A quarterly GDP growth of 8.9% is not enough to encourage any easing in stimulus measures, according to China’s Bureau of Statistics.
An unconvincing rally ended in a late plunge last night as a selling wave hit. Dow down 92.
Brazil has acted to stem the rise of its currency, as European finance ministers meet to discuss equivalent problems with the euro. A bounce in the US dollar would have a material effect on stock prices.
A brief look at important company events and economic data releases next week.
The gold price is not enjoying any support from the Indian gift season.
While many feel that developing Asia will continue to be insulated against the financial crisis, falling investment levels are now raising some doubts.
Gold broke through previous highs last night as rumours circulated that America’s Gulf state allies were in talks to shift away from trading oil denominated in US dollars.
The latest micro-pullback seems over as economic data and an upgrade for banks snapped Wall Street back into buying mode. Dow up 112.
As world leaders meet tomorrow to discuss ways of rebalancing the global economy to prevent another GFC, thoughts turn to the Plaza Accord of 1985.
A weak US dollar sent commodity prices higher once more, encouraging buying in stocks. Dow up 51.