Hong Kong

Asian shares were tepid on Friday, as investors prepared for the important payrolls report. Tesla also suffered massive losses due to the public feud between Elon Musk and President Donald Trump. The markets are wary after a string of weak economic data, and they're worried that a surprise downturn in the payrolls report due later today could add to fears of inflation while increasing pressure on the Federal Reserve. Tesla shares rose 0.8% after hours trading, after plummeting 14% overnight and wiping out $150 billion of market value. Trump had threatened to stop government contracts for Elon Musk's businesses after...

Investors digested the fact that an appeals court upheld President Donald Trump's tariffs, just a day after markets had rallied following a ruling that blocked most of them. The Nikkei index in Japan saw the biggest selling after the largest buying on Thursday. This was exacerbated by the fluctuation in demand for safe-haven currencies, such as the yen. The United States Court of Appeals for the Federal Circuit, Washington, temporarily reinstated Trump’s duties on Friday while it considered the government’s appeal. A little-known trade tribunal unanimously ruled on Wednesday that Trump had overstepped his authority and that tariffs are the...

The initial rally in the markets following the court ruling blocking President Donald Trump's "Liberation Day Tariffs" lost momentum on Thursday as the markets assessed the uncertain future. The Manhattan-based Court of International Trade has ruled that Trump exceeded his authority when he imposed his April 2, 2018 tariffs on all imports from U.S. Trading Partners. The White House appealed this decision and could even take it to the Supreme Court, if necessary. In the meantime, the White House's appeal offered some hope that Trump would back down from the highest tariff levels which he had previously threatened. The ruling...

The dollar gained on the back of positive economic indicators in the United States. Shares fell on Wednesday, as investors became cautious in anticipation of Nvidia’s earnings announcement on Wall Street. The market's optimism about what seemed to be an easing of trade frictions between Europe and the U.S. has faded. The global bond market settled after a frightening surge in long term yields. However, a lacklustre Japanese auction of its longest-dated bonds highlighted lingering concerns about fiscal deficits. The U.S. consumer sentiment surprised to the upside before Thursday's closely watched employment figures. Nvidia, a maker of artificial intelligence chips,...

The dollar gained on Wednesday, as the United States economy showed promising signs and speculation about strong tech earnings. The markets welcomed the apparent easing of trade frictions between Europe and the U.S., while global bond market settled after an alarming surge in long term yields. The U.S. consumer sentiment surprised to the upside before Thursday's closely watched employment figures. Nvidia's shares jumped by more than 4% on Tuesday and it will be the final of the Magnificent Seven tech giants in the U.S. to announce earnings after the close of U.S. markets. Chris Weston is the head of Pepperstone's...

Investors worried about the deteriorating fiscal outlook in the United States and Treasury yields rose following a sale by Treasury Department of $20 billion worth of bonds for 20 years. After the auction, all three of the major U.S. indexes fell by more than 1%. The dollar fell widely as well. Treasury yields continued to rise after the U.S. Treasury Department reported a weak demand for its $16 billion sale 20-year bonds. The bond sale was weak, which reinforced the idea that investors are avoiding U.S. assets. Concerns continued to grow about President Donald Trump's attempts to push through a...

The dollar fell as traders looked to U.S. economic data for more catalysts. Brent crude futures fell more than 2% and U.S. Crude also dropped. The benchmark 10-year Treasury yield reached a new high, partly due to concerns over the budget plan of President Donald Trump that will add trillions to U.S. debt. The week began with a slew of positive news for investors, from a truce in the U.S.-China Trade War to a slew of investment deals that made headlines from the Middle East on Trump's Gulf Tour. These moves breathed new energy into battered international stocks. The optimism...

The dollar fell on Thursday as traders looked to U.S. economic data for more catalysts. The benchmark 10-year Treasury yield reached a new high, partly due to concerns over the budget plan of President Donald Trump that will add trillions to U.S. debt. The week began with a slew of positive news for investors, from a truce in the U.S.-China Trade War to a slew of investment deals that made headlines from the Middle East on Trump's Gulf Tour. These moves breathed new energy into the battered stocks around world. The optimism of Thursday has largely faded, with MSCI's broadest...

