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 held steady as the market weighed signs of a widening surplus ahead of this week's US-China trade talks. West Texas Intermediate was near $57 per barrel, while Brent was around $60 on Tuesday. Vortexa data showed the amount of oil on seaborne tankers hit a record as producers continued to increase supply while demand growth slowed. Price pressures remain. Oil is headed for a third monthly decline due to expectations of a widening surplus. Some projections even see Brent at risk of falling to around $50 per barrel next year. In the derivatives market, the timeframe for both benchmarks...
Oil prices settled at their lowest level since early May on Monday as investors weighed the potential for a global oversupply, with U.S.-China trade tensions adding to concerns about an economic slowdown and weakening energy demand. Brent crude futures closed down 28 cents, or 0.46%, at $61.01 a barrel. U.S. West Texas Intermediate crude futures closed down 2 cents, or 0.03%, at $57.52. Both benchmarks fell more than $1 earlier in the session, and both closed at their weakest levels since early May. Oil traders' concerns have shifted from undersupply to oversupply, as indicated by the...
Gold prices rose more than 2% on Monday (October 20th), boosted by expectations of further US interest rate cuts and continued demand for safe-haven assets, as investors awaited US-China trade talks and US inflation data this week. Spot gold rose 2.3% to $4,346.39 an ounce, as of 1:47 PM ET (17:46 GMT). US gold futures for December delivery closed 3.5% higher at $4,359.40 an ounce. Gold hit a record high of $4,378.69 on Friday, but closed 1.8% lower—its sharpest decline since mid-May—after comments from US President Donald Trump eased some concerns about US-China trade tensions. Political...
Gold prices rose more than 2% on Monday (October 20th), driven by expectations of further US interest rate cuts and continued demand for safe-haven assets, as investors awaited US-China trade talks and US inflation data this week. Spot gold prices rose 2.1% to $4,336.94 an ounce, as of 11:04 a.m. ET (1504 GMT). US gold futures for December delivery rose 3.3% to $4,354 an ounce. Gold hit a record high of $4,378.69 on Friday, but closed 1.8% lower—its sharpest decline since mid-May—after comments from US President Donald Trump eased some concerns about US-China trade tensions. Political and...
Oil prices held losses after a third week of declines as traders weighed growing evidence that a long-awaited surplus was finally starting to emerge. West Texas Intermediate prices fell to trade near $57 a barrel as investors repositioned ahead of this week's November contract expiration, adding to volatile trading. Floating storage rose to new highs as producing countries continued to add barrels and tankers sailed farther for deliveries, among the most visible signs of an oversupplied market. Oil futures have fallen more than 20% from their summer highs as the Organization of the...