New Zealand News
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Riksbank Deputy Governor Per Jansson said he welcomed the krona’s weakening since April as he called the bank’s current benchmark rate “very low.”
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Asian stocks fell the most in 10 months and metals sank on disappointing Chinese manufacturing data. The dollar rose against most of its major peers as Federal Reserve Chairman Ben S. Bernanke said the central bank may cut bond purchases once it’s confident of sustained economic gains.
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Asian stocks declined, with the regional benchmark index heading for its biggest drop in five weeks, after China’s manufacturing output unexpectedly contracted and amid speculation the Federal Reserve may soon wind back stimulus.
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The cost of insuring Asia-Pacific corporate and sovereign bonds from non-payment increased, according to traders of credit-default swaps.
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The Australian dollar fell to its lowest level in almost a year before U.S. data that may show a recovery in the world’s largest economy is being sustained.
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Australian stock futures fell amid concern the Federal Reserve will scale back its stimulus measures if the U.S. labor market continues to improve. Japanese equity futures rose as the yen weakened.
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U.S. stocks slid, dragging benchmark indexes to their worst drop in three weeks, and Treasuries and gold tumbled on concern the Federal Reserve will scale back stimulus efforts if the labor market improves.
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Copper futures rose to a five-week high on mounting concern that a deadly accident at the world’s second-biggest mine may crimp supplies as a recovering housing market boosts metal demand in the U.S.
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Norges Bank is sticking to an interest rate outlook that signals the possibility of a cut next month, even after a weaker krone helped boost inflation in Europe’s second-richest nation per capita, Deputy Governor Jan F. Qvigstad said.
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Asia’s regional benchmark stock index held near its highest level since June 2008, as the Bank of Japan maintained its plan to expand the monetary base. Sony Corp. surged, while Chinese power producers declined.
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