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...
Gold prices pared losses on Friday (October 24) after slightly lower-than-expected US inflation data reinforced expectations that the Federal Reserve will cut interest rates next week, but the precious metal is still expected to post its first weekly loss in ten weeks. Spot gold was steady at $4,125.11 an ounce at 12:05 p.m. ET (1605 GMT), after falling nearly 2% earlier in the session. Prices are down 2.8% for the week. US gold futures for December delivery fell 0.1% to $4,143.20 an ounce. "Gold and silver jumped on lower-than-expected September core CPI, but it likely wasn't enough to...
Gold drew attention during LME Week, with prices up by around 60% this year. The rally has been driven by uncertainties over global trade, heightened geopolitical tensions, US fiscal stability and the Fed's independence. The start of the Fed's easing cycle also boosted Gold, which doesn't pay any interest. The rally has been driven by physical buying, with central banks and private investors accumulating Gold at record volumes, ING's commodity expert Ewa Manthey notes. Gold tumbles after record-breaking rally"But after a weeks-long rally that saw the precious metal hitting successive record...
Oil steadies but supply fear keeps it on track for weekly gain Oil prices were little changed on Friday, stabilising after the previous day's surge and remaining on track for a weekly gain as fresh U.S. sanctions on Russia's two biggest oil companies over the war in Ukraine fuelled supply concerns. Brent crude futures were up 12 cents, or 0.2%, at $66.11 by 0808 GMT. U.S. West Texas Intermediate crude futures added 16 cents, or 0.3%, to $61.95. "Everyone is waiting for signs of how big the impact is of the new sanctions on Russia. The market is in a wait-and-see mode to see what happens...
Silver slipped to around $48.6 per ounce on Friday and was on track to lose over 6% for the week, as profit-taking swept through the market amid concerns that the metal may have entered overvalued territory. The recent surge was driven by strong safe-haven demand and optimism over silver's long-term industrial use in electric vehicles, data centers, and solar power, alongside tightening inventories in London and Shanghai vaults. Meanwhile, investors monitored trade developments after the White House confirmed the Trump-Xi meeting next Thursday on the sidelines of the APEC summit. Markets...
The US dollar is moving steadily upward, still on track for a slight increase for the week. The market is awaiting the release of the delayed US inflation figures, and most market participants believe this data is unlikely to derail the Fed's plan to cut interest rates next week. Trade war concerns have resurfaced. President Donald Trump halted trade talks with Canada after deeming an advertisement misleading about tariffs. The Canadian dollar weakened slightly, but the market's primary focus remains on the Trump–Xi meeting in South Korea next week. The hope is for signs of easing tensions...