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 prices are headed for their biggest weekly gain since June after the US imposed sanctions on major Russian producers Rosneft and Lukoil, potentially disrupting supply and shifting demand to alternative grades. Brent oil hovered near $66 per barrel after surging 5.4% in the previous session, while WTI held below $62. Russian oil flows to India are expected to plummet due to the sanctions, while the impact on Chinese purchases remains unclear. President Donald Trump plans to raise the issue of China's purchases of Russian oil when he meets with President Xi next week. Russia may offer...
The USD/JPY pair extends the rally to a two-week high near 152.65 during the early Asian session on Friday. The Japanese Yen (JPY) weakens against the US Dollar (USD) as traders weigh fresh US sanctions on Russian oil companies. Traders await the delayed release of US Consumer Price Index (CPI) inflation data, which is due later on Friday. Data released by the Statistics Bureau of Japan on Friday showed that Japan's National CPI rose by 2.9% YoY in September, compared to the previous reading of 2.7%. Meanwhile, the National CPI ex Fresh food arrived at 2.9% YoY in September versus 2.7%...
Gold falls in early Asian trade on likely further unwinding of long positions, analysts say. "Our gold analysis suggests moderate further downside may be on the cards," says Fawad Razaqzada, market analyst at City Index and FOREX.com, in commentary. While gold managed to recently bounce near support around the $4,000/oz-$4,022/oz range as expected, this doesn't necessarily mean the bearish move has already ended, the analyst says. If gold closes below $4,000/oz, it would be a bearish technical development, the analyst adds. Spot gold is 0.4% lower at $4,109.32/oz. Source: Dow Jones Newswires
Oil prices surged about 5% to a two-week high on Thursday (October 23rd) after the US imposed sanctions on major Russian suppliers Rosneft (ROSN.MM) and Lukoil (LKOH.MM) over Moscow's war in Ukraine, prompting energy companies in China and India to consider reducing Russian imports. Brent crude futures rose $3.40, or 5.4%, to $65.99 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $3.29, or 5.6%, to $61.79. The daily percentage gains were the largest for both crude contracts since mid-June and the highest close since October 8th. "The announcement of US sanctions against...
Gold prices rose more than 1% on Thursday (October 23rd) after two consecutive sessions of declines, as resurgent geopolitical risks boosted demand for safe-haven assets and investors prepared for key US inflation data due on Friday. Spot gold rose 1% to $4,132.76 an ounce, as of 1:49 p.m. ET (1748 GMT), after falling to a near two-week low in the previous session. US gold futures for December delivery closed 2% higher at $4,145.60 an ounce. Prices hit a record high of $4,381.21 on Monday, but posted their sharpest decline in five years in the following session. GOLD VALUES JUMP THIS...