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Dollar, Euro, Pound & Yen

00:01 Friday 9 July, 2010

According to Bain & Co, China has swept past the US as the world's #2 luxury market, and it's expected to grow 15% in 2010. Shaun Rein, managing director of China Market Research Group, speaks to CNBC's Chloe Cho about luxury brands big push into China.

23:58 Thursday 8 July, 2010

Gold futures cemented losses in midmorning trading Thursday to slide below the key $1,200 level after earlier attempts at gains. Gold for August delivery fell $5.7, or 0.5%, to $1,193.2 an ounce on the Comex division. The drop came after the Labor Department reported the number of people filing initial claims for unemployment benefits declined by 21,000 in the latest week to 454,000. The report offered an encouraging sign of economic recovery, luring investors away from Treasurys and gold, which are often held as safety measures in uncertain economic times.

23:54 Thursday 8 July, 2010

Stocks rose for a third day and oil rallied as the International Monetary Fund lifted its estimate for global economic growth and U.S. jobless claims fell more than forecast. The benchmark 10-year Treasury yield climbed above 3 percent for the first time this month.

The Standard & Poor’s 500 Index rallied 0.9 percent to 1,069.44 at 9:42 a.m. in New York, extending its three-day rebound from a 10-month low to almost 5 percent. The yen depreciated against all 16 of its most-traded counterparts, while the Australian dollar and South Korea’s won strengthened. Oil climbed to a one-week high. Credit-default swaps to insure Greek bonds fell 18 basis points, according to CMA DataVision.

The S&P 500 extended its longest streak of gains since April as the 21,000 decrease in jobless claims and growth in June retail sales bolstered confidence before the second-quarter earnings season starts next week. The world economy will expand 4.6 percent this year, the biggest jump since 2007, the IMF said. European banks gained on speculation stress tests will show narrower losses than some analysts estimated.

22:08 Thursday 8 July, 2010

"We do not contemplate the possibility of a double-dip recession... It's not impossible, but it is not something that we think is likely," Jose Vinals, financial counselor and director of the Monetary and Capital Markets Department from the IMF, told CNBC Thursday. Amartya Sen, author of The Idea of Justice, joined the discussion.

22:05 Thursday 8 July, 2010

The global economy will continue to recover this year and next, despite the turbulence from Europe and worries about sovereign debt, the International Monetary Fund said Wednesday.

Turbulence in financial markets "has cast a cloud over the outlook," the IMF said in its World Economic Outlook. So far, however, "there is little evidence of negative spillovers to real activity at the global level."

Despite the forecast upgrade, "downside risks have risen sharply amid renewed financial turbulence," the IMF said. "The new forecasts hinge on implementation of policies to rebuild confidence and stability, particularly in the euro area."

21:58 Thursday 8 July, 2010

U.S. stock-index futures advanced after jobless claims decreased more than forecast last week, easing concern that a slow-to-recover labor market will stifle the economic recovery.

Futures on the Standard & Poor’s 500 Index expiring in September climbed 0.3 percent to 1,062.6 at 8:35 a.m. in New York. Dow Jones Industrial Average futures rose 28 points, or 0.3 percent, to 10,008.

Initial jobless claims decreased by 21,000 in the week ended July 3, Labor Department figures showed today in Washington. Filings were lower than the median forecast in a Bloomberg News survey. The number of people receiving unemployment insurance dropped to the lowest point since 2008, while those getting emergency benefits also declined after Congress failed to pass legislation extending the assistance.

15:06 Thursday 8 July, 2010

There isn't a nationwide bubble in China's property market, says Chi Lo, head of overseas investment at Ping An of China Asset Management. He explains why he disagrees with the views of Kenneth Rogoff of Harvard University, with CNBC's Bernard Lo & Karen Tso.

15:00 Thursday 8 July, 2010

China's foreign exchange regulator said Wednesday that its reserves are managed according to market principles, and that concerns it's mulling dumping its U.S. debt holdings are unfounded.

The State Administration of Foreign Exchange said in a statement Wednesday that it adopts "a go with the flow" attitude in the management of its foreign exchange reserves and that potential changes in its holdings of U.S. debt reflect shifting market conditions and are not intended to send political messages.

