THE DAILY REPORT
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EUR NAB Business Confidence –11:30am
EUR German Trade Balance – 5pm
Major Bloomberg & Reuters News
‘U.S. Concerned About Chinese Yuan’s Recent Drop, Official Says’
The Trump administration is concerned about the Chinese yuan’s depreciation as the Treasury Department weighs whether to name China a currency manipulator in a report due out next week, a senior Treasury official said Monday.
Treasury Secretary Steven Mnuchin has faced pressure from the White House to formally designate China a currency manipulator in the report. The yuan has tumbled 9 percent against the dollar in the last six months in one of Asia’s worst performances, raising speculation that China has been deliberately weakening its currency as trade tensions with the U.S. have escalated.
The senior official said the U.S. is closely monitoring the Chinese currency and is concerned about the recent depreciation. The official didn’t provide further elaboration.
‘Nasdaq drops for third day on global growth worries’
The tech-heavy Nasdaq fell on Monday for the third straight day as a sell-off in Chinese markets sparked concerns about slowing global economic growth, though the S&P 500 pared losses to end nearly flat.
Beijing announced a steep cut in the level of cash that banks must hold as reserves, aimed at lowering financing costs and spurring growth amid the trade spat. In Monday’s trading session, the first trading session for mainland China investors since new U.S. and Chinese tariffs went into effect, both Chinese