Posted on 01/12/2010 10:05:30 PM PST by blam
Stocks, Commodities Fall After China Bank Move
On Wednesday January 13, 2010, 12:54 am
By Umesh Desai
HONG KONG (Reuters) - Stocks and commodities fell in Asia on Wednesday after China's surprise hike of banks' reserve requirements sparked investor concerns that the move could slow China's purchases of natural resources and other imported goods from Asia.
High-yielding currencies such as the Australian dollar weakened after the move by the People's Bank of China late on Tuesday, which was the strongest step to date by the central bank toward reining in asset price inflation.
Most markets recovered after an initial fall on a growing conviction that the policies confirm a broad economic recovery and were targeted at soaking up excess cash from the financial system.
"Its impact on earnings and economic activity in China will not be material," said Adrian Mowat, Chief Asian and Emerging Market Equity Strategist at JPMorgan.
[snip]
(Excerpt) Read more at finance.yahoo.com ...
China Ends U.S.’s Reign as Largest Auto Market (Update2)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aE.x_r_l9NZE
[It’s from Bloomberg, so don’t post any content from it here.]
yitbos
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