Geoffrey Yu News
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The yen gained the most in three weeks against the dollar as Japanese Economy Minister Akira Amari said further losses in the currency would have negative effects after it fell to the lowest since 2008 last week.
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The euro fell against the dollar after European Central Bank President Mario Draghi said policy makers are ready to cut interest rates again if needed after reducing them to a record low last week.
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The yen gained for the first time in five days after traders failed to push the currency through 100 per dollar, a level it last weakened to four years ago.
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China will probably widen the yuan’s trading band within the next three days after central bank Deputy Governor Yi Gang signaled policy makers will loosen control over the currency, according to UBS AG.
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China’s currency had the biggest weekly gain in six months and yuan forwards rose to a record after the central bank signaled plans to widen a trading band that’s been limiting appreciation since October.
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Hong Kong stocks rose, with the benchmark index snapping its longest losing streak in almost a year, as Morgan Stanley upgraded the outlook for Hong Kong stocks and amid speculation that the Chinese government may widen the yuan’s trading band within the next three days.
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Asian stocks rose, paring this week’s losses, as Taiwan Semiconductor Manufacturing Co. led technology shares higher and mining companies rebounded.
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The yen climbed against all of its 16 most-traded counterparts after China’s economic growth slowed more in the first quarter than economists forecast, fueling demand for haven assets.
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Chinese equities in New York climbed from the lowest level since September, led by gains in Spreadtrum Communications Inc., after Bank of America Corp. said rising smartphone use will boost Asian semiconductor makers.
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The yen weakened beyond 99 per dollar for the first time since May 2009 on speculation Bank of Japan measures to fight deflation announced last week will further debase the currency.
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