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...
Silver rose above $49 per ounce on Wednesday, recouping some losses after tumbling around 7% in the previous session as a wave of profit-taking gripped the market following this year's strong rally. The drop marked the steepest one-day fall since September 2011, leaving the metal down roughly 10% from record highs hit last week. Safe-haven metals also faced pressure as risk appetite improved, supported by easing US-China trade tensions and hopes for an end to the US government shutdown. US President Donald Trump said he expects to reach a favorable trade deal with China but cautioned that...
EUR/USD attempted to hold the 1.1600 area during Wednesday's Asian session after three days of weakness. The euro's rebound attempt faltered as the US dollar remained strong, supported by easing US-China trade tensions following President Donald Trump's comments about the possibility of a consensus after meeting with Xi Jinping in South Korea later this month. The DXY also remained firm near 99.00, while hopes for an end to the US government shutdown, following optimistic signals from the White House, added to the greenback's support. In Europe, market participants tended to be cautious...
Gold and silver steadied after their steepest selloff in years, as investors locked in profits on concern the recent surges in the precious metals had left them overvalued. Spot gold traded near $4,125 an ounce after tumbling as much as 6.3% on Tuesday — the biggest intraday decline in more than a dozen years — while spot silver slumped as much as 8.7%. Technical indicators had shown a scorching rally in both precious metals was likely overstretched. The pullback brought an abrupt halt to a scorching months-long advance that had seen both precious metals post record highs in...
Oil gained after an industry report signaled US crude stockpiles shrunk for the first time in four weeks, while President Donald Trump reiterated India would trim its purchases of Russian energy. West Texas Intermediate climbed toward $58 a barrel after closing 0.4% higher on Tuesday. Brent settled above $61. US inventories fell by 3 million barrels last week, while fuel stockpiles including gasoline dipped, according to the American Petroleum Institute. Government data is due later Wednesday. Meanwhile, Trump claimed for the second straight week that he spoke with Prime...
Oil prices rose on Tuesday (October 21), bouncing off a five-month low in the previous session, as investors reassessed expectations of a possible oversupply and sought clarity on the trade dispute between the U.S. and China, the world's two largest oil consumers. Brent crude rose 31 cents, or 0.5%, to $61.32 a barrel, while U.S. West Texas Intermediate crude for November delivery, which expires on Tuesday, closed up 30 cents, or 0.5%, to $57.82. Both contracts hit their lowest levels since early May on Monday, as record U.S. oil production and the decision by the Organization of the...