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 EUR/USD pair has opened the week with a moderate pullback from Friday's highs, at 1.1742. The pair is trading at 1.1700 at the European session opening on Monday, as the US Dollar picks up from the low levels reached after the Federal Reserve (Fed) Chairman Jerome Powell opened the door for monetary easing. Powell surprised investors with an unexpected dovish tone at the Jackson Hole Symposium, warning that "downside risk to employment is rising" and that if those risks materialize, they could quickly lead to a strong increase in unemployment. More specifically, he affirmed that the...
Gold price (XAU/USD) drifts lower to around $3,350 during the early European session on Monday(25/8), pressured by a stronger US Dollar (USD). Nonetheless, rising optimism of a September rate cut following comments by Federal Reserve (Fed) Chair Jerome Powell at the Jackson Hole symposium might cap the downside for the yellow metal. The Fed's Powell has opened the door to a rate reduction in the September meeting, but that position could become complicated if inflation pressures continue to rise. Powell added that the US economy is facing a "challenging situation," with inflation risks now...
Silver prices held steady around $38.8 per ounce on Monday, hovering near their highest levels since 2011 amid bets on US Federal Reserve policy easing. The metal rallied about 2% on Friday after Fed Chair Powell signaled that the central bank is likely to cut rates at its next meeting. Powell noted that while unemployment remains low, risks to the labor market are increasing and policy remains "restrictive," suggesting that adjustments may be warranted. Markets are now pricing in an 87% probability of a 25 bps rate cut in September, up from about 75% at some point last week. On the...
Gold slipped on Monday from a near two-week high, as the dollar crept higher, although increased expectations of U.S. interest rate cuts following Federal Reserve Chair Jerome Powell's dovish pivot last week lent some support to bullion. Spot gold was down 0.2% at $3,364.29 per ounce, as of 0256 GMT, after hitting its highest since August 11 on Friday. U.S. gold futures for December delivery eased 0.3% to $3,409.60. The U.S. dollar index (.DXY), opens new tab rose 0.2% against its rivals after dropping to a four-week low, making gold less attractive to overseas buyers. "There's a decent...
The Australian Dollar (AUD) loses ground against the US Dollar (USD) on Monday after registering more than 1% gains in the previous session. The AUD/USD pair gained ground as the US Dollar depreciated amid the rising likelihood of a Federal Reserve (Fed) interest rate cut in September. Fed Chair Jerome Powell said at the Jackson Hole symposium on Friday that risks to the job market were rising, but also noted inflation remained a threat and that a decision wasn't set in stone. Powell also stated that the Fed still believes it may not need to tighten policy solely based on uncertain...