The yen fell against the euro and the dollar as a rebound in Chinese stocks allayed concerns that the global economic recovery is faltering, encouraging investors to buy higher-yielding assets.
The euro also rose from near a five-week low versus the Swiss franc on expectations Europe’s manufacturing and service industries contracted at a slower pace, backing the case for the European Central Bank to keep interest rates steady. The pound traded close to a one-week high against the dollar on economist estimates that U.K. retail sales gained in July for a second month, adding to signs the nation’s recession is abating , Bloomberg reports.
While some investors have seen the Shanghai slide as a worrying sign about the outlook for the Chinese economy -- among the strongest to power out of the global recession -- many China watchers have argued that investors should not read too much into daily swings. [ID:nSP486694]
The Shanghai index is still up more than 50 percent so far this year, despite falling some 20 percent in just two weeks.
Some market watchers suspect that state-owned companies may have shifted loans received earlier in the year -- tied to the more than $1 trillion of new bank lending in the first half of the year -- into stocks and now they are taking out those funds to put into stimulus-related projects , Reuters reports.
Market rumors also spread through the session that Washington might have gotten closer to gestating a second round of economic stimulus - a notion that seemed less than practicable given that Congress is out of session , Barron's Blogs reports.
The behavior of the Russian inspector satellite, which was launched in the autumn of 2017, puzzles military officials in the United States
When the bill was submitted to Congress on August 2, the reason for imposing the new sanctions on Russia was based on Russia's alleged interference in the US presidential election in 2016, but then something clicked
Vladimir Putin is planning to attend the wedding ceremony of Austria's Foreign Minister Karin Kneissl on the way to Berlin