The European stock market was little changed after a rally on easing trade tensions. Meanwhile, the dollar continued its losses from the previous day as the relatively benign U.S. Inflation data kept Federal Reserve rates on hold. Stocks in Asia rose overnight, while U.S. futures were flat. The S&P 500 entered positive territory for this year after moving into positive territory on Tuesday. Investors have driven global equity markets higher as a truce appears to be in place in the trade war between China and the United States. Lars Skovgaard is a senior investment strategist with Danske Bank. He added,...

The dollar dropped and the major U.S. indexes were mixed Tuesday, after data showed that U.S. consumer prices rose less than expected in March. This was when President Donald Trump announced a series of tariffs which have caused havoc to global markets. On Monday, the U.S. announced that it would suspend its trade war with China for 90 days. It will also reduce reciprocal duties as well as other measures. They will continue to negotiate a permanent agreement. Tuesday's inflation numbers helped fuel this move. The agreement has reignited investors appetite for stocks and commodities, and cryptocurrencies. The MSCI index...

The dollar and global stock markets lost momentum on Tuesday as investors' concerns over the impact of the trade standoff between the United States, China and other countries on the global economy grew. The two biggest economies in the world have agreed to a 90-day truce in their trade dispute. They will lower tariffs on both sides and remove other restrictions while they work out a permanent agreement. The agreement reignited investors' appetite for stocks and commodities. Wall Street rallied 3.3% on Monday. On Tuesday, the enthusiasm for the stock market had diminished. European stocks were up by 0.2% at...

U.S. stocks futures rose and Asian currencies rose as investors welcomed the news that a top-level meeting between U.S. officials and Chinese officials is scheduled for this weekend in Switzerland. This could be a chance to calm down the trade conflict. Scott Bessent, U.S. Treasury secretary, said on Fox News that he believes the goal is to de-escalate. S&P futures gained about 0.9%. This was a recovery from a drop in the cash session, when U.S. president Donald Trump seemed to have struck a more confrontational note. The stock markets of Japan and Australia have both edged up. The dollar...

The gold discounts in India reached their highest level in over a month this week, due to a rise in prices that were near record highs. Meanwhile, the rising rates in other major Asian cities also dampened demand. On Friday, domestic gold prices traded at around 98.300 rupees for 10 grams, having rebounded from a monthly low of 90.890 rupees and approaching the all-time record of 99.358 rupees. Indian dealers were forced to offer discounts due to the price spike Up to $56 per ounce less than official domestic prices. This includes a 6% duty on imports and a 3%...

The physical gold demand in India this week was tepid, due to an increase in prices at home and the end of wedding season, which kept buyers away. Premiums in China, India's top consumer, were also down. This week, Indian dealers offered a discount Last week, the discount was up to $49, but this week it is down to up to $31 per ounce, including 6% import duties and 3% sales taxes. The wedding season has ended and the monsoon is here, so jewellers expect a seasonal drop in demand. This is why people are holding off on new purchases,"...

Data from the Hong Kong Census and Statistics Department showed that China's total imports of gold via Hong Kong almost tripled in April compared to March, reaching their highest level for more than a month. Why it's important China is the largest gold consumer in the world. Its buying activities can have a significant impact on global gold markets. The sharp rise in gold imports after months of net exports reflects a shift in economic sentiment as well as a renewed optimism among Chinese investors about the future for gold. Hong Kong's data might not be a complete view of...

The physical gold demand in India this week was subdued, as a rise in global prices, a weaker rupee and retail purchases were limited. Premiums in the top consumer China remained stable. This week, Indian dealers offered a discount Last week, the discount was up to $34, but this week it's up to $49 per ounce. Last week, prices were falling and buyers began to buy. Now that the prices have rebounded, buyers are stepping back from the market again", a jeweller in New Delhi said. On Friday, domestic gold prices traded at around 95,900 rupies per 10 grams after...

