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China’s silence on yuan’s swift gains keeps markets buzzing

As China’s yuan climbs rapidly to its strongest levels in six years against the currencies of the country’s trading partners, a notable absence of concern and intervention by the authorities is unnerving investors. Beijing has so far not intervened directly or verbally during the yuan’s ascent since early September, which took it to 4-month highs and past 6.4 per dollar this week. The head of the currency regulator, the State Administration of Foreign Exchange(SAFE), said on Wednesday authorities will keep the yuan stable. That silence, amid growing signs of weakness ...

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BIS develops fund to channel c.bank reserves to Asia green bonds

The Bank for International Settlements (BIS) said on Thursday it had developed an Asian Green Bond Fund to channel global central bank reserves to green projects in the Asia Pacific region. The fund will provide a pipeline for central banks to invest in bonds issued by sovereigns and corporates that comply with strict international green standards, the BIS said in a statement. “The fund will work closely with the Asian Development Bank (ADB) and other development financial institutions as well as other issuers,” the statement said. Source: Reuters (Reporting by ...

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STOCK MARKET SNAPSHOT FOR 22/10/2021

NASDAQ-Adv: 2,261 Dec: 2,267 NYSE-Adv: 1,826 Dec: 2,229(Source: Nasdaq)

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Investors face myriad green investing rules

After years of complaints that there were no rules to determine what constitutes a “sustainable” investment, investors now fret there will soon be too many to navigate easily. More than 30 taxonomies outlining what is and isn’t a green investment are being compiled by governments across Asia, Europe and Latin America, each one reflecting national economic idiosyncrasies that can jar with a global capital market which has seen trillions pour into sustainable funds. The European Union will introduce its green investment taxonomy or common framework in January to help asset ...

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No place to hide: investors to trawl Europe’s Q3 earnings for inflation clues

As Europe’s third quarter reporting season kicks into gear, investors are scrutinising company results for any signs that supply chain strains, labour shortages and surging energy prices are starting to undermine profits. Confidence in Europe’s earnings resilience has helped the continent’s bourses recover from a wobble in September with the latest Refinitiv I/B/E/S data showing third quarter profits for the 600 biggest listed European companies are expected to grow 46.7% from the same period in 2020. However, while earnings upgrades have consistently outnumbered downgrades since October last year, the weekly ...

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Marketmind: Back to the blues

A look at the day ahead from Karin Strohecker. Markets are in a somber mood on Thursday. There is little let up on the Chinese property sector front with investors wondering how much damage the Chinese economy might suffer from a potential default of embattled property giant China Evergrande Group – now possibly just days away. Evergrande shares suffered a double-digit tumble after it scrapped a deal to sell a stake in its property group, though it also secured an extension on a defaulted bond, according to media reports. Adding ...

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Risk currencies’ rally pauses, yen edges up

The Australian and New Zealand dollars slipped from highs hit overnight, and the dollar eased versus the yen on Thursday, in what analysts said was profit-taking following a strong rally. The U.S. dollar index was flat on the day at 0740 GMT, at 93.642. Versus the Japanese yen, the dollar was down 0.2% at 114.065, having slipped from 114.695 the pair reached on Wednesday, which was the yen’s weakest in four years. The yen also reversed its recent losses versus the Australian dollar. The Australian dollar had rallied against the ...

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China raises $4 billion in U.S. dollar bond after attracting strong investor demand

China has raised $4 billion through a U.S. dollar sovereign bond issue, a term sheet showed, with the offer attracting robust demand from offshore investors despite an ongoing regulatory crackdown across industries and problems in the property market. Investor bids for the four tranche deal reached $23.2 billion, nearly six times the amount raised, official statistics published by advisers showed on Wednesday. The sale comes at a tricky time for China: its economy is slowing, while investors are worried about a regulatory crackdown and potential contagion from China Evergrande Group’s ...

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STOCK MARKET SNAPSHOT FOR 21/10/2021

NASDAQ-Adv: 2,582 Dec: 1,885 NYSE-Adv: 2,802 Dec: 1,226(Source: Nasdaq)

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Shares gain on earnings optimism

Shares from Asia to Europe gained on Wednesday on rising optimism about the global economy and corporate earnings, while government bond yields rose and the yen fell to its lowest in four years against the dollar. The regional Euro STOXX 600 traded up 0.1% after opening in negative territory, amid a somewhat mixed picture for earnings even as investors were largely upbeat about prospects. German stocks also turned positive, adding 0.3%. In the Netherlands, chip-making machine maker ASML Holdings, a key supplier to computer chip makers, fell 3% despite posting ...

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Yen hits four-year low versus dollar as risk appetite improves

The dollar steadied in early European trading on Wednesday, after an improvement in global risk appetite saw riskier currencies gain and the yen hit a four-year low against the dollar overnight. European stock indexes were mostly up and the U.S. 10-year Treasury yield rose to a five-month high overnight, helped by rising optimism about the global economy and corporate earnings. Reduced demand for safe-haven assets saw the dollar hit a four-year high of 114.695 versus the yen overnight. But by 0753 GMT the pair was flat at 114.375 JPY=EBS. The ...

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China to issue U.S. dollar bonds in four tranches of up to 30 years – term sheet

China will issue dollar-denominated, multi-tranche bonds in tenors of three, five, 10 and 30 years, according to a term sheet seen by Reuters on Tuesday. The Ministry of Finance mandated 14 banks on Monday for the issuance, which, according to two sources with direct knowledge of the matter, is expected to raise about $4 billion. Demand for the deal reached $15 billion by noon Hong Kong time on Tuesday, according to a message sent to investors. Pricing is expected to be finalised Wednesday in Asia following the New York trading ...

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Global Investors Wary of COVID Surge Can Spur Move to Treasuries

Aresurgence in COVID-19 cases across Europe could spur a global move towards safe haven assets such as U.S. Treasury notes. Just as the global market looks to recover from the pandemic, a risk-on sentiment could quickly turn back to risk-off as more cases spook investors. “Global investors are also attentive to the latest developments surrounding the spread of the virus, as Covid-19 makes a resurgence across Europe and the United States,” said Han Tan, a market analyst at ForexTime (FXTM). A country’s economic recovery is contingent on how well it ...

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STOCK MARKET SNAPSHOT FOR 20/10/2021

NASDAQ-Adv: 2,802 Dec: 1,671 NYSE-Adv: 2,435 Dec: 1,615(Source: Nasdaq)

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Asian bonds see foreign inflows for 16th successive month in September

Foreigners were net buyers of Asian bonds for a sixteenth consecutive month in September, though the inflows were capped on worries over higher inflation levels and chances of a hawkish shift in major central banks’ policy measures. Overseas investors purchased a combined net total of $3.64 billion in Indonesian, Malaysian, South Korean, Thai and Indian bonds last month, compared with net buying of $7.39 billion in August, data from regulatory authorities and bond market associations showed. “Bond inflows into Asia moderated in September compared to August, on expectations that Fed ...

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