SINGAPORE, Oct 12 — Asian stock markets began the week with cautious gains today, as investors clung to hopes for US stimulus spending, while the dollar firmed after a Chinese central bank policy tweak unwound some of the yuan’s steep gains. The People’s Bank of China has scrapped a...
The People’s Bank of China has scrapped a requirement for banks to hold a reserve of yuan forward contracts, removing a guard against depreciation, which traders said suggested authorities were discomfited by recent gains. — Reuters pic
The yuan fell 0.7 per cent to 6.7331 in early trade, pulling the Australian dollar 0.2 per cent lower to US$0.7229. The fixing of the onshore trading band at 0115 GMT will be closely watched as a guide to authorities’ stance on the currency’s level. A new US$1.8 billion White House proposal has drawn criticism from both Democrats and Republicans, yet investors seem optimistic that spending will resume at some point.
“Markets should be very sensitive to Senate polling over the coming weeks, given still-high expectations for a large scale US stimulus package, which to some extent if not passed before November is contingent on the Democrats flipping the Senate.” However, Saturday’s move from the PBOC to cut forward reserve requirements, making it cheaper to short the yuan or to hedge against a rise, hints further gains could be tempered.
Other currency moves were modest, with early dollar weakness paring a bit. The euro edged 0.1 per cent lower to US$1.1819 and the yen was broadly steady at 105.64 per dollar. The kiwi dipped 0.1 per cent with the softer yuan to sit at US$0.6666.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden says 'chicanery' at polls is the only way he could lose US election | Malay MailERIE, Oct 11 — Democratic US presidential nominee Joe Biden said yesterday 'the only way' he could lose to President Donald Trump was through “chicanery,” before clarifying that he will accept the election result. Biden encouraged potential voters at a campaign stop in the must-win...
Read more »
US Covid-19 cases hit two-month high, 10 states report record increases | Malay MailNEW YORK, Oct 10 ― New cases of Covid-19 in the United States hit a two-month high today with over 58,000 infections of the new coronavirus reported and hospitalisations in the Midwest at record levels for a fifth day in a row, according to a Reuters analysis. Ten of the 50 states reported record...
Read more »
Saudi’s NCB buys Samba in US$15b bank merger | Malay MailRIYADH, Oct 12 — Saudi Arabia’s National Commercial Bank (NCB) yesterday said it will purchase rival lender Samba in a deal valued at around US$15 billion (RM62 billion) to create what would be the kingdom’s largest bank. The deal underscores a push by financial lenders to consolidate as the...
Read more »
US judge rules Apple could bar Epic Games' 'Fortnite' from App Store | Malay MailLOS ANGELES, Oct 10 — A federal judge in California yesterday ruled in an injunction request that Apple Inc could bar Epic Games's Fortnite game from its App Store but must not harm Epic's developer tools business, which includes the 'Unreal Engine' software used by hundreds of other video...
Read more »
Two Islamic State 'Beatles' plead not guilty in US court | Malay MailALEXANDRIA (United States), Oct 10 ― Two members of the notorious Islamic State kidnapping cell dubbed the “Beatles” pleaded not guilty in a US court yesterday to charges of conspiring to murder four American hostages. El Shafee Elsheikh, 32, and Alexanda Kotey, 36, were flown to the US from...
Read more »
Women held in US had surgery without consent, according to Mexico foreign ministry | Malay MailMEXICO CITY, Oct 11 — At least two Mexican women underwent surgery without their consent at a US immigration detention centre, the Mexican foreign ministry said. The ministry said in a statement yesterday that authorities from its consulate in Atlanta identified the cases after allegations...
Read more »