The dollar hit a two-month low against the euro and a basket of currencies on Thursday after dovish U.S. Federal Reserve minutes triggered concerns about the outlook for the U.S. economy.
Federal Reserve officials slightly revised down their economic growth outlook, while minutes from the central bank's June 22-23 meeting said further policy stimulus may need to be considered if the outlook worsened.
China's economy cooled in the second quarter, a slowdown that is likely to extend over the rest of the year as Beijing steers monetary and fiscal policy back to normal after a record credit surge to counter the global crisis.
China's economy cooled in the second quarter, a slowdown that is likely to extend over the rest of the year as Beijing steers monetary and fiscal policy back to normal after a record credit surge to counter the global crisis.
World stocks slipped from a three-week peak on Thursday while the low-yielding yen rose after the Federal Reserve suggested additional measures may be needed to combat a weakening economy.
Oil fell for a second day on Thursday to below $77 after a slowdown in Chinese economic growth in the second quarter and U.S. Federal Reserve minutes renewed concerns about the recovery of the world economy.
The Australian dollar fell on Thursday, as selling by model-based funds weighed on the currency against the yen, while it took in stride data that pointed to a mild slowdown in China, rather than a deeper one as some had feared.
Gold edged up on Thursday after China's growth data for the second quarter was slightly weaker than expected, helping revive the precious metal's allure as a hedge at a time of economic uncertainty.
Meanwhile, economists expect Beijing to make no dramatic policy response to Thursday's data, which is seen as positive for the precious metal's demand in China, analysts said.
Gold prices gained momentum, from weak Chinese growth data for the second quarter, in Asian trade Thursday after dropped overnight on profit taking.
Gold for immediate delivery was seen trading at $1212.67 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery was at $1212.76 an ounce.
Asian stocks fell on Thursday as investors took profits from a recent rally after the Federal Reserve's caution on the U.S. economic recovery, even as Chinese data pointed to only a mild cooling in that economy.
The Australian dollar jumped about 0.3 percentage point, paring earlier losses, while U.S. S&P stock futures erased earlier losses on Thursday after a series of Chinese data eased worries about a slowdown in China.
Crude oil rallied as high as 78.15 after the US Energy Department reported crude inventory fell more than expected. However, gains were erased as the FED downgraded its economic forecasts. Disappointing retail sales also weighed on prices. The front-month WTI contract closed largely flat at 77.04. Today in Asia, prices remain under pressure as China's GDP growth eased to +10.3% in 2Q10, signaling the tightening policies have been effective.
Agricultural Bank of China's $22 billion IPO made a lackluster debut in Shanghai, underscoring the challenges ahead for China's markets as other big banks look to tap investors for billions of dollars in funds.
Asian stocks erased most of their early losses on Thursday and the Australian dollar jumped after a spate of Chinese data confirmed the economy was slowing gradually but delivered no nasty surprises.
Agricultural Bank of China rose only marginally in the first minutes of its historic debut in Shanghai on Thursday, underscoring the difficult time that may lie ahead for a market that will be asked to absorb more big fundraisings by banks.
Asian stocks fell in early trade on Thursday after a downbeat assessment of the economic recovery by the U.S. Federal Reserve and with caution prevailing ahead of China's second quarter GDP data.
Investors have muted expectations for Google Inc's second-quarter results, as economic clouds and shifts in the company's strategy dampened hopes that it will beat Wall Street estimates.
Bank of New York Mellon Wealth Management wants to expand more U.S. and overseas markets through a stream of new hires and takeovers, Chief Executive Lawrence Hughes told Reuters on Wednesday.
Yum Brands Inc expects higher labor and commodity costs in the restaurant operator's key China market in the second half of 2010, company executives said on Wednesday.
Driving into the chic Place Vendome in central Paris, lined with up market jewelers and exclusive hotels, a small orange van looked out of place on Tuesday evening amid the sleek luxury cars.
Chinese social networking websites that provide Twitter-like services have suddenly reverted to testing mode and access has been spotty amid reports of a government clampdown.
World's top rice producer, China reduced the 2010 rice output forecast to 196.6 million metric tons from an estimate of 197.3 million tons made a month ago. According to China National Grain & Oils Information Center production forecasts for other crops were maintained at 168 million tons of corn, 115.1 million tons of wheat, 14.5 million tons of soybeans and 12.6 million tons of rapeseed.
Palladium's surplus is set to shrink by 62 per cent this year following an increase is car sales across the globe. The excess supply of platinum will also increase. Palladium demand will fall short of supply by 217,000 ounces this year, down from 578,000 ounces in 2009, said analysts. Consumption by the car industry will advance 15 per cent to 4.6 million ounces, they predicted. Palladium is used in catalytic converters in cars to reduce pollution.
