Member access

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
The feature you requested does not exist. However, we suggest the following feature:

GLOBAL MARKETS-Asian shares drop, dollar hits 13-year high versus yen

05/28/2015 | 12:04am US/Eastern
Pedestrians are reflected in an electronic board showing the Japan's Nikkei average outside a brokerage in Tokyo

Asian shares shed gains on Thursday as the Chinese, Hong Kong and Australian markets slipped, while the dollar scaled a 13-year peak against the yen as it rallied on expectations the U.S. Federal Reserve will raise rates this year.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped about 0.6 percent.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.6 percent, while the Shanghai Composite Index lost 1.4 percent. Hong Kong's Hang Seng index shed 1.4 percent.

Australian shares gave up early gains, with the S&P/ASX 200 index down about 0.3 percent, after weaker than expected business spending data suggested that rate cuts were failing to energise the economy as hoped.

Japan's Nikkei bucked the downtrend, as the weaker yen helped keep the index on track for its 10th consecutive rise, which would give it the longest winning streak since February 1988. It rose 0.7 percent after refreshing an intraday 15-year high.

"I thought the market would see a correction given the straight days of gains, but contrary to my initial view, it's being lifted by the weak yen," said Masashi Oda, chief investment officer at Sumitomo Mitsui Trust Bank.

The dollar hit a 13-year high against the yen, rising as higher as 124.30, and was last up 0.4 percent at 124.12.

The dollar's latest rally was sparked by remarks from Federal Reserve Chair Janet Yellen, who said last Friday that she expected the central bank to raise rates this year as the U.S. economy was set to recover from a sluggish first quarter.

By contrast, many investors expect the Bank of Japan to take additional easing steps later this year, when the Fed is expected to start raising rates.

"Longer term, little stands in the way of further JPY losses," said Greg Moore, senior currency strategist at RBC in Sydney.

An index tracking the dollar against a basket of six major currencies hit a one-month high of 97.775 and was last down slightly on the day at97.289, as the euro recovered from recent lows on hopes of a deal for Greece.

The euro changed hands at $1.0905, slightly higher on the day and above a one-month low of $1.0819 touched on Wednesday.

Although there are conflicting reports on the talks, some investors are betting on the kind of last-minute deals that have prevented a default since Greece's debt crisis began more than five years ago.

Greek officials spoke optimistically on Wednesday of reaching a cash-for-reforms deal, with economy minister George Stathakis saying Greece and its international creditors have converged on key points.

But German Finance Minister Wolfgang Schaeuble said there was not much progress in the debt talks and that he was surprised by the upbeat tone from some Greek government officials.

Uncertainty over whether Greece can get the support it needs to make payments to the International Monetary Fund on June 5 is likely to keep investors cautious for now.

Crude oil prices recovered after a two-day slide, although the firmer dollar kept markets under pressure.

Brent crude futures climbed about 0.7 percent to $62.51 a barrel, while U.S. crude futures were up 0.3 percent at $57.69 per barrel.

(Editing by Jacqueline Wong and Richard Borsuk)

By Lisa Twaronite and Hideyuki Sano

React to this article
Latest news about  
1  2  3  4  5  6  7  8  9  10Next

Most Read News 
05/21 ANSHU JAIN : Deutsche Bank gives Jain more power in shake-up, investors object
05/21DJGLEN MORENO : Virgin Money Holdings Appoints Glen Moreno Chairman
05/21DJPETER NICHOLAS : Clinton Foundation Received Up to $26 Million From Family's Speaking Fees
05/21 CARL ICAHN : Carl Icahn says underweight Apple bets will hurt funds' performance
05/22 FERDINAND PIËCH : Audi chairman says will take 'bit of time' to replace Piech on board
05/26DJDOUGLAS OBERHELMAN : ISS Urges Rejection of Caterpillar CEO Douglas Oberhelman's Pay Package
More news
Popular Business Leaders 
Paul Allen Anil Ambani Bernard Arnault Ernesto Bertarelli Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Paul Desmarais Albert Frère Bill Gates Philip Green Carl Icahn Steve Jobs Li Ka-shing Arnaud Lagardère Maurice Lévy Lakshmi Mittal Rupert Murdoch Xavier Niel Larry Page Nelson Peltz Patrick Ricard Jim Rogers Naguib Sawiris Carlos Slim George Soros Donald Trump Alain Weill
A-Z Business Leaders