Market News

Asian stocks crept up on Thursday following another steady performance by Wall Street shares which hovered near record highs, while the euro clung to modest gains after rebounding from 13-month lows.

Though Mario Draghi has been adding fuel to existing speculation that the ECB could shift to an even more accommodative stance, the Finance Minister of Germany, Wolfgang Schaeuble, has been downplaying just such a possibility, dismissing the ECB chief’s comments at the Jackson Hole central bankers’ symposium as “over-interpreted” by analysts.

Asian stocks rose yesterday after U.S. data on durable goods and consumer confidence boosted optimism in the strength of the world’s largest economy.

The U.S. Dollar remained steady during Tuesday trade in London while the Euro continued to under pressure as expectations grow that weak inflation data from the Eurozone, due to be released on Friday, will push the ECB into committing to additional stimulus.

Though market players were waiting anxiously to hear what Janet Yellen, the head of the U.S. Federal Reserve Bank, had to say last Friday at the Jackson Hole symposium for central bankers, it was Mario Draghi of the ECB who brought the house down, and the Euro along with it.

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Geopolitics between Russia and Ukraine reared its head once again and pushed investors toward safe haven currencies like the Swiss Franc and the Japanese Yen, which both rose versus the common currency Euro.

A hawkish sounding U.S. Federal Reserve helped to lift the U.S. Dollar Index, however unexpectedly strong German data boosted the Euro from a recent 11-month trough.

Asian shares came under pressure on Thursday as a disappointing survey on Chinese manufacturing stoked concerns about the regional giant and overshadowed better news from Japan.

Asian stocks fell after valuations reached the highest level this year and as BHP Billiton Ltd. (BHP) slumped, dragging materials shares to the largest decline on the regional gauge.

The U.S. Dollar firmed in Asian trade after it was reported that a keenly watched U.S. housing index improved for the third consecutive month, rising to a 7-month peak; according to the jointly issued report from Wells Fargo Bank and the NAHB, the reading improved to 55 this month from July’s 53, beating analysts’ expectations.

After last week’s considerable rout in the wake of the bombshell dropped by the Bank of England last week which indicated in its policy statement that it was postponing what otherwise appeared to be an imminent rate hike in order to wait for wage growth to improve.

Despite a disappointment in GDP numbers for the Eurozone, as well as its economic drivers, i.e. Germany, France and Italy, FX traders shrugged off the news which allowed the common currency to steady early in Asian trade.

The Euro suffered only a modest loss against the U.S. Dollar thanks to a rebound after a hard fall which came after the release of a key economic report from Germany showed that business sentiment once again deteriorated, now for the 7th straight month.

Asian bourses were mostly higher on Tuesday tracking Wall Street's overnight gains amid easing geopolitical jitters save for markets in China and India.