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...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $64.60 during the early Asian trading hours on Tuesday. The WTI extends the rally due to a pause in negotiations for a peace deal between Russia and Ukraine. Traders await the American Petroleum Institute (API) weekly crude oil stock data, which is due later on Tuesday. The latest drone strikes by Ukraine on Russian energy facilities have heightened concerns about oil supply disruptions, boosting the WTI price. Russian officials said that Ukraine carried out a drone attack on Russia on Sunday, causing a significant...
Gold falls in early Asian trade on possible profit-taking. The precious metal's decline is just a corrective move related to profit-taking rather than a structural shift in gold's broader trend, XS.com's Rania Gule says in an email. "The fundamental backdrop supporting the precious metal remains intact, both from the perspective of U.S. monetary policy and ongoing global geopolitical risks," the senior market analyst adds. Spot gold is 0.4% lower at $3,353.14/oz. Source: Bloomberg
Gold price holds firm at around $3,370 on Monday as the Greenback recovers some ground following Federal Reserve (Fed) Chair Jerome Powell's dovish tilt last Friday. A scarce economic docket on Monday, except for New Home Sales, keeps traders focused on labor market data and the Fed's preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index. The non-yielding metal lacks direction, with traders seeming to be booking profits following Powell's stance. Alongside the data mentioned above, Gross Domestic Product (GDP) figures will also be crucial in suggesting if...
The dollar advanced against major currencies on Monday, bouncing from a steep fall last week that followed remarks from Federal Reserve Chair Jerome Powell that boosted expectations for a rate cut next month. The dollar index, which measures the greenback against a basket of currencies, rose 0.49% to 98.32, and was on track for its biggest daily percentage gain since July 30, with the euro down 0.69% at $1.1634, after hitting a four-week high of $1.174225 on Friday. Major brokerages, including Barclays, BNP Paribas and Deutsche Bank, expect a 25-basis-point Fed rate cut in September...
Oil prices climbed on Monday as traders anticipated more U.S. sanctions and Ukrainian attacks targeting energy infrastructure in Russia could disrupt supplies. Brent crude futures were up $1.20, or 1.77%, to $68.93 by 1:41 p.m. EDT (1741 GMT), and West Texas Intermediate crude futures gained $1.29 cents, or 2.03%, to $64.95. "There seems to be a sense the peace talks are dragging on," said Phil Flynn, senior analyst with Price Futures Group. "There could be sanctions on Russia if these talks don't go well," Flynn said. U.S. President Donald Trump said again on Friday that he would impose...