Hong Kong

U.S. stock prices briefly reached record highs before trading lower on Friday. Data showing that U.S. employment growth slowed in August led investors double down on their bets the Federal Reserve would cut interest rates this month by up to 50 basis points. The speculation that the Fed would lower rates more aggressively sent Treasury yields tumbling and the U.S. Dollar plummeting, but gold reached a record high of $3,600 an ounce. Equity markets are viewed as a positive by many investors when interest rates drop. This could result in lower borrowing costs for business. Gold, which doesn't pay interest,...

U.S. stock prices briefly reached record highs before trading lower on Friday. Data showing that U.S. employment growth slowed in August led investors double down on their bets the Federal Reserve would cut interest rates this month by up to 50 basis points. Treasury yields fell on speculation that the Fed would lower rates more aggressively, and the U.S. Dollar dropped, but gold reached a record high, bringing it closer to $3600 per ounce. Equity markets are seen as a positive when interest rates drop, because it could result in lower borrowing costs for business. Gold, which doesn't pay interest,...

Asian stocks rose in the early hours of trading on Thursday, as Federal Reserve officials' dovish remarks soothed investor nerves during a period when global growth concerns and bond market sell-offs were at an all-time high. The Nikkei rose by 1.2%, and Australian shares gained 0.8% after their largest one-day drop since April. MSCI's broadest Asia-Pacific share index outside Japan, which includes Japan and Australia, lost early gains before falling 0.2% in the last few days. Losses in China were a major factor. Bloomberg News reported that financial regulators were preparing cooling measures to cool the market. The Shanghai Composite...

Asian stocks rose in the early hours of trading on Thursday, as Federal Reserve officials' dovish remarks soothed investor nerves during a period when global growth concerns and bond market selloffs were at an all-time high. After a mildly positive session for U.S. stock markets, MSCI's broadest Asia-Pacific share index outside Japan rose 0.5%. The Nikkei opened 1.2% higher, after recovering from its biggest one-day drop since April. Australian shares rose 0.7%. Chinese stocks opened lower, bucking the regional trend. Shanghai Composite dropped 0.4%, and was on course for a third consecutive day of declines following a Bloomberg News report...

Asian stocks rose on Friday on the back of a tech-driven rally in Wall Street. Investors are now looking forward to the key U.S. Inflation reading that will be released later today for more clues about the Federal Reserve's interest rate outlook. The results from Nvidia, the artificial intelligence giant this week, fell short of expectations. However they confirmed that AI infrastructure expenditure remains strong. This helped to lift both Dow Jones Industrial Average and S&P 500 to record closes on Thursday. The Asian markets seized on the positive momentum of Friday, as MSCI’s broadest Asia-Pacific share index outside Japan...

The Asian stock market experienced a volatile session Thursday, as concerns over the future of artificial intelligence leader Nvidia’s China business hit regional suppliers while sparking gains for its Chinese competitors. The MSCI broadest Asia-Pacific index outside Japan fluctuated between gains and losses. It was last down by 0.4% as U.S. Equity Futures were pulled lower by a 3.1% drop in the shares of the chip manufacturer, which is now the most valuable company in the world. Charu Chanana is the chief investment strategist for Saxo, a Singapore-based brokerage firm. She added that "we should expect some spillover" even though...

The Asian stock market started the day on a cautious note as traders anxiously awaited Jerome Powell's speech at the annual Jackson Hole Symposium. The financial markets are waiting for Powell to give clues on the likely likelihood of a rate cut for September, in light of recent signs of weakness of the job market and the short-term outlook for policy. Carol Kong, economist and currency analyst at Commonwealth Bank of Australia Sydney, said that markets are on edge before the Jackson Hole Speech. S&P futures gained 0.1% following a five-day losing spree on Wall Street. This puts the cash...

Gold prices and global equities fell on Thursday as traders avoided big moves, and awaited the three-day annual Jackson Hole Symposium of the Federal Reserve. The symposium begins on Thursday, and traders will focus on Fed Chairman Jerome Powell's Friday speech as they look for clues about the possibility of a rate cut in September. The U.S. Treasury rates increased as the meeting began. Oil futures rose, supported by strong demand from the United States and uncertainty about efforts to end war in Ukraine. The U.S. Dollar also gained, gaining 0.35% compared to a basket other currencies. Stocks in Asia...

