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 edged lower on Monday (September 22nd) as oversupply concerns outweighed geopolitical tensions in Russia and the Middle East. Brent crude futures fell 24 cents, or 0.4%, to $66.44 a barrel at 11:01 a.m. ET (15:01 GMT). Brent has traded between $65.50 and $69 a barrel since early August. The U.S. West Texas Intermediate crude contract for October, which expires on Monday, was at $62.49 a barrel, down 19 cents, or 0.3%. The more actively traded second-month contract fell 26 cents, or 0.5%, to $62.12. "Traders are again focusing on the possibility of an imminent oversupply in the...
Gold surged to an all-time high on Monday (September 22nd), driven by growing expectations of further US interest rate cuts and continued safe-haven demand amid political uncertainty. Investors are eyeing an upcoming Federal Reserve speech and key inflation data for the latest policy signals. Spot gold prices rose 1.4% to a new record high of $3,735.40 per ounce, as of 11:51 a.m. ET (1551 GMT). US gold futures for December delivery rose 1.7% to $3,768.70. "Safe-haven demand continues to flow amidst still-uncertain geopolitical issues, including the Russia-Ukraine war. The Fed's rate cut...
The dollar traded slightly lower on Monday as traders awaited several Federal Reserve speakers and key data later this week. The Canadian dollar lagged behind other currencies. The Bloomberg Dollar Spot Index fell about 0.1%. This was the first session of declines after three days of gains. Federal Reserve Governor Stephen Miran said interest rates are too high and proposed aggressive rate cuts in the coming months to protect the labor market. "The FOMC may have injected more two-way volatility into currency markets," Vasileios Gkionakis, senior economist and strategist at Aviva...
The U.S. dollar snapped a three-day rising streak on Monday, as investors await comments from Federal Reserve officials to better gauge the monetary policy outlook after the central bank resumed its easing cycle last week. The dollar hovered near levels seen before last week's Fed decision. The current pricing is consistent with the central bank's messaging, which highlighted rising concerns over the U.S. labour market as the key driver of policy, analysts said. Last week's U.S. economic data showed the number of Americans filing new applications for unemployment benefits fell, reversing...
Silver rose to around $43.5 per ounce on Monday, reaching a fresh 14-year high as expectations of further US Federal Reserve rate cuts bolstered demand for precious metals. Last week, the Fed delivered a widely anticipated 25 basis point cut, the first since December, while signaling the possibility of two more reductions this year. Investors are now looking ahead to fresh Fed commentary and a key US inflation report this week for further guidance on the rates outlook. Strong fundamentals also supported silver, with tight supply helping maintain upward momentum. On the demand side, robust...