If the outsized moves in the Chinese yuan this week were anything to go by, China is taking a significant step toward achieving its dream of becoming a global financial center by 2020.
China's yuan eked out a tiny gain on Wednesday after its biggest swings since 2005 earlier this week, suggesting Beijing's promise of currency flexibility will not produce the rapid gains its trading partners would like.
European and Asian stocks fell on Wednesday as poor U.S. home sales added to fears about the global economic recovery and optimism over China's new flexible yuan policy faded.
Asian stocks slid on Wednesday and European markets were expected to follow suit as poor U.S. home sales added to fears about the global economic recovery and optimism over China's new flexible yuan policy faded.
Apple Inc's hot-selling next-generation iPhone sports chips from Samsung Electronics, Micron Technology and STMicroelectronics, according to an early teardown, or disassembly analysis by technology firm iFixit.
Oil prices fell for a second day on Wednesday, as much as 1 percent, on unexpected gains in U.S. crude and gasoline stocks in an industry report, while weak U.S. home sales drove equities lower and dampened risk appetite.
Gold edged up on Wednesday, tracking an increase in ETF holdings as investors sought a safe haven from sliding stock markets and worries about the pace of global economic recovery.
The dollar and the yen were broadly steady on Wednesday while the euro and high-yielders were on the defensive as a recent risk rally appeared to have run its course and the euphoria from China's new yuan policy waned.
Asian stocks slid on Wednesday as an unexpected fall in U.S. home sales added to worries about the fragility of the global economic recovery and optimism over China's promise to make the yuan more flexible faded further.
China is only three days into its new era of currency flexibility yet it has already succeeded in puncturing market hopes for a money-making surge in the yuan, leaving investors resigned to a glacial rise at best.
The Australian dollar lost ground overnight falling a cent to USD0.8700 in a volatile offshore trading session following weaker US housing data and concerns over Europe.
The Aussie broke past 0.8850 US early offshore last night after China's announcement saw commodities prices climb to a five week high.
The United States will go after foreign websites that pirate American music and movies as part of a new strategy to stop sales of counterfeit and pirated goods at home and abroad, Vice President Joe Biden said on Tuesday.
China appeared to engineer a fall in the yuan on Tuesday to make clear that its newly flexible currency was not a one-way bet to appreciate, as markets reflected waning optimism over Beijing's new policy.
Latin American currencies firmed on Tuesday as stronger-than-expected German economic data offset concerns that Europe's efforts to confront debt troubles may crimp global economic growth.
The Bank of Canada said on Tuesday that China's move to loosen its foreign exchange controls was an important step forward.
Crude oil futures edged lower in choppy trading on Tuesday, seesawing with Wall Street in a cautious market ahead of weekly oil inventory reports and with the U.S. July crude contract approaching expiration at the end of the session.
The U.S. dollar and euro fell against the yen on Tuesday as investors turned risk-averse amid persistent doubts about China's move to make the yuan flexible and renewed worries about European banks' funding needs.
JPMorgan Chase & Co said on Tuesday that it had replaced Chief Financial Officer Michael Cavanagh with Doug Braunstein, the company's head of investment banking for the Americas.
A strike at a Japanese car parts supplier in southern China forced Toyota Motor Corp to suspend production at a Chinese auto assembly plant on Tuesday, the latest in a string of labor-related disruptions at foreign-owned manufacturers across the country.
The dollar rallied for a second straight day against the euro on Tuesday as new concerns about the funding needs of European banks offset stronger-than-expected German economic data.
Weak May U.S. housing data undercut stocks and sent U.S. Treasuries up, while Europe grappled with a fresh tremor to its banking system after Fitch downgraded French bank BNP Paribas (BNPP.PA).