U.S. government debt is attractive because it's the largest sovereign market on Earth, offers low transaction costs, and provides "good security", the agency, known as SAFE, said in a prepared statement.

14:54 Thursday 8 July, 2010

Asian stocks, the euro and won rose to their highest levels this month, extending a global rally, on optimism the global economy will avoid a second recession. Oil rebounded from a four-week low, copper climbed for a fifth day, and concern waned about corporate debt defaults.

The MSCI Asia Pacific Index advanced 1.7 percent to 115.18 as of 1:52 p.m. in Tokyo. The euro strengthened to as much as $1.2688 and the won gained 0.5 percent. Oil climbed to $74.59 a barrel. Standard & Poor’s 500 Index futures were little changed.

“I doubt we’ll have another global recession,” said Masayuki Kubota, a fund manager at Tokyo-based Daiwa SB Investments Ltd., which oversees $51 billion. “People are very sensitive to economic data from the U.S. If something good comes out, market sentiment easily rebounds. I’m buying sectors which were sold on excessive pessimism.”

11:24 Thursday 8 July, 2010

Japan is in danger of a slow motion sovereign debt crisis 5 to 10 years from now, warns Kenneth Rogoff, professor of public policy & economics at Harvard University. He tells CNBC's Martin Soong, Kaori Enjoji, Bernard Lo, Sri Jegarajah & Karen Tso more.

11:20 Thursday 8 July, 2010

Japanese equities rose sharply Thursday morning, with an overnight rally on Wall Street and a drop in the yen's value against the dollar propelling local shares higher. The benchmark Nikkei Stock Average rose 2.6% to 9,517.5, while the Topix gained 2.3% to 860.8. The advance came despite weaker-than-expected core machinery orders for May -- seen as a leading indicator for Japanese industry -- and a lower current account surplus than forecast.

09:14 Thursday 8 July, 2010

Japanese machinery orders fell 9.1 percent in May from April, the Cabinet Office said in Tokyo today.

Orders, an indicator of business investment in three to six months, were forecast to decline 3 percent, according to the median estimate of 24 economists surveyed by Bloomberg News.

08:01 Thursday 8 July, 2010

Discussing whether there will be a double-dip and if the Fed should print more money, with Richard Fisher, Dallas Fed president and CNBC's Steve Liesman.

07:57 Thursday 8 July, 2010

Oil futures rose for the first time in seven sessions Wednesday as the U.S. Energy Information Administration revised up its global oil demand forecast and investors enjoyed a break from disappointing economic data.

Crude oil for August delivery gained $2.09, or 2.9%, to $74.07 a barrel on the New York Mercantile Exchange, its first close above $74 in a week. Natural gas futures fell 2.5%.

"There are no big fundamental changes to explain the rise in oil except the price was pushed so low after a few sessions of worsening economic sentiment," said Costanza Jacazio, an oil analyst at Barclays Capital. In the absence of more weak data, Jacazio said that $73 is "still a comfortable range" for crude.

07:49 Thursday 8 July, 2010

Stocks surged, sending U.S. benchmark indexes up the most since May, while the dollar and Treasuries slid as growth in American retail sales bolstered optimism in the earnings season and investors speculated European banks will pass stress tests.

The Standard & Poor’s 500 Index extended a two-day rebound from a 10-month low, rallying 3.1 percent to 1,060.27 at 4 p.m. in New York for its best gain since May 27. The Stoxx Europe 600 Index climbed 1.4 percent as Spanish and Italian lenders surged. The Dollar Index lost 0.2 percent to a two-month low of 83.888 and 10-year Treasury yields rose six basis points to 2.99 percent. Oil climbed from a four-week low and copper jumped.

“The market is very oversold,” said Paul Zemsky, the New York-based head of asset allocation for ING Investment Management, which oversees $550 billion. “The improvement in retail sales numbers was enough to get some people back in. Over the next few weeks, we’ll probably get both economic and earnings data that will show that we’re not going to go back into recession.”

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