK) following the presentation of a higher welfare spending bill by the Labour government before the House of Commons last week. The welfare bill announced showed an increase in the standard allowance for Universal Credit (UC), which is expected to raise the debt financial burden by £4.8 billion by fiscal year 2029-2030.. This led to investors dumping UK gilts as the bill raised financial...
Oil slipped as traders weighed the impact of President Donald Trump's latest wave of tariff threats and fresh attacks on Red Sea shipping. Brent traded near $69 a barrel, after jumping almost 2% on Monday. The US unveiled a slew of letters warning key trading partners of high tariff rates. Meanwhile, another ship in the Red Sea was under attack. "Traders are watching Trump's new tariff threats and global growth risks, which could soften demand," said Haris Khurshid, chief investment officer at Karobaar Capital LP. "Looking ahead, we should be paying attention to...
The dollar fell versus most major peers as investors mulled how the latest tariffs would affect the US economy and those of its trading partners. The Australian dollar led gains following the RBA's policy decision. The Bloomberg Dollar Index drops as much as 0.3%, snapping Monday's 0.5% advance as traders gameplanned what rates from 25% to 40% on goods from Japan to Malaysia would do to regional trade and growth. Trump has imposed 25% on goods from Japan and South Korea, beginning Aug. 1. AUD/USD rallies as much as 1% to 0.6558 after Australia's central bank surprised investors and...
The EUR/USD pair is trimming some of Monday's losses on Tuesday, although it maintains the bearish trend from last week's highs intact. Investors are keeping a cautious mood as US President Donald Trump announced new tariffs on a batch of countries, bringing global trade concerns back to the forefront. The Euro (EUR) bounced up from nearly two-week lows at 1.1690 during Tuesday's Asian session, and is trading at 1.1740 at the time of writing, with upside attempts capped below a previous support area at 1.1750 so far. The Eurozone was not among the recipients of Trump's tariff letters and...