HONG KONG: The dollar climbed to its highest stage in more than five years and US stock-index futures surged before the release of American factory data. Oil expanded with silver, while tin plunged.
The Bloomberg Dollar Spot Index strengthened 0.3 per cent at 10.41am in Hong Kong. The yen retreated 0.5 per cent and the euro headed for its lowest level since June 2010. Standard & Poor’s 500 Index futures increased 0.4 per cent. Bonds of Kaisa Group Holdings Ltd plunged to record lows after the Chinese developer defaulted on a loan. Crude in New York advanced 1 per cent, following its biggest annual loss since 2008. Silver gained 1.3 per cent, while tin fell 1.6 per cent.
The dollar is extending gains after its best year since at least 2005, while the S&P 500 climbed 11 per cent in 2014 and Treasuries returned the most in three years. Investors piled into US assets as the Federal Reserve pledged patience in raising interest rates and data showed the economy grew the most in the third quarter since 2003. A US manufacturing index maintained expansion in December, economists project.
“While the Fed is not going to rush into any action, rates will go up,” said Thomas Averill, a managing director in Sydney at Rochford Capital, a currency and rates risk-management company. “The market is very long the dollar against the yen and the euro, and across the board.”
The yen retreated to 120.36 against the the US currency. The euro dropped 0.4 per cent to US$1.2057 (RM4.2316), extending its worst annual loss since 2005. Strategists, who were too timid with their call for a decline in 2014 to US$1.28, now see a drop to US$1.18 by the end of this year.
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