WASHINGTON The U.S. Senate Finance Committee on Friday unanimously approved Janet Yellen's nomination as the first woman Treasury secretary, indicating that she will easily win full Senate approval, but Republicans called for her to work with them in developing economic policies.
A gauge of stocks across the
world slipped from record highs on Friday and oil prices fell to
end the week little changed as weak economic data and
underwhelming earnings drove investors to reverse some recent
Prime Minister Justin Trudeau
said on Friday that Pfizer had reassured him it would meet
Canada's vaccine order in full by end-March as, with a second
COVID wave spreading across the country, he hinted at a
clampdown on citizens leaving home.
Most Latin American currencies fell on
Friday after the dollar ended a three-day losing streak, with
Brazil's real leading weekly losses among regional peers as
worries grew about the state of the country's public finances
and fiscal reforms.
The real led dec
U.S. curbs on investors owning
securities from a number of Chinese companies could affect as
much as $60 billion worth of bonds and spark hefty outflows
through forced selling, JPMorgan wrote in a note to clients.
The Biden administration
plans to discuss the need for economic stimulus with a group of
senators on Sunday, White House national economic council
director Brian Deese said on Friday, as it seeks to build
support for what it sees as a critical round of new coronavirus
A bevy of major U.S. earnings
reports next week led by Apple, Microsoft and
Facebook could help technology and growth stocks reassert
their dominance after a recent run by banks, energy and other
potential beneficiaries of an economic reopening.
Canadian Prime Minister Justin
Trudeau said he would express his concern about job losses
caused by Joe Biden's cancellation of the Keystone XL oil
pipeline when he speaks to the new U.S. president later on
Friday, but added that the U.S. and Canada were now "much more
aligned" on other matters.
"I will express my concern for jobs and livelihoods in
Canada, particularly in the west, directly in my conversation
with President Biden," Trudeau told reporters.
He went on t
European stocks ended lower on Friday, closing out another lacklustre week as business activity in the euro zone shrank in January after stringent lockdowns to control the coronavirus pandemic shuttered many businesses.
European stocks fell on Friday, hit by
tighter travel restrictions in the euro zone and weak UK retail
sales numbers, while investors awaited the latest batch of
business activity data to gauge the pace of recovery from the
European stocks lost steam heading into the close on Thursday, weighed down by oil and real estate shares, while the European Central Bank stuck to its monetary policy but warned a surge in COVID-19 infections posed a risk to the euro zone's recovery.
European stocks lost steam heading into
the close on Thursday, weighed down by oil and real estate
shares, while the European Central Bank stuck to its monetary
policy but warned a surge in COVID-19 infections posed a risk to
the euro zone's recovery.
European stocks extended gains on
Thursday on hopes of a large U.S. stimulus plan under new
President Joe Biden, while investors looked to the European
Central Bank (ECB) for clues on the eurozone's economic health.
European stocks rose on Wednesday after Dutch chip equipment maker ASML and Swiss luxury group Richemont gave encouraging earnings updates, while investors hoped for a large U.S. stimulus plan as Joe Biden was sworn in as president.
Europe Inc's fourth-quarter reporting season will test investor confidence in profit recovery as a new round of social restrictions is expected to have driven earnings down more than 25% while further blurring the outlook.
Europe Inc's fourth-quarter
reporting season will test investor confidence in profit
recovery as a new round of social restrictions is expected to
have driven earnings down more than 25% while further blurring
Turkish President Tayyip
Erdogan reaffirmed his strong opposition to high interest rates
on Friday, a day after the central bank said it would maintain a
tight monetary policy for "an extended period".
Global equity benchmarks
slipped from record highs and oil prices dipped Friday as weaker
economic data in Japan and Europe and concerns that newly
inaugurated U.S. President Joe Biden's stimulus plan may face
Republican opposition curbed a weeklong rally in risk assets.
The dollar drifted higher on Friday after three straight days of losses,
and riskier currencies fell, as bleak non-U.S. economic data gave global equity markets reason to pause
after another week of record highs.
As a safe haven, the U.S. currency tends to rise in times of financial and economic stress that result
in lower risk appetite.
U.S. stocks and Treasury yields were lower as well, suggesting a generally somber mood in financial
The dollar did pare gains and other riskier currencies cut losses after upbeat U.S. economic data - a
rise in factory activity to its highest in more than 13 years in January and an unexpected 0.7% gain rise
in existing home sales.
