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.
The euro rallied for a fifth week as European Central Bank President Maro Draghi said he expects inflation in the currency bloc to gradually rise, damping bets that policy makers would reduce the benchmark interest rate.
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.
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.
Treasuries fell for a fourth day, while oil and the dollar rose after stronger-than-forecast jobs growth fueled optimism in the American economy. U.S. stocks were little changed as Russia said it may cut Ukraine’s gas supplies.
China’s onshore bond market experienced its first default as a solar-cell maker failed to pay full interest on its bonds, signaling the government will back off its practice of bailing out companies with bad debt.