China’s exports fell the most since the global financial crisis, dealing another blow to confidence as Communist Party leaders meeting in Beijing assess the risk from the nation’s first onshore bond default.
Venezuelan bonds rallied as the government said it will ease exchange controls and get as much as $7 billion in financing from China and Russia as it attempts to damp three-week-old protests that are expected to continue.
Asian stocks rose this week, with the regional gauge capping its longest streak of weekly gains since September, as U.S. data signaled resilience in the world’s biggest economy and concern about the Ukraine crisis eased.
Venezuela’s government said it will relax exchange controls imposed over the past decade as it attempts to ease shortages of basic goods and damp deadly protests over the rising cost of living. Bonds rallied.
Emerging-market stocks dropped, almost erasing a weekly gain, as China’s first onshore default sparked concern that swelling bad debt will weigh on global growth. Vale SA led a slide in commodity shares as metals fell.
The dollar rose to a six-week high against the yen as U.S. employment gains exceeded forecasts, boosting speculation that the Federal Reserve will continue to pare monetary stimulus that’s seen as debasing the currency.