The dollar's latest plunge reflects another bull run in risky assets as the G20 commitment to keeping emergency economic support gives investors the green light to buy even more stocks and commodities. The low-yielding U.S. currency hit a one-year low against a basket of major currencies on Friday, on track to post its biggest weekly
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Chinese industrial output and other economic data surprised on the upside in August, suggesting its recovery is on a solid course but not so strong that Beijing will need to hit the policy brakes anytime soon. Asian shares edged up as the data supported regional recovery hopes, while the Australian dollar cut losses against the
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JPMorgan Chase & Co (JPM.N) is expanding its U.S. commercial banking business, even amid the recession, and is considering a return to commercial real estate next year. As other banks have labored to lay off commercial real estate exposure — the cause of the most recent slew of loan losses for many financial institutions —
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Morgan Stanley (MS.N) Chief Executive John Mack is stepping down and will be replaced by retail brokerage head James Gorman, signaling the storied bank is embracing stable businesses after losing big on risky ones. Mack, 64, a former trader who rose to CEO after a coup toppled Philip Purcell, will remain chairman of Morgan Stanley,
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Minister of Foreign Affairs Markos Kyprianou noted on Friday that ''Cyprus is one of the few genuine supporters of Turkey's European prospects,'' adding however that it is ''one of the strictest supporters who are not prepared to compromise the principles and values that the EU is founded upon just for the sake of a speedier
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U.S. crude oil slipped below $72 a barrel on Friday, snapping a three-day winning streak as investors questioned whether the pace of demand recovery justified current prices. U.S. crude for October delivery was down 13 cents at $71.81 a barrel by 0942 GMT. London Brent crude fell 3 cents to $69.83 a barrel. "The whole
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Gains in miners and banks, spurred by increasing optimism about a global economic recovery, helped push Britain's top share index up 0.8 percent, beyond the 5,000 mark by midday on Friday. By 1101 GMT, the FTSE 100 index was 38.72 points higher at 5,026.40, having closed 16.62 points, or 0.3 percent, lower on Thursday at
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By Emma Thomasson Swiss politics, usually reassuringly boring for the investors who stash their savings with the country's secretive banks, have become unusually heated, just as stability becomes an ever more prized asset. The Swiss government has come under mounting criticism for failing to defend strict bank secrecy from a global assault and for apologising
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It makes sense for China to diversify its huge stockpile of foreign exchange reserves, the U.S. Treasury's economic and financial emissary to China said on Friday. China's forex reserves, the world's biggest stockpile, stood at $2.13 trillion at the end of June. China has expressed concerns in the past about the value of its holdings
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British producer input prices rose at their fastest monthly rate in more than a year in August , driven by oil costs and pushing factory gate inflation slightly higher on the month. The Office for National Statistics said on Friday producer input prices rose by 2.2 percent in August, more than twice as fast as
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