Global stock markets had a mixed start to the week on Monday and core bond yields fell as investors juggled Chinese steps to stimulate its slowing economy and a proposed telecoms deal in Europe with growing worries Greece may default. European shares opened higher, shrugging off falls in Asia after early gains there, driven by a hefty cut in the amount of cash Chinese banks must hold in reserves, faded.
Sunday's 100 basis point cut by the Chinese central bank in the reserve requirement ratio helped lift the Australian dollar against its US counterpart. China is the main export market for Australian natural resources. The Chinese stimulus helped lift oil prices, which were also boosted data on Friday showing the number of US rigs drilling for crude fell to its lowest since 2010.
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