The dollar index rose on Friday after positive consumer spending data suggested the Fed may raise interest rates this year.» Read More
NEW YORK, Aug 24- U.S. The global stock market rout began after Beijing surprised investors on Aug. 11 when it devalued the yuan, a move that sparked fears about a "currency war" in which nations seek to make their exports cheaper against their trading partners. "The China devaluation opened up Pandora's Box.
Jason Thomas, The Carlyle Group, shares his thoughts about systemic risk in China and the broader issues it indicates about the economy. And CNBC's Michelle Caruso-Cabrera adds insight.
*Shanghai stocks lose 9 pct, lack of steps from Beijing disappoints. Safe-haven government bonds and the yen and the euro rallied as widespread fears of a China- led global economic slowdown and currency war kicked in. "It is a China driven macro panic," said Didier Duret, chief investment officer at ABN Amro.
Users posted thousands of anguished comments on Weibo, the popular Chinese social media platform, as the country's indices plunged.
*Currency markets in risk-off mode on China growth worries. It last stood at $1.1470, up 0.6 percent on the day, with its sustained rise in the past few weeks likely to cause much unease within the European Central Bank. The dollar slid to 120.73 yen, down more than a full yen from 121.96 late in New York on Friday, reaching a low last seen on July 9.
Daryl Liew, head of portfolio management at REYL, attributes the meltdown on Wall Street to factors such as fears over a China-led slowdown in global growth and how that could derail the Fed rate hike.
TOKYO, Aug 24- Asian stocks dived to 3- year lows on Monday as a rout in Chinese equities gathered pace, hastening an exodus from riskier assets as fears of a China- led global economic slowdown roiled world markets. Safe-haven government bonds and the yen rallied on the widespread unrest in the financial markets, set in motion nearly two weeks ago when China...
Stephen Ma, head of Greater China equities at BMO Global Asset Management, says Chinese markets are seeing "signs of a perfect storm" in the short term on the back of a stubborn economic slowdown.
The safe-haven yen rallied and key government bonds were bought from the widespread unrest in the financial markets, set in motion nearly two weeks ago when China devalued its currency and generated fears about the state of its economy. Fears of a China- led global economic slowdown drove Wall Street to its steepest one-day drop in nearly four years on Friday...
Tim Seymour, CIO of Triogem Asset Management, says the fallout in global markets on the back of Beijing's move to devalue the yuan is "bizarre."
Ben Sy, head of fixed income, FX & commodities at JP Morgan, expects economic growth in China to be worse off in the second-half of the year hence exerting more pressure on the FX space.
The dollar tumbled more than 1 percent against the euro and the yen on Friday.
CNBC's Steve Liesman reports on comments by U.S. Treasury Secretary Jack Lew on China's currency move.
August’s wave of currency interventions could just be the start of a “race to the bottom,” with several major emerging markets looking set to devalue in the near-future.
John Kilduff, Again Capital, and Boris Schlossberg, BK Asset Management, weigh in on crude's outlook, global economy concerns, and the play on the euro.
Considering how fast China's economy has grown over the years, the current slowdown may not necessarily be a bad thing, says John Lee, group chief risk officer at Maybank.
Daniel So, strategist at CMB International Securities, outlines the factors that contributed to the weak flash Caixin/Markit manufacturing purchasing managers' index (PMI) for August.
David Zhang, head of E Fund & PM at E Fund Management, US, says Chinese investors tend to "buy the rumor [and] sell the news". The Shanghai Composite nearing the 4,000 level also prompted some profit-taking, he adds.
Adrian Mowat, MD, chief Asian and emerging market equity strategist at JP Morgan, explains why markets have been "overly dramatic" to the sell-off in emerging markets.
John Slosar, chairman of Swire Pacific, says global markets are overreacting to the slowdown in China and explains why the weaker yuan won't dent the spending power of Chinese consumers.