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RTHK
a day ago
- Business
- RTHK
HK stocks join in markets' tumble on Israeli strikes
HK stocks join in markets' tumble on Israeli strikes The Hang Seng Index ended trading the day down 142 points, or 0.59 percent to close at 23,892. File photo: RTHK World stock markets tumbled on Friday and oil prices surged as Israel launched a military strike on Iran, sparking a rush into safe havens such as gold, dollar and Swiss franc. In Hong Kong, the benchmark Hang Seng Index ended the trading day down 142 points, or 0.59 percent to close at 23,892. The Hang Seng China Enterprises Index edged down 0.85 percent to end at 8,655 while the Hang Seng Tech Index dropped 1.72 percent to close at 5,239. Over the border, the benchmark Shanghai Composite Index ended down 0.75 percent at 3,377 while the Shenzhen Component Index closed 1.1 percent lower at 10,122. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 1.13 percent to close at 2,043. However, the risk-off sentiment lifted gold and miners' shares, with key performers including Western Region Gold, Shandong Gold Mining and Zhongjin Gold Corp all closing more than two percent higher. In Tokyo, the benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, closed at 37,834, down 338 points, or 0.89 percent. The index plunged by over 600 points at one stage after Israel announced a large-scale strike on Iranian nuclear-related and military facilities. As risk aversion intensified, the yen appreciated to the upper 142 yen range per US dollar, reinforcing selling pressure on stock index futures. The stronger yen, a typical safe-haven currency, contributed to declines across major Japanese equities. Crude oil jumped as much as 14 percent at one point to almost US$79 a barrel, before pulling back to around US$74 – still up more than five percent on the day and set for the biggest one-day jump since 2022. US oil futures rose over US$5 to US$73.14. Gold, a classic safe-haven at times of global uncertainty, rose to US$3,416 per ounce, bringing it close to the record high of US$3,500.05 from April. The rush to safety was matched by a dash out of risk assets. US stock futures fell over 1.5 percent and European shares dropped one percent at the open. (Reuters/Xinhua)
The Standard
22-04-2025
- Business
- The Standard
Gold prices extend record rally as Trump escalates US Fed fears
Gold prices have repeatedly hit new highs this year, triggered by economic uncertainties surrounding tariff wars, with spot gold prices rising as high as US$3,484.32 (HK$27,178) per ounce on Tuesday. US President Donald Trump's attacks on the US central bank boss intensified the market's safe-haven rush. In a social media post, Trump called Federal Reserve chair Jerome Powell "a major loser" for not lowering interest rates. He urged Powell to cut interest rates "preemptively" to help boost the US economy, saying the chair had been consistently too slow to respond to recent economic developments. "There can be a SLOWING of the economy unless Mr Too Late, a major loser, lowers interest rates, NOW," he wrote. In Hong Kong, gold miner stocks rose. Chifeng Jilong Gold Mining (6693) surged 13.5 percent at one point on Tuesday morning, Shandong Gold Mining (1787) rose more than 10 percent, and Zhaojin Mining Industry (1818) climbed 7.56 percent. Spartan Capital Securities analyst Peter Cardillo said any interference with the Fed's independence is something the market does not relish. He expects the gold price to further outperform and reach US$5,000 if Trump's attacks on Powell escalate. STAFF REPORTER
