Global stocks drift as yuan sta­bi­lizes for a sec­ond day

The China Post - - MARKETS -

Global stock mar­kets drifted Fri­day as main­land China’s cur­rency sta­bi­lized for a sec­ond day, eas­ing un­cer­tainty about its di­rec­tion af­ter an un­ex­pected de­val­u­a­tion ear­lier in the week.

Europe started Fri­day on a pos­i­tive note. The U. K.’ s FTSE 100 added 0.2 per­cent to 6,579.68 and Ger­many’s DAX rose 0.2 per­cent to 11,031.37. France’s CAC- 40 added 0.1 per­cent to 4,990.99. Fu­tures showed that Wall Street was set for a lack­lus­ter day. Dow fu­tures fell 0.1 per­cent while S& P fu­tures de­clined 0.2 per­cent.

The U. S. dol­lar was buy­ing 6.3901 yuan, lit­tle changed from the pre­vi­ous change af­ter Zhang Xiaohu, a deputy gover­nor at Peo­ple’s Bank of China, said Thurs­day that there is “no ba­sis for per­sis­tent and sub­stan­tial de­val­u­a­tion.” Zhang said the yuan is close to “mar­ket lev­els” af­ter two days of declines. The yuan fell about 3 per­cent this week, be­gin­ning its slide on Tues­day af­ter a sur­prise change in ex­change rate pol­icy, which roiled global fi­nan­cial mar­kets and caused Asian stocks and cur­ren­cies to tum­ble. Bei­jing said the change was aimed at mak­ing the tightly con­trolled cur­rency more mar­ket- ori­ented.

Ja­pan’s Nikkei 225 fin­ished 0.4 per­cent lower at 20,519.45 while Hong Kong’s Hang Seng was down 0.1 per­cent at 23,991.03. China’s Shang­hai Com­pos­ite In­dex added 0.3 per­cent to 3,965.33 Aus­tralia’s S& P/ ASX 200 was down 0.6 per­cent to 5,356.50. Fi­nan­cial mar­kets in South Korea were closed for a hol­i­day. South­east Asian mar­kets fin­ished mostly higher.

Safe- haven gold fetched US$ 1,118.45, com­pared to US$ 1,121.23 late Thurs­day. In other mar­kets: — Welling­ton fell 0.72 per­cent, or 41.25 points, to 5,696.45.

— Jakarta ended points to 4,585.39.

— Sin­ga­pore closed 0.73 per­cent, 22.47 points, higher at 3,114.25.

— Kuala Lumpur fell 1.53 per­cent, or 24.80 points, to close at 1,596.82.

— Bangkok added 0.70 per­cent, or 9.77 points, to 1,413.92

— Mum­bai rose 1.88 per­cent, or 517.78 points, to 28,067.31 points.

flat, adding 1.141


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