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 slipped on Tuesday as investors braced for a supply surplus due to potential OPEC+ plans for a larger output hike next month and the resumption of oil exports from Iraq's Kurdistan region via Turkey. Brent crude futures for November delivery, expiring on Tuesday, fell 87 cents, or 1.3%, to $67.10 a barrel by 1:22 p.m. EDT (1722 GMT). The more active December contract fell 82 cents or 1.2% to $66.27. U.S. West Texas Intermediate crude was $62.61 a barrel, down 84 cents, or 1.3%. On Monday, Brent and WTI both settled more than 3% lower, their sharpest daily declines since August...
Gold (XAU/USD) trims earlier losses on Tuesday, trading around $3,847 at the time of writing. The metal is regaining ground after dipping toward the $3,800 mark earlier in the day, recovering from a sharp intraday pullback from a fresh all-time high near $3,871, as buyers stepped back in following softer US Consumer Confidence data and a muted reaction to the latest JOLTS Job Openings report. Despite the sharp intraday drop, Bullion's near-term floor appears firm, supported by investor demand for safe havens amid the growing risk of a United States (US) government shutdown, should lawmakers...
The dollar continued its decline on Tuesday (September 30th), falling for a third straight day. Most G-10 currencies strengthened, with the Norwegian krone and Canadian dollar lagging amid a crude oil selloff. The Bloomberg Dollar Spot Index fell more than 0.1%, for a total decline of about 0.7% over the past three sessions. USD/JPY fell for a third day to 147.99, down 1.2% overall. EUR/USD rose 0.1% to 1.1741, rising for a third session. German Inflation Exceeded Expectations, Supporting Caution on Interest Rates. GBP/USD rose 0.1% to 1.344. USD/CAD edged higher to 1.3919, its first gain...
Gold fell on Tuesday as investors booked profits after prices hit a record high earlier in the session, while concerns about a US government shutdown and growing speculation of a Federal Reserve interest rate cut limited losses. Spot gold fell 0.9% to $3,800.34 an ounce, as of 09:24 GMT, after rising 1% to a record high of $3,871.45 during Asian trading hours. Bullion prices have risen 10.4% so far in September and are on track for their biggest monthly percentage gain since July 2020. US gold futures for December delivery fell 0.7% to $3,827.80. Swissquote external analyst Carlo Alberto...
Silver prices weakened to $46 per ounce on Tuesday (September 30th) after hitting a fourteen-year high of $47.2 earlier in the trading session amid supply risks and a bullish demand outlook for both bullion and industrial silver. The Silver Institute projects the silver market will end the year in deficit for the fifth consecutive year, as global production is expected to reach 844 million ounces in 2025, 100 million ounces short of demand. Bullion assets are supported by increased demand for safe havens, recently fueled by the risk of a government shutdown in the US and fiscal risks...