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...
The pound sterling (GBP) exchange rate against the US dollar (USD) has continued to weaken for the fifth consecutive day and is now trading around 1.3340 in the Asian session on Thursday (October 23rd) morning. Pressure on the pound increased due to the strengthening of the US dollar amid growing market concerns ahead of the release of US inflation data on Friday. This situation was exacerbated by the partial US government shutdown, which delayed the release of important economic data, making investors more cautious. The US dollar also received additional support from growing optimism...
Oil jumped after the US announced sanctions on Russia's biggest producers, as President Donald Trump ramps up pressure on his counterpart Vladimir Putin to negotiate an end to the war in Ukraine. West Texas Intermediate surged as much as 2.8% to trade above $60 after the US blacklisted state-run giant Rosneft PJSC and Lukoil PJSC, citing Moscow's lack of commitment to Ukrainian peace. Trump is also seeking to squeeze Russia's key crude buyers — India and China. Brent closed above $62 on Wednesday. The sanctions mark a U-turn for Trump, who had announced last week he would...
Gold extends pullback in early Asian session after front-month Comex gold futures fell for a second straight session overnight. Investors have been unwinding part of last week's speculative surge, Sucden Financial's Research team says in commentary. The retreat in precious metals' prices probably reflects profit-taking and reduced safe-haven flows rather than U.S. Treasury yields' dynamics, the team says. "Still-low Treasury yields and ongoing macro uncertainty continue to offer underlying support" for precious metals, the team adds. Spot gold is 0.2% lower at $4,089.65/oz. (az) Source:...
Oil prices continued their rally after the deal on Wednesday (October 22), rising more than $2 a barrel after U.S. Treasury Secretary Scott Bessent said more U.S. sanctions targeting Russia would be announced. Brent crude jumped $2.44, or 3.98%, to $63.76 after the deal at 3:44 p.m. EDT (19:44 GMT), and U.S. West Texas Intermediate crude rose $2.42, or 4.23%, to $59.66. Brent crude closed up $1.27, or 2.07%, to $62.59 a barrel, while U.S. West Texas Intermediate crude rose $1.26, or 2.20%, to $58.50. Bessent said U.S. sanctions would be announced on Wednesday or Thursday. "We'll be...
Gold prices fell on Wednesday (October 22) to a nearly two-week low, following their sharpest one-day decline in five years in the previous session, as investors booked profits ahead of key US inflation data due later this week. Spot gold fell 1.7% to $4,054.34 an ounce, as of 1:42 p.m. ET (1742 GMT), after rising as high as $4,161.17 earlier in the session. US gold futures for December closed 1.1% lower at $4,065.40 an ounce. Gold has hit multiple record highs and is up 57% this year, driven by geopolitical tensions, economic uncertainty, expectations of a US interest rate cut, and strong...