The Hang Seng rose 192 points, or 0.7%, to finish at 26,160 on Friday, extending gains from the prior session. The increase came after Shanghai shares hit a 10-year peak, on strong inflows and China's pledge at the conclusion of a plenum to boost the household consumption's share in GDP over the next five years. Policymakers also reaffirmed their commitment to meet 2025 economic targets and support tech self-reliance. Gains were broad-based, led by tech, consumer, and property stocks. SMIC jumped 7.4%, followed by Horizon Robotics (6.1%), China Hongqiao Group (4.1%), and Trip.com...
Oil prices plunged more than 1% on Tuesday (August 26th) after surging nearly 2% in the previous session as traders monitored developments surrounding the war in Ukraine and potential disruptions to Russian fuel supplies. Brent crude fell $1.08, or 1.57%, to $67.72 per barrel at 10:40 GMT, after hitting its highest level since early August in the previous session. West Texas Intermediate (WTI) crude fell $1.13, or about 1.74%, to $63.67. "Today's moderate decline is driven by risk aversion, with equity markets trading lower," said UBS analyst Giovanni Staunovo. "Geopolitical factors need...
Gold prices rose to a more than two-week high on Tuesday (August 26th), after US President Donald Trump said he would fire Federal Reserve Chairwoman Lisa Cook, a move widely seen as eroding the central bank's independence and undermining confidence in US assets. Spot gold rose 0.4% to $3,379.05 an ounce at 08:03 GMT, after hitting its highest level since August 11th earlier in the session. US gold futures for December delivery rose 0.3% to $3,425.80. On Monday, Trump took the unprecedented action of firing Cook over claims of mortgage loan abuse. "Investors view Trump's move as an attempt...
Silver (XAG/USD) recovered from an initial decline and traded 0.33% higher near $38.80 during the European trading session on Tuesday (August 26th). The precious metal strengthened as market sentiment shifted slightly toward risk aversion following US President Donald Trump's firing of Federal Reserve (Fed) Governor Lisa Cook over mortgage allegations. S&P 500 futures fell 0.15% during European trading hours. US equities continued to weaken after a weak session on Monday, indicating cautious market sentiment. Demand for safe-haven assets, such as silver, increased amidst the risk-averse...
The US Dollar Index (DXY), which measures the value of the US dollar (USD) against six major currencies, stabilized after recovering from a daily decline and traded around 98.40 during the European session on Tuesday (August 26th). The US dollar is likely to strengthen further as rising US yields can attract foreign capital to US bonds and other USD-denominated assets. The yields on 2-year and 10-year US Treasury bonds were at 3.70% and 4.30%, respectively, at the time of writing. However, the US dollar weakened as comments by US President Donald Trump raised concerns about the independence...
USD/CHF continued its gains for the second consecutive session, trading around 0.8060 during the Asian session on Tuesday (August 26th). The pair strengthened as the US dollar (USD) recovered its recent losses after US Federal Reserve (Fed) Governor Lisa Cook refused to resign following US President Donald Trump's announcement of her dismissal from the Fed's board of directors. Cook stated that she would not resign and would continue to serve. The USD/CHF pair's upside is likely limited as the Swiss franc (CHF) may strengthen amid rising safe-haven demand, driven by growing concerns over...