The Hang Seng index slumped 206 points, or 0.8%, to close at 25,952 on Tuesday, losing early gains as sentiment soured amid a broad sectoral decline. The technology index fell 1.8% after US President Trump said Nvidia would be banned from selling its most advanced AI chips to China, although it would allow some sales to Beijing. Traders largely shrugged off reports that China was raising subsidies, cutting energy bills for major data centers. Consumer and property stocks also weakened, following declines in mainland China as US index futures plunged on uncertainty over the Fed's interest...
Spot gold prices rose more than 1%, surpassing $3,340 an ounce on Friday (August 1), as the latest U.S. jobs report reinforced evidence of a cooling labor market and strengthened expectations of a Fed rate cut in September. The U.S. economy added only 73,000 jobs in July, short of the 100,000 projected by analysts, while the unemployment rate edged up to 4.2%, up from 4.1% in June. In response, the market now rates a 75% probability of a September rate cut, up sharply from 45% before the report. The data follows higher-than-expected PCE inflation figures released on Thursday, which...
Oil prices were little changed on Friday (August 1st) and headed for weekly gains as investors weighed the impact of further import tariffs imposed by US President Donald Trump and the threat of sanctions. Brent crude futures fell 26 cents, or 0.36%, to $71.44 a barrel at 12:12 GMT. US West Texas Intermediate crude fell 18 cents, or 0.26%, to $69.08. Crude oil prices stabilized on Friday after falling more than 1% in the previous session, although Brent and WTI remained on track for weekly gains of 4.4% and 6%, respectively. Investors have been focused on the potential impact of US...
Gold prices held steady on Friday (August 1st), but were set for a third consecutive weekly loss due to pressure from a stronger dollar and diminishing expectations for a US interest rate cut, while uncertainty surrounding US tariffs on trading partners provided support. Spot gold was steady at $3,293.56 per ounce as of 09:34 GMT. Bullion was down 1.4% for the week. US gold futures edged down 0.1% to $3,344.60. The dollar index hit its highest level since May 29, making gold more expensive for holders of other currencies. "Gold remains weighed down by diminishing speculation of a Fed rate...
The dollar headed for its strongest weekly performance in nearly three years against major currencies, maintaining momentum on Friday (August 1st) after US President Donald Trump imposed new tariffs on dozens of trading partners. Some currencies of the hardest-hit countries, such as Switzerland, which now faces 39% tariffs, fell sharply. The Swiss franc hit its weakest level in six weeks, while the Canadian dollar headed for its seventh straight weekly decline. The dollar also strengthened against other currencies due to factors other than tariffs. The yen headed for its biggest weekly...
Oil prices were little changed on Friday (August 1st) and headed for weekly gains, as investors weighed the impact of further tariffs and sanctions from US President Donald Trump. Brent crude futures rose 19 cents, or 0.26%, to $71.89 per barrel at 08:23 GMT. US West Texas Intermediate crude futures rose 20 cents, or 0.29%, to $69.46 per barrel. Oil prices stabilized on Friday after falling more than 1% in the previous session. However, for the week, Brent is expected to rise 5%, and WTI around 6.6%. Investors have been focused on the potential impact of US tariffs on oil prices this week,...