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China Considers Changing Yuan Fixing Formula to Curb Swings

China is considering changes to the way it calculates the yuan’s daily reference rate against the dollar, a move that’s likely to reduce exchange-rate volatility while undermining efforts to increase the role of market forces in Asia’s largest economy. Policy makers may add a “counter-cyclical factor” to the yuan’s daily fixing, according to a government statement on Friday, which confirmed an earlier report by Bloomberg News. Analysts said the change would give authorities more control over the fixing and restrain the influence of market pricing. While a more tightly-managed currency ...

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European Stock Rally Turns Local as Strong Euro Stings Exporters

European stock investors are starting to put their money where the euro is. After years of currency weakness that boosted exporters amid unprecedented monetary stimulus, stocks reliant on the domestic economy are beginning to outperform. Strategists from firms including JPMorgan Chase & Co., BNP Paribas SA and Kepler Cheuvreux SA say the trend will pick up pace as the region’s growth improves and the euro strengthens against the dollar. Boosted by the single currency’s stellar gains this year, JPMorgan’s basket of local stocks — which includes Zara owner Inditex SA, ...

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Oil-linked currencies recover, polls shake pound

Sterling fell to a two-week low on Friday after a poll showed a narrowing lead for British Prime Minister Theresa May over her opposition ahead of elections next month, while commodity-linked currencies inched higher after a recovery in oil prices. The yen rose to a 3-day high versus the dollar, while the euro also edged higher. In a sign that Britain’s June 8 election could be far more closely contested than previously thought, a YouGov poll published on Thursday showed that the opposition Labour Party had cut the lead of ...

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Dollar steady as commodity currencies slip on oil price drop

The dollar steadied against a basket of major currencies on Thursday, a day after Federal Reserve minutes that dialed down some expectations of the central bank hiking interest rates soon. The dollar index .DXY, which tracks the greenback against six major rivals, was down 0.04 percent to 97.197, after falling as low as 96.88 earlier. “We are seeing a little bit of softness in the dollar on a trade-weighted basis after yesterday’s Fed minutes,” said Karl Schamotta, director of global product and market strategy at Cambridge Global Payments in Toronto. ...

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MARKETS SNAPSHOT FOR 25/05/17

NASDAQ-Adv: 1,565 Dec: 1,336 NYSE-Adv: 1,570 Dec: 1,417 (Source: Nasdaq)

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EU’s Market Rules Revamp May Be Slower Than Traders Fear

The “big bang” the financial industry feared when the European Union’s overhaul of financial-trading rules takes effect in January may turn out to be more of a soft launch. The EU’s MiFID II market rules hit firms with a compliance ordeal that may ring up more than $2 billion in costs, and restrict everything from fund managers’ research budgets to high-speed trading and dealing in wheat and oil. But regulators have been quietly building in extra time to help the industry adjust to some of the law’s provisions. Norway is ...

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World stocks hit record after Fed minutes, oil up as OPEC meets

World stocks hit record highs on Thursday and the dollar dipped after the U.S. Federal Reserve signaled caution in raising interest rates, while oil prices rose in anticipation of top producers agreeing to extend output cuts for up to a year. European shares opened higher, but quickly dipped into negative territory. The pan-European STOXX 600 index was last down 0.3 percent, led lower by resources companies .SXPP after a 4 percent drop in iron ore on China’s Dalian Commodity Exchange. Earlier, Asian stocks, as measured by MSCI .MIAPJ0000PUS gained almost ...

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Fed minutes weigh on dollar, euro resumes climb

The dollar was on the defensive on Thursday, with investors low on incentives to buy the greenback after the Federal Reserve dialed down some expectations that it would hike interest rates soon, while the euro began to climb back towards a 6-1/2-month high. Fed policymakers agreed they should hold off on raising interest rates until they see evidence that a recent economic slowdown was transitory, the minutes from their last policy meeting showed on Wednesday. The minutes were seen to indicate heightened Fed caution toward interest rate hikes and took ...

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U.S. dollar slips after Fed minutes

The U.S. dollar slipped on Wednesday, after minutes of the latest Federal Reserve meeting showed policymakers agreed they should hold off on raising interest rates until they see evidence that a recent economic slowdown was transitory. The dollar index, which tracks the greenback against six major rivals, was down 0.17 percent to 97.184, after falling as low as 97.093. The minutes were the latest indication of the Fed’s heightened caution over policy tightening since the central bank began lifting rates from near zero in December 2015. Nearly all policymakers at ...

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MARKETS SNAPSHOT FOR 24/05/17

NASDAQ-Adv: 1,468 Dec: 1,379 NYSE-Adv: 1,688 Dec: 1,284 (Source: Nasdaq)

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World stocks slip on China downgrade, ahead of Fed minutes

World stocks inched lower on Wednesday after China’s sovereign credit rating was downgraded and as investors eyed a pause in Wall Street’s four-day winning streak, the longest in over three months. The dollar and U.S. bond yields were steady as investors awaited the minutes from the Federal Reserve’s last policy meeting. An interest rate rise next month is now 75 percent priced in, according to futures market pricing. Oil wiped out earlier gains ahead of OPEC’s meeting on Wednesday at which the cartel is expected to lead an output cut ...

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Dollar holds above 6-1/2 month lows, Fed minutes in focus

The dollar on Wednesday held above 6-1/2-month lows hit in previous days, as comments from a senior Federal Reserve official rekindled expectations of possible U.S. interest rate rises. The dollar had lost nearly all of its gains since the U.S. elections last November as investor hopes for a fiscal boost from President Donald Trump were dulled by a scandal over his firing of former FBI director James Comey. That, along with a recent sub-par U.S. data has weighed on the dollar in past weeks. Citi’s Economic Surprise Index <.CESIUSD> for ...

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Dollar off 6-1/2-month lows; Fed minutes in focus

The dollar rose on Tuesday from recent lows as traders bet on a U.S. interest rate hike in June and awaited Wednesday’s release of the minutes of the U.S. Federal Reserve’s meeting in early May. The dollar index .DXY, which tracks the greenback against six major rivals, was up 0.43 percent at 97.405 and on pace for its best day in two weeks. The index fell to a more than six-month low on Monday. Some traders had recently bet on the dollar’s decline, and the currency’s sell-off prompted them to ...

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MARKETS SNAPSHOT FOR 23/05/17

NASDAQ-Adv: 1,514 Dec: 1,365 NYSE-Adv: 1,765 Dec: 1,218 (Source: Nasdaq)

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European Stocks Climb as Economic Data Lift Cyclical Companies

European stocks climbed as stronger economic data from Germany and France helped lift the shares of cyclical companies including makers of technology and autos. The Stoxx Europe 600 Index rose 0.2 percent at 9:40 a.m. in London. Technology shares were among the best performers, led by Nokia Oyj, after the company settled all litigation with Apple Inc. related to their intellectual property dispute and agreed on a multi-year patent license. Automakers and lenders also climbed. The Stoxx 600 slipped less than 0.1 percent yesterday, with banks leading losses. German business ...

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