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 plummeted on Tuesday (September 30th) ahead of an anticipated production increase by OPEC+ and as the resumption of oil exports from Iraq's Kurdistan Region via Turkey reinforced market expectations of a supply surplus. Brent crude for November delivery, which expires on Tuesday, fell 84 cents, or 1.2%, to $67.13 a barrel at 08:09 GMT. U.S. West Texas Intermediate crude traded at $62.68 a barrel, down 77 cents, or 1.2%. This decline extended Monday's decline, when Brent and WTI closed more than 3% lower after their sharpest daily declines since August 1st. Selling pressure...
Silver traded around $47 per ounce on Tuesday and was set to advance almost 20% in September as safe-haven demand strengthened amid the risk of a US government shutdown. The standoff comes as President Donald Trump has made little progress in reaching a temporary spending deal with opponents, heightening market uncertainty. The US Labor Department also warned it would suspend economic data releases, including this week's key monthly jobs report, if a partial shutdown occurs. At the same time, markets are betting on another quarter-point Federal Reserve rate cut in October and roughly 42...
The U.S. dollar was on the back foot on Tuesday in cautious trading as investors braced for a possible U.S. government shutdown that would halt economic data releases including the crucial jobs report later this week. Government funding will expire at midnight on Tuesday unless Republicans and Democrats agree to a last-minute temporary spending deal, with President Donald Trump and his opponents making little progress at a White House meeting. The payrolls report, crucial for decision-making by policymakers at the Federal Reserve, is scheduled for Friday, and a delay could leave the...
Gold edges lower in early Asian trade on a likely technical correction. Front-month Comex gold for October settled 1.2% higher at a fresh record high on Monday. However, gold's decline may be limited after overnight talks at the White House failed to make any breakthrough to avoid a government shutdown, which may support safe-haven demand for the precious metal. Political uncertainty in Washington adds to gold's appeal, XTB MENA's Hani Abuagla says in an email. Persistent inflows and steady central bank buying have reinforced the precious metal's recent rally, the senior market analyst...
Oil pushed lower for a second session as the market weighed a looming glut and the possibility for an end to hostilities in Gaza, which could siphon some of the war premium out of prices. West Texas Intermediate slipped toward $63 a barrel after tumbling 3.5% on Monday, the biggest drop since late June. Brent closed near $68. The OPEC+ alliance meets on Sunday and is likely to agree to raise output in November, though at a modest rate similar to that for October. The US and Israel, meanwhile, agreed to a 20-point plan to end the war in Gaza, but the prospects for...