Wall Street also opened lower on Thursday as traders avoided big moves in anticipation of the three-day Jackson Hole Symposium, which is being held by the Federal Reserve. Jackson Hole begins on Thursday, and traders will be watching for clues about a possible September rate cut. Stocks held near their recent highs in Asian trading and Australia's benchmark reached a new record. The European session was a struggle for the markets to gain ground. People are slouching. "You have two big unknowns in the near future, Jackson Hole tomorrow, and the Fed on September," said Tim Graf. He is head...

Investors braced themselves for three days worth of potentially market-moving information from the Federal Reserve annual symposium in Jackson Hole. The event begins later that day and will feature central bankers from all over the world. Traders are focusing on the Fed Chair Jerome Powell’s Friday speech to assess the likelihood of a rate cut in September. At the opening, both the pan-European STOXX 600 and Germany's DAX indexes were little changed. The FTSE 100 in Britain rose by 0.1% while the CAC 40 in France fell by 0.1%. Michael Brown, Senior Research Strategist at Pepperstone, said: "I am still...

Investors were preparing for three days worth of market-moving information from the Federal Reserve annual symposium at Jackson Hole. The event will begin later that day. The main focus of the traders is on Fed Chairman Jerome Powell’s Friday speech as they try to gauge whether a rate cut in September could be imminent. The underlying momentum of equities remained strong, with Australia's benchmark index rising 0.9% and hitting a new record. Other indexes have lost some ground, but are still not too far off their recent highs. The Nikkei index, which reached an all-time high on Tuesday in Japan,...

Wall Street shares fell on Wednesday as a tech sell-off continued into the second day. Currency and rates traders remained focused on a meeting of central banks later this week. The S&P 500 finished down 0.2%, while the Nasdaq Composite, which is dominated by technology companies and has a high tech component to it fell 0.7%. This was a significant decline after Tuesday's steep drop. Both indexes have partially recovered from earlier, deeper losses. The Dow Jones Industrial Average rose 0.04%. Analysts attributed the decline in tech stocks to a number of factors, including fears over high valuations, investors selling...

Due to the record-high prices of gold, demand for physical gold dropped in major Asian hubs this week. Dealers in China and India, two top consumers in Asia, responded by offering steep discounts in order to attract buyers. On Wednesday, spot gold prices reached a record high of $3.578.50 an ounce and were on track for their best three-month period. Indian dealers offer a discount Up to $12 per ounce above official domestic prices. This includes 6% import duties and 3% sales taxes, as opposed to the $4 premium last week. The price hike has caused the demand to be...

Jewellers in India stocked up on gold ahead of the holiday season. Activity elsewhere remained low. Indian dealers are charged a premium Up to $4 per ounce above official domestic prices. This includes 6% import duties and 3% sales taxes. Last week, the offers ranged from a discount of $2 to a premium of $3. A bullion dealer in Chennai said that "Jewelers had been sitting on the sidelines, but as prices refused to improve much, they have now started purchasing for the upcoming holiday season." This year, the Dussehra/Diwali festival, which is a time when buying gold is considered...

Hong Kong Census and Statistics Department figures released on Tuesday showed that China's net imports of gold via Hong Kong increased 126.81% from June. Why it's important China is the largest gold buyer in the world. Its buying activities can have a significant impact on global gold markets. Hong Kong's data might not be a complete view of Chinese gold purchases as it is also imported through Shanghai and Beijing. By the Numbers The net imports from Hong Kong into China in July totaled 43.923 tons, up from 19.366 tons for June. China's total imports of gold via Hong Kong...

This week, physical gold demand remained low in major Asian hubs as volatility in prices kept buyers away. However, jewellers in India recommenced purchases in advance of the festival season. The price of gold in India was around 99,300 rupies ($1,135.77) for 10 grams last Friday, after reaching a record-high of 102 250 rupies earlier this month. Jewellers have started to buy again after a price drop, as they are more confident of the festival demand. In October, Indians celebrate Dussehra (Diwali) and Diwali (Diwali), when gold is considered auspicious. Indian dealers quoted between a discount and a full price...

