The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to reduce risk in large cap stocks. Among the index's contributors, Tencent was a major drag, with its shares falling by around 2.3%, putting pressure on the technology sector, which has recently been a driving force behind market gains. Weakness in large cap companies like this typically quickly impacts sentiment due to their significant weighting in...
Oil steadied after two-day drop as investors weighed signs of glut and the fallout from western sanctions on Russian producers. West Texas Intermediate traded near $61, while Brent closed below $66 on Monday. The amount of oil being shipped across the world's oceans hit a fresh record, a sign supplies are continuing to mount. In addition, OPEC+ may agree to add more production at a meeting this weekend. US sanctions against Russia's biggest oil companies — which lifted crude last week — were also in focus. Washington has floated a six-month deadline for Berlin to...
Gold falls below $4,000 as US–China trade thaw eases safe-haven demandGold price slides below $4,000 for the first time since mid-October, hitting a daily low of $3,971 as risk appetite improved due to easing tensions between the US and China in regard to the trade war. Nevertheless, expectations that the Federal Reserve (Fed) would resume its easing cycle could prompt investors to buy the yellow metal. Yellow metal slips nearly 3% despite firm Fed rate cut expectationsXAU/USD trades at $3,995, losing 2.80% amid a trading session that is also witnessing a weaker US Dollar and falling US...
EUR/USD fell from the 1.1650 area to around 1.1625 on Monday (October 27th), but held onto some of its previous gains after touching 1.1580 last week. Market sentiment has improved somewhat due to hopes for a trade truce between the US and China. Negotiators from both countries are reportedly getting closer to an agreement, and the market hopes that US President Donald Trump and Chinese President Xi Jinping can officially "extend the trade truce" when they meet later this week. Hopes that the tariff war won't escalate have made investors a little more willing to take risks, preventing the...
Gold prices fell on Monday, as a stronger dollar and signs of easing U.S.-China trade tensions weighed on the safe-haven metal, while investors awaited major central bank meetings due later this week for monetary policy cues. Spot gold was down 0.8% at $4,077.11 per ounce, as of 0655 GMT. U.S. gold futures for December delivery lost 1.1% to $4,090.90. The U.S. dollar rose to a more than two-week high against the yen, making gold more expensive for other currency holders. On Sunday, top Chinese and U.S. economic officials hashed out the framework of a trade deal for U.S. President Donald...
Silver prices fell to around $48 per ounce on Monday (October 27th), continuing last week's sharp decline. Safe-haven sentiment began to weaken as the market saw the possibility of a US-China trade truce ahead of the Trump-Xi meeting on Thursday. Negotiators from both countries said they were close to agreement on several previously sensitive issues, and US Treasury Secretary Scott Bessent also said Trump's threat of 100% tariffs was "almost impossible." Beijing was even prepared to hold off on expanding rare earth export controls for a year. So, the market feels global tensions are...