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...
The Australian Dollar (AUD) is holding firm against the US Dollar (USD) on Monday, with AUD/USD hovering close to the 0.6500 mark. The pair remains resilient despite a modest rebound in the Greenback, which is stabilizing after a sharp drop on Friday. At the time of writing, the pair is trading around 0.6486. Last week, the Aussie gained ground following Federal Reserve (Fed) Chair Jerome Powell's dovish tone at the Jackson Hole Symposium, which triggered a broad US Dollar selloff and restored expectations for a possible September rate cut. The Reserve Bank of Australia (RBA) cut the cash...
Gold (XAU/USD) kicks off the week on a softer footing after touching a two-week high on Friday, following Federal Reserve (Fed) Chair Jerome Powell's dovish remarks at the Jackson Hole Symposium that fueled a broad rally in precious metals. At the time of writing, the metal is trimming earlier losses and edging higher during the American session, consolidating near recent peaks around $3,370. Powell gave his final annual speech at the Jackson Hole Symposium last Friday, where he emphasized the Fed's cautious approach to monetary policy in a shifting economic environment. "The stability of...
Gold edged lower on Monday morning as the dollar and yields strengthened after Friday's decline after Federal Reserve Chairman Jerome Powell signaled an interest rate cut was imminent. Gold for December delivery last traded down US$5.70 at US$3,412.80 per ounce. The price of the precious metal rose sharply on Friday following Powell's speech at the Fed's annual Economic Policy Symposium in Jackson Hole, Wyoming. While he gave no indication that a rate cut would be made at the conclusion of the Fed's next policy committee meeting on September 17, he did signal that changes to the bank's...
Oil prices rose on Monday (August 25th) as traders weighed concerns that Russian supplies could be disrupted by tighter U.S. sanctions and a Ukrainian attack targeting Russian energy infrastructure. Brent crude futures rose 40 cents, or 0.6%, to $68.13 at 12:00 GMT, and West Texas Intermediate (WTI) crude futures rose 44 cents, or 0.7%, to $64.10. "The market is somewhat concerned that these peace negotiations will not bear fruit," said Ole Hansen, head of commodity strategy at Saxo Bank. "The market expects supply to exceed demand in the autumn months, but in the short term, it is being...
Gold edged lower on Monday (August 25th) as the dollar strengthened, weakening from a two-week high reached in the previous session after comments from US Federal Reserve Chairman Jerome Powell reinforced speculation of an interest rate cut. Spot gold edged down 0.3% to $3,362.56 an ounce, as of 09:14 GMT, after hitting its highest level since August 11th on Friday. US gold futures for December delivery fell 0.3% to $3,407.30. The dollar index rose 0.2%, making gold more expensive for holders of other currencies. Powell on Friday hinted at the possibility of a rate cut at next month's Fed...