The greenback had fallen against a basket of currencies for the past three sessions as market optimism
about new U.S. President Joe Biden's fiscal stimulus plans prompted traders to seek riskier assets,
producing gains in riskier currencies such as the New Zealand and Australian dollar.
But that trend paused on Friday as market sentiment pulled back. Global shares slipped off record
highs as the U.S. dollar steadied, up 0.2% on the day at 90.265.
The dollar index though was still on track for its biggest weekly loss since mid-December.
"Optimism gave way to renewed worry Friday as (coronavirus) infection rates rose in China and data
across Europe offered evidence of the containment measures undermining recoveries," said Joe Manimbo,
senior market analyst at Western Union Business Solutions in Washington.
Gloomy economic data did little to brighten the mood, as UK data showed British retailers struggled to
recover in December.
Economic activity in the euro zone shrank markedly in January as stringent lockdowns to contain the
coronavirus pandemic hit the bloc's dominant service industry hard.
In late morning trading, the dollar rose 0.3% against the yen to 103.835.
Data from Japan overnight showed factory activity slipped into contraction in January and the services
sector was more pessimistic as emergency measures to combat a COVID-19 resurgence dampened sentiment.
The Australian dollar fell after disappointing retail sales data, but was still set for a weekly rise.
It was last down 0.6% at US$0.7720.
The New Zealand dollar was down around 0.6% at US$0.7179 versus the U.S. dollar.
The euro was little changed at $1.2172.
The single currency rose on Thursday after the European Central Bank's policy rate announcement, with
the ECB saying it might not need to use its full asset-purchase envelope.
ECB President Christine Lagarde also said the bank was "very carefully" monitoring the euro exchange
rate, which in 2020 soared nearly 9% against the dollar.
The Norwegian crown was hurt by lower commodity prices, slumping 1.2% against the dollar to 8.4855
Currency bid prices at 11:08AM (1608 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Dollar index 90.1700 90.1080 +0.08% +0.00% +90.3070 +90.0390
Euro/Dollar $1.2177 $1.2169 +0.05% -0.35% +$1.2190 +$1.2152
Dollar/Yen 103.7600 103.5100 +0.29% +0.50% +103.8800 +103.5100
Euro/Yen 126.33 125.91 +0.33% -0.46% +126.3900 +125.9000
Dollar/Swiss 0.8851 0.8851 +0.01% +0.06% +0.8866 +0.8840
Sterling/Dollar $1.3676 $1.3736 -0.43% +0.11% +$1.3735 +$1.3636
Dollar/Canadian 1.2706 1.2638 +0.54% -0.22% +1.2720 +1.2635
Aussie/Dollar $0.7724 $0.7765 -0.52% +0.41% +$0.7769 +$0.7702
Euro/Swiss 1.0778 1.0767 +0.10% -0.27% +1.0779 +1.0764
Euro/Sterling 0.8902 0.8857 +0.51% -0.39% +0.8918 +0.8858
NZ $0.7184 $0.7220 -0.50% +0.04% +$0.7224 +$0.7167
Dollar/Norway 8.4805 8.4050 +1.16% -0.98% +8.5050 +8.4130
Euro/Norway 10.3278 10.2280 +0.98% -1.33% +10.3510 +10.2280
Dollar/Sweden 8.2870 8.2691 +0.29% +1.11% +8.3020 +8.2643
Euro/Sweden 10.0920 10.0624 +0.29% +0.15% +10.0985 +10.0617
(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Elizabeth Howcroft in London; Editing by
Global equity benchmarks
slipped from record highs and oil prices dipped Friday as weaker
economic data in Japan and Europe and concerns that
newly-inaugurated U.S. President Joe Biden's stimulus plan may
face Republican opposition curbed a weeklong rally in risk
Sri Lankan shares closed at a record high
on Friday, helped by gains in financial and consumer staples
stocks, and as investors cheered the country's drug regulator
giving emergency use approval to AstraZeneca's COVID-19
A global chip
shortage is choking the production of machines used to "mine"
bitcoin, a sector dominated by China, sending prices of the
computer equipment soaring as a surge in the cryptocurrency
Emerging market central banks
revisited interest rate cuts in December, extending an easing
cycle that started in 2019 and had exceeded the cuts during the
2008 financial crisis and the 2010 euro crisis.