21 September 2021
World Markets at a glance for Currency, Equity, Commodity, Bonds, Crypto Currency, Financial News & Major Economic Events.
- Dollar holds gains, yuan under pressure as Evergrande risks grow
- Asia markets fight to stabilise as Evergrande looms large
- Oil falls 2% on risk aversion, dollar strength
The offshore yuan wallowed near an almost one-month low on Tuesday while the safe-haven dollar and yen stood tall as investors sought shelter from a potential China Evergrande default.
The U.S. currency had already been rising on expectations the Federal Reserve will signal a start to stimulus tapering at a two-day policy meeting that ends Wednesday. The greenback was mostly flat at $1.17245 per euro after gaining to $1.1700 overnight, also a first since Aug. 23. The yen eased back about 0.2% to 128.50 to the single currency, but still close to its high of 128.155 from Monday, a level not seen since Aug. 20. The dollar rose 0.18% to 109.58 yen, trimming some of its overnight losses, but with the pair still meandering near the middle of the trading range of the past 2-1/2 months.
Shares in Asia-Pacific declined in Tuesday morning trade as investors continue to monitor the situation surrounding embattled developer China Evergrande Group.
Japanese stocks declined as they returned to trade following a Monday holiday. The Nikkei 225 dropped 1.84% while the Topix index shed 1.74%. Hong Kong’s Hang Seng index, which was dragged down by more than 3% on Monday amid investor fears around Evergrande, fell 0.79% in Tuesday morning trade. In Australia, the S&P/ASX 200 dipped 0.27%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.5% lower.
Oil prices fell 2% on Monday as investors grew more risk averse, which hurt stock markets and boosted the U.S. dollar, making oil more expensive for holders of other currencies
Brent crude fell $1.42, or 1.9%, to settle at $73.92 a barrel after sinking to a session low of $73.52. U.S. West Texas Intermediate (WTI) declined $1.68, or 2.3%, to end at $70.29 after falling to as low as $69.86.
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