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Currency News

Asia’s Opening

Pent up long positions are expected to be unwound as we head into the weekend after risk aversion returned to the fore overnight.

Contagion fears gripped early London markets after the parent of Portugal’s second largest lender, Espirito Santo missed some debt payments. Not helping was follow up weak industrial production data from France and Italy and soft China trade figures. Into the session, systemic concerns over Portugal’s banking system were somewhat soothed. However amid an increasingly softer global growth backdrop, investors have become clearly nervous to add on to what appears to be overstretched stock valuations and currencies. Wall Street ended down but well off lows and safe havens are attracting good interest in tandem, with German 10-year Bund yields falling to a 14-month low of 1.17%. 10-year US Treasury yield fell from 2.55% to 2.49% before rebounding to 2.53%. Gold is up 1% at $1,335 while the Yen has outperformed.

  • Asia’s Opening

  • Asia’s Opening

  • Asia’s Opening

  • Asia’s Opening

What's New

China is set to overtake the U.S. as the world's number one economy...

China is set to overtake the U.S. as the world’s number one economy, while India has jumped into third place ahead of Japan, according to a new study from the world’s leading statistical agencies. The 2011 International Comparison Program (ICP), which involves the World Bank, assesses economies based on purchasing power parity (PPP), an estimate of the real living costs.

The results revealed paint a new and different picture of the global economy compared with the last update in 2005. The research puts China’s GDP (gross domestic product) at 87 percent of the U.S. in 2011 and says the Chinese and Indian economies have more than doubled relative to that of the U.S. In the 2005 study, the ICP believed China’s economy was less than half the size of the U.S., at 43 percent.

“The United States remained the world’s largest economy, but it was closely followed by China when measured using PPPs. India was now the world’s third largest economy, moving ahead of Japan,” the report said.

  • As part of its efforts to allow markets to play a key role...

  • Hedge funds lowered bullish bets on gold...

  • Employers wanting to hire fresh graduates in Singapore will pay more...

  • Sustainability advocacy group Ceres, in collaboration with BlackRock...

  • A number of Western commodity companies are setting up...

Editorial

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