The head of metals research at Mercuria said that the trading house expects a 700,000-metric-ton copper concentrate deficit and a 300,000-metric ton deficit for refined metal this year, which could drive prices up to new records. Nicholas Snowdon, the high-profile bull of Mercuria in Geneva, expects copper prices to reach record levels sooner rather than later. Snowdon said at the LME Asia Week Conference in Hong Kong that the copper market is in a vulnerable state. It's not a matter of if but when this market will move into a scarcity state. This could happen as early as the second...

The metals industry will gather in Hong Kong to celebrate its annual event. They'll be focusing on the huge amounts of copper that are being diverted from the U.S. because President Donald Trump has threatened to impose tariffs. Trump's attempts to overturn the post-war system of trading have caused metals markets to roil and raised questions about global growth and commodity flows. In February, Trump ordered an inquiry into potential tariffs on copper. Copper is vital to energy transition technologies like electric vehicles and solar panel technology as well as power grid wiring. The possibility that Trump would impose tariffs...

In May, major U.S. exchange-traded fund (ETF) trackers of Chinese stocks saw inflows as a U.S./China tariff truce boosted the sentiment following a large sell-off last month. By the Numbers Global investors have bought a total of $401.7 million worth of four major U.S. listed China ETFs – iShares MSCI China, iShares China Small-Cap, KraneShares CSI China Internet, and Xtrackers CSI 300 China A Shares ETF – this month. Data from LSEG Lipper revealed that the outflow was $3.8 billion in April. Lipper's records show that the outflows in April were second to only a $4.4 Billion outflow from November...

Twangiza Mining is a gold mining company operating in the rebel controlled South Kivu Province of eastern Democratic Republic of Congo. According to a letter sent to the entire company, the rebel administration has ordered the suspension of operations. In a letter dated 8 May, the company, managed by Hong Kong registered Shomka Resources informed its employees that they would be forced to stop work immediately. Twangiza Mining has been ordered to suspend operations by the South Kivu Province administration, according to a letter signed by Chao Xianfeng, the General Director. The letter also stated that all equipment and vehicles...

Chinese media, citing anonymous sources, reported that Ant Group, a subsidiary of China's ecommerce giant Alibaba Group, plans to list Ant International on the Hong Kong Stock Exchange. Caixin reported, citing sources close to the company that Ant was in communication with regulators regarding the possible listing. The report didn't specify whether discussions took place with regulators from China or other countries. Ant International is a Singapore-based company. Alibaba controls 33% of Ant, which was founded by Jack Ma. It runs China's ubiquitous Alipay mobile payment app. Chinese authorities pulled Ant's $37-billion IPO in Shanghai & Hong Kong in 2020....

Ant Group, a subsidiary of China's ecommerce giant Alibaba Group is purchasing a controlling stake of $362 million in Bright Smart Securities & Commodities Group. This marks its first acquisition for a securities broker licence. The companies announced in a Friday joint statement that Ant had agreed to purchase a 50,55% stake in Bright Smart at HK$2.81billion ($362.26m). Bright Smart Chairman Yip Mowlum is selling 857.98 millions shares at HK$3.28 per share to Ant Group's Wealthiness & Prosperity holding, which will have to make a mandatory unconditional cash offer for the entire issued shares. Bright Smart shares nearly doubled to...

This week, gold discounts in India reached their highest level in nine years, as record prices discouraged buyers. Premiums in China also rose to an all-time high, leading to increased shipment to the largest bullion buyer in the world. This week, Indian dealers offered a discount The largest discount since July 2016 is up to $80 per ounce, including 6% import duties and 3% sales taxes. The discount last week was up to $74. Prices have increased and jewellery sales are down. Jewellers across the country feel the slowdown as shoppers are not buying the same amount of jewelry they...

S ingapore-headquartered real estate investment manager SC Capital Partners has emerged as a potential bidder for British data centre group Global Switch, two people familiar with the matter told . One of the sources said that the firm, which is backed by the global real estate manager CapitaLand Investment is working with advisors to purchase the London-based Jiangsu Shagang Group. The matter is a private one, so both sources requested anonymity. The people cautioned that the talks are still ongoing and will depend on market conditions. The first person who spoke said that the transaction could be valued between $4...