Hong Kong stocks rallied in Wednesday morning trading, with the benchmark index rising 357 points, or 1.4%, to 25,324. This increase extended the rally into a second session and brought the market to a two-week high, with broad-based gains across most sectors. Positive sentiment came from Wall Street, which posted solid gains overnight after weaker US inflation data. The data reinforced speculation that the Federal Reserve could cut interest rates in September to support the improving labor market. In mainland China, markets also rallied to a three-year high. The main boost came from the...
The U.S. dollar firmed on Monday as nervy investors sought safety, although the restrained moves suggest markets were waiting for Iran's response to U.S. attacks on its nuclear sites that have exacerbated conflict in the Middle East. Iran said on Monday that the U.S. attack on its nuclear sites expanded the range of legitimate targets for its armed forces and called U.S. President Donald Trump a "gambler" for joining Israel's military campaign against the Islamic Republic. The major moves were in the oil market, with crude prices hitting a five-month high, before dipping to trade lower on...
Gold price (XAU/USD) retains its negative bias through the first half of the European session on Monday and currently trades near the lower end of its daily range. The US attack on Iran's nuclear facilities on Sunday raises the risk of a broader conflict in the Middle East and benefits the US Dollar's (USD) status as the global reserve currency. Moreover, the Federal Reserve's (Fed) hawkish signal further underpins the Greenback and contributes to driving flows away from the non-yielding yellow metal. Meanwhile, the risk of a further escalation of geopolitical tensions in the Middle East...
Oil prices surged on Monday to their highest since January as the United States' move over the weekend to join Israel in striking Iran's nuclear facilities stoked supply concerns. Brent crude futures rose $1.52, or 1.97%, to $78.53 a barrel by 0503 GMT. U.S. West Texas Intermediate crude futures rose $1.51, or 2.04%, to $75.35. Both contracts jumped more than 3% earlier in the session to $81.40 and $78.40, respectively, touching five-month highs before giving up some of the gains. The price surge came after U.S. President Donald Trump said he had "destroyed" Iran's main nuclear site in an...
Gold prices edged lower on Monday as investors preferred the dollar following a U.S. attack on Iran's main nuclear site over the weekend, with markets looking to Iran for a response. Spot gold was down 0.2% at $3,362.29 an ounce, as of 0341 GMT. U.S. gold futures were down 0.2% at $3,378. "The U.S. attack on Iran's nuclear facilities has seen the dollar receive safe-haven buying in the currency market," said Tim Waterer, chief market analyst at KCM Trade. "The rise in the dollar has pegged gold back and led to an unusually weak performance by the precious metal despite the risks emanating...
Silver (XAG/USD) prices moved higher near $36.10, ending a three-day losing streak during Asian trading hours on Monday (6/23). The white metal attracted some buyers amid heightened tensions in the Middle East after the US bombed Iranian nuclear sites. The United States carried out airstrikes on three nuclear sites in Iran on Sunday morning despite US President Donald Trump's long-standing vows to avoid any new foreign conflict. Iran has vowed to respond, saying it is "keeping all options on the table," while Trump said that any Iranian retaliation against the United States "will be met...