EUR/USD
1.17705
0.195%
Gold
4736.58
0.976%
Oil
90.651
-2.879%
USD/JPY
156.264
-0.076%
GBP/USD
1.36205
0.207%
GBP/JPY
212.844
0.153%
Real-time News
On May 7th, oil prices plummeted on Thursday amid news of a potential peace agreement and the possible gradual reopening of the Strait of Hormuz. Both major benchmark crude futures had already plunged more than 7% on Wednesday, hitting two-week lows as market optimism fueled hopes for a possible end to the Middle East conflict. Priyanka Sachdwa, senior market analyst at Phillip Nova, stated that from a broader perspective, the oil market has been caught between diplomatic maneuvering and supply disruptions for over two months, with investor sentiment almost daily swayed by headlines. If a formal agreement is ultimately reached, oil prices could experience a freefall as the geopolitical premium quickly dissipates from the market. However, any new signs of attacks on oil infrastructure or escalation in the Middle East could easily trigger another surge in crude oil prices. Hiroyuki Kikukawa, chief strategist at Nippon Securities Investment, said that while peace negotiations may continue at least until next week, the outlook afterward remains uncertain.Snap (SNAP.N) fell 8.8% in pre-market trading as the Middle East conflict impacted advertising revenue and North American growth slowed.The Hang Seng Index closed up 412.5 points, or 1.57%, at 26,626.28 on Thursday, May 7; the Hang Seng Tech Index closed up 151.9 points, or 3.06%, at 5,121.1; the H-share Index closed up 118.73 points, or 1.35%, at 8,919.48; and the Red Chip Index closed up 29.37 points, or 0.65%, at 4,516.74.May 7th - Hopes for a US-Iran peace agreement persisted, causing oil prices to fall and the US dollar to weaken. An analyst at ANZ Bank Research stated, "The situation remains highly volatile, and intraday volatility is likely to remain high until more substantial progress is seen." Lloyd Chan, senior foreign exchange analyst at MUFG, said, "All indications continue to suggest that the parties have limited willingness to further escalate the situation in the Middle East." He added that with the US midterm elections approaching and gasoline prices soaring, the US government appears motivated to resolve the conflict.At the close of trading in Hong Kong stocks, the Hang Seng Index rose 1.57% and the Tech Index rose 3.06%. Techtronic Industries (00669.HK) rose more than 10%, Hua Hong Semiconductor (01347.HK) rose more than 8%, Kuaishou (01024.HK) and Chow Tai Fook (01929.HK) rose more than 7%, and Kingsoft (03888.HK) rose more than 6%.
