Gold Drops For 4th Day as Stock Market Recovery Cuts Safe Haven Demand

Gold lost more ground on Wednesday as a rebound in stock markets reduced some of the precious metal's safe haven appeal with additional pressure from a strengthening greenback. Asian shares crept off four-year lows as China's efforts to stabilise its currency brought a moment of calm to equity markets, even as oil marked a sorry new milestone under $30 a barrel. A late rebound in energy and biotech shares helped push the...

Aust Dollar Inches Above US70c

The Australian dollar is slightly higher with traders hopeful China can control the turbulence on its currency and equity markets. At 12.00pm (AEDT) on Wednesday, the currency was trading at US70.04c, up from US69.81c on Tuesday. Expectations of some stability in the Chinese yuan and on the Chinese sharemarket has lifted risk appetite slightly, helping the Aussie. All eyes will be on China’s currency fix, cash market open and the release...

Yen Starts 2016 as Currency of Choice on China Tumult, Oil Slide

The yen has started 2016 as the currency of choice for investors rattled by a change in China’s approach to the yuan and oil prices sliding to a 12-year low. Japan’s currency has strengthened 2 percent against the greenback this year, extending its advance on Tuesday after oil dropped below $30 a barrel. Gains were muted by an advance in U.S. stocks and after Chinese authorities stepped up efforts to stabilize the yuan. Australia’s dollar...

Japan Stocks Rise for First Time This Year After U.S. Rally

Japan stocks rose for the first time this year, following U.S. equities higher, as speculation mounted that a China-fueled global rout has gone too far. The Topix index jumped 2.8 percent to 1,441.39 at the trading break in Tokyo, the most since Sept. 9, after closing Tuesday at the lowest level in more than three months to cap the worst start to a year on record. The Nikkei 225 Stock Average gained 2.7 percent to 17,682.33. The Topix’s...

China Stocks Rise Before Trade Data as Offshore Yuan Strengthens

China stocks rose before trade data as the offshore yuan strengthened for a record fifth day. The Shanghai Composite Index climbed 0.6 percent to 3,042.21 at 9:31 a.m. local time, led by consumer companies. Trade data due at 10 a.m. are expected to show steeper declines for both exports and imports. The yuan in Hong Kong gained 0.16 percent, taking its five-day advance to 2.1 percent. Source : Bloomber...

Asian Stocks Rise Before China Trade Data as Japan Leads Advance

Asian stocks rebounded from a three-year low, after a rally in U.S. equities, as Japanese shares climbed for the first time this year and investors awaited China trade data. The MSCI Asia Pacific Index added 1 percent to 121.97 as of 9:11 a.m. in Tokyo, set to halt a seven-day losing streak after sliding to its lowest close since November 2012 on Tuesday. The Standard & Poor’s 500 Index rose for a second day on speculation the...