Rusal announced a net loss for the first half of its financial year on Friday as higher costs, increased interest expenses, and fluctuations in foreign exchange rates weighed down on Rusal's earnings. The Hong Kong listed company, which is the largest aluminum manufacturer outside China, suffered a net loss for the six months ended June 30 from a profit last year of $565 millions. Rusal is under constant pressure from Western sanctions against Russia for the conflict in Ukraine. This has been going on for over three years. Although the company was not sanctioned directly, some Western buyers have avoided...

This week, physical gold demand in major Asian hubs declined as rising prices dampened interest in buying while higher rates encouraged others to sell their holdings. Gold isn't a popular purchase at the current prices. Some investors are selling the gold bars and coins they bought when prices were cheaper, said Ashok Jain of Mumbai's Chenaji Narsinghji. On Friday, gold prices in India were around 102.100 rupees (1,165.45 dollars) per 10 grams after reaching a record-high of 102.191 rupees. Indian dealers have this week offered a discount The discount last week was up to $7. A Mumbai-based dealer of bullion...

Panama's president Jose Raul Mulino stated on Thursday that public-private partnerships may take over two important ports near the Panama Canal if a court invalidates CK Hutchison's contract to operate them. CK Hutchison owns 90% of the local Panama Ports Company. This company had a 25 year concession to operate Balboa Port and Cristobal Port, which are located at the ends of the Canal. The concession was renewed in 2021. The contract is at the heart of a dispute after U.S. president Donald Trump threatened this year to take control of the waterway because China has influence over Panama's marine...

In their most recent earnings reports, some of the top technology firms in the world, such as U.S.-based Alphabet and South Korean chipmaker SK Hynix, as well Indian IT services provider Infosys have given upbeat guidance, despite an uncertain U.S. Trade Policy. The erratic U.S. Trade Action has overshadowed corporate operations, upending supply chains and leaving firms to navigate fluid Tariffs. This is on top of other economic uncertainties like regulatory changes and currency fluctuations. Alphabet, SK Hynix, and Infosys, all of which reported earnings above market expectations, predicted brighter times to come. Alphabet and SK Hynix have both announced...

In their most recent earnings reports, some of the top technology firms in the world, such as U.S.-based Alphabet and South Korean chipmaker SK Hynix, as well Indian IT services provider Infosys have given upbeat guidance, despite an uncertain U.S. Trade Policy. The erratic U.S. Trade Action has overshadowed corporate operations, upending supply chains and leaving firms to navigate fluctuating tariffs. This is on top of other economic uncertainties like regulatory changes and currency fluctuations. Alphabet, SK Hynix, and Infosys, all of which reported earnings above market expectations, predicted a brighter future. Alphabet and SK Hynix have both announced plans...

The demand for physical gold was sluggish across the major Asian markets this week as volatility in prices weighed on sentiment. Premiums in China remained firm, while discounts in India were narrowing. Dealers in the top consumer China have charged premiums between $10 and $25 per ounce above the global benchmark spot rate, compared to premiums between $4.2-$33 from last week. On Wednesday, spot gold dropped to its lowest levels in more than a week, dropping below the $3300 mark. It then recovered to trade at $3335 by 0520 GMT Friday. In recent days, U.S. president Donald Trump has expanded...

Daily LME data revealed that the London Metal Exchange’s new warehouses located in Hong Kong had attracted 100 tons of copper. The copper was stored without a warrant or title documents confirming ownership. This location is expected to be operational in mid-July. Hong Kong Exchanges and Clearing's LME approved Hong Kong in January for warehouse delivery as the LME sees Hong Kong as an entry point to China, the world's largest metals consumer. The LME stated that "the arrival of metal into LME-approved storage facilities shows that listing Hong Kong as an option for delivery is attractive to metal market...

Official data released by the People's Bank of China on Monday showed that China's central banks added gold to their reserves for the eighth consecutive month. China's gold reserves increased to 73.90 millions fine troy ounces by the end June from 73.83 at the end May. China's gold reserves increased to $242.93 Billion at the end last month from $241.99 Billion at the end May, according to central bank data released on Monday. Carsten Menke is an analyst with Julius Baer. He said, "We expect the PBOC will remain a consistent buyer over the next few year, motivated by their...