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...
Gold prices weakened on Wednesday as the U.S. dollar strengthened, retreating from a record high reached in the previous session, while investors awaited economic data due later this week for further clues on the Federal Reserve's policy direction. Spot gold fell 0.8% to $3,734.58 an ounce, as of 1:56 PM ET (5:56 PM GMT), after hitting a record high of $3,790.82 on Tuesday. U.S. gold futures for December delivery closed down 1.2% at $3,768.1. The U.S. dollar index rose about 0.6%, making dollar-priced bullion more expensive for holders of other currencies. The benchmark 10-year Treasury...
Oil prices rose to a three-week high after futures reached a key technical level, accelerating a rally fueled by U.S. President Donald Trump's hawkish rhetoric toward Russia as traders eyed supply disruptions from the OPEC+ member. West Texas Intermediate crude rose as much as 2.3% to $64 a barrel after Trump said he believed NATO countries should shoot down Russian drones violating their airspace and struck a more sympathetic tone about Ukraine's chances of winning the war. He also reiterated the need for Europe to reduce its energy purchases from Moscow. The price rise deepened after...
Gold prices steadied Wednesday, remaining close to recent record highs as overnight comments from U.S. Federal Reserve Chair Jerome Powell sparked heightened caution over growth, inflation, and interest rates. At 08:45 ET (12:45 GMT), Spot gold rose 0.1% to $3,766.50 an ounce, while gold futures fell 0.4% to $3,799.75/oz. Gold and other precious metals benefited from increased haven demand, while sustained weakness in the dollar also kept metals mostly well-bid. Anticipation of more key economic readings this week also kept markets cautious, as did weak U.S. purchasing managers index...
Oil prices rose strongly Wednesday, lifted by a larger-than-expected draw in U.S. crude inventories as well as further attacks to Russia's petrochemical infrastructure. At 08:20 ET (12:20 GMT), Brent Oil Futures expiring in November rose 1.3% to $68.51 per barrel, while West Texas Intermediate (WTI) crude futures also gained 1.4% to $64.27 per barrel. Both contracts climbed around $1 a barrel on Tuesday after a deal to restart flows of about 230,000 barrels per day from Kurdistan through Turkey was delayed after producers refused to resume shipments without guarantees on repayment of...
Gold (XAU/USD) retreats slightly from the daily peak touched during the first half of the European session, though it sticks to the positive bias for the fourth straight day on Wednesday. The US Dollar (USD) gains some positive traction following a two-day fall in the wake of Federal Reserve (Fed) Chair Jerome Powell's cautious remarks on potential interest rate cuts. This turns out to be a key factor acting as a headwind for the commodity. Investors, however, seem convinced and are pricing in two more Fed rate cuts this year, which might hold back the USD bulls from placing aggressive...