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ActionTitle:
U.S. sees China pushed to let market forces work
(Reuters) - China will be compelled to let market forces play a larger role in managing its economy as it faces complicated challenges ranging from an aging population to rising wages and prices, a senior U.S. Treasury Department official said on Tuesday.
Lael Brainard, the Treasury's undersecretary for international affairs, told a group of business people, diplomats and academics that China faces "an extraordinarily steep demographic cliff" that will reduce the advantage of a young labor force willing to work cheaply.
"Wages and costs are rising rapidly. There is a self-reinforcing momentum to have market forces determine how capital is allocated, how exchange rates adjust," Brainard said during a discussion about last week's Strategic and Economic Dialogue talks in Beijing.
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Asian Market Update : 09/05/2012
Economic Data
(JP) JAPAN APR OFFICIAL RESERVE ASSETS: $1.29T V $1.28T PRIOR (first increase in 3-months)
(UK) UK APR BRC SALES LIKE-FOR-LIKE Y/Y: -3.3% V 0.6%E
(KR) SOUTH KOREA APR BANK LENDING TO HOUSEHOLDS (KRW): 453.6T V 452.3T PRIOR
(KR) SOUTH KOREA MAR MONEY SUPPLY L Y/Y: 1.8% V 0.3% PRIOR; M2 Y/Y: 0.0% V 0.7% PRIOR
(CO) Colombia Apr Producer Price Index M/M: +0.2% v -0.2% prior; Y/Y: +1.6% v +1.6% prior
Markets Snapshot (as of 04:30GMT)
Nikkei225 -1.6%
S&P/ASX -1.1%
Kospi -1.0%
Taiwan Taiex -0.8%
Singapore Straits Times Index -0.7%
Shanghai Composite -1.3%
Hang Seng -1.0%
Jun S&P Futures -0.1% at 1,352
June gold -0.8% at $1,591/oz
June Crude -0.5% at $96.53
Overview/Top Headlines
Concerns over Greece backing out of its bailout package continue to weigh on the ...
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Asia Cannot Escape Europe And The Aussie Cannot Escape Swan's Budget
Growth fears stemming from Europe are once again weighing on investor sentiment, with the dollar the biggest loser in the FX market and equity markets falling throughout the session. This time it was comments from the radical leader of the Greek leftwing party that stirred the market.
The leader of the Syriza party, which came second in the weekend's election, Alexis Tsipras demanded an end to the austerity program and thereby the reversal of the fiscal and structure reforms that have allowed Greece to cut its budget deficit. This is fuelling speculation of a Greek exit from the euro, whilst this may not be a bad thing in the long-term it would likely result in a lot of market volatility and panic as it would be unprecedented territory, and thus no one is sure how it would play out.
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Political Disruptions Weigh on Risk Sentiment
USD is trading firmly against the majors (except the JPY) with the Dollar Index advancing to approach the pivotal 80.00 level. With little economic data due out today, the market's focus remains on political developments in Europe and the elevated uncertainty is seeing traders shift away from risky assets and into safe havens. US Treasury yields are lower with the 10-year yield currently around 1.84% and US equities are lower with the DJIA and S&P 500 currently down by -0.60% and -0.68% respectively. The dollar is strongest against the commodity currencies (AUD, NZD, CAD) amid growth concerns and significant technical declines in commodities. Gold (XAU/USD) is currently trading below a long term trendline support which began at the lows in Oct. 2008 and crude oil is currently below its 200- ...
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Uncertainty over Europe hits euro, shares slip
Investors sold European shares and the euro on Tuesday, unnerved by the political stalemate in Greece and the threat of a Franco-German split over policies to tackle the region's debt crisis.
The uncertainty in Europe added to worries about global growth after weak American jobs data, sending industrial commodities like oil and copper lower. U.S. shares were also expected to open down on Wall Street. .N
While markets were in a risk averse mood, activity was less volatile than on Monday when European shares initially fell sharply in reaction to the weekend's election results before firming after Spain said it was prepared to use public funds to help its troubled banks.
Spain is the euro zone's fourth largest economy and investors have focused on its troubles because it would be expensive ...
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Risk-Aversion Sends the Euro and Sterling South
With the start of the second session this week, tension remains evident in the market as the Greek talks continues for the second day, where so far Greek political leaders are unable to form a government, following the failure of Antonis Samaras, the thing that raised fears regarding the Greek future and existence in the Monetary Union as well, sending high yielding currencies led by the euro and sterling pound south.
The sentiment continues to be negative in the market as Greeks are split over the bailout deal with the European Union and the existence in the euro-area, where major parties in Greece lost significant support as those parties signed the bailout deal with the European Union, which in result mean more austerity and cuts for the Greek nation.
Amid the current political ...
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European fears weaken euro, shares fall
(Reuters) - Investors sold European shares and the euro on Tuesday, unnerved by the political stalemate in Greece and the threat of a Franco-German split over policies to tackle the region's debt crisis.
However, markets were less volatile than on Monday when shares initially sold-off in reaction to the weekend's election results before ending the day higher, soothed by news that Spain was prepared to use public funds to help its troubled banks.
Spain is the euro zone's fourth largest economy and investors have focused on its troubles because it would be expensive to provide a bailout similar to the one supporting the much smaller Greek economy.
Greek voters punished the two mainstream parties in Sunday's vote for supporting the austerity conditions of the financial package and now the ...
Title:
Euro Limits The Damage After French And Greek Elections
Sunrise Market Commentary
- Fixed Income: Little support from elections
- Global core bonds set new contract highs at the start of the European session after the French and Greek elections. However, the negative sentiment surprisingly didn't push through and many markets bounced off key levels.
- Currencies: euro limits the damage after French and Greek elections.
- On Monday, the euro opened sharply lower after the election results in Greece and Spain. However, the price moves developed in an orderly way. Even more, the single currency showed remarkable resilience and reversed part of the early losses. The test of the 1.2974 support was rejected. The EUR/GBP 0.8068 support remains under pressure.
The Sunrise Headlines
- US Equities hovered sideways on Monday, halting a ...
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SunBirdFX Daily Market Analysis : 05/08/2012
www.sunbirdfx.com
Wall Street opened the trading week on mixed territory as Dow closed negative NASDAQ and S&P closed positive. On the beginning of the day it looked like the indices were about to continue the bearish momentum from Friday after sharp declines in Europe and Asia. Eventually, the indices managed to rise and close around Friday's closing levels. The S&P 500 opened the trading session around 1360 points, which is the lower boundary of the channel it is moving through and as we mentioned yesterday, the index might continue stamping between 1360 points and 1400 points for a while.
AUD/USD
The crash of the US futures and the European & Asian markets during yesterday morning caused large gaps in most of the currencies pairs, as the USD strengthened due to these declines. Later, ...
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