Financial Markets…Chinese stocks dropped the most in five months amid worries over property markets and the country’s currency weakened the most in more than three years. The benchmark Shanghai Composite Index fell 2%, extending its four-day decline to 5.1%, led by a slump in property stocks on mounting funding concerns. China’s yuan depreciated 0.46% versus the dollar to 6.1266, the steepest drop since November 2010, spurred by signs Chinese economy is losing momentum.
Financial Markets…U.S. stocks rallied on Monday, with the S&P 500 index rising to a record high, as investors speculated the world biggest economy can withstand the normalization of Fed’s monetary policy. The U.S. stock rally shrugged off worries over a cooling property market in China. The S&P 500 gained as much as 0.9% to an all-time high of 1,852, surpassing a previous high of 1,848.38 reached on January 15, and the Dow Jones industrial average was also up 0.9% in morning trade. The S&P index has bounced back 5.4% from its low on February 3.
Financial Markets…Global equities moved lower on Wednesday as downbeat economic data from China and Eurozone and escalating turmoil in Ukraine dampened market sentiment. The benchmark MSCI world stock index dropped 0.5% to a 6-day low, with the MSCI developing-country stock index sliding 1.1%. Meanwhile, U.S. equities opened higher in morning trade with the S&P 500 and the Dow gaining 0.3% and 0.4%, respectively.
Financial Markets… Kazakhstan’s central bank devalued its tenge currency by 19% to 185 per dollar in an effort to hinder foreign speculators and adjust to the currency weakening of its main trading partner Russia. The Russian ruble, which is a reserve currency of Kazakhstan along with dollars and euros, has weakened 5.4% thus far this year. This has put additional pressure on the Kazakhstan currency as Russia accounted for nearly 18 % of Kazakhstan’s total trade, second after the European Union at about 41%.
High Income Economies…In the week ended February 1stU.S. first-time jobless claims fell more-than-expected to 331,000, a decrease of 20,000 from the previous week's revised figure of 351,000. The less volatile four-week moving average inched up to 334,000, an increase of 250 from the previous week's revised average of 333,750. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also climbed to 2.96 million in the week ended January 25th from the preceding week's revised level of 2.95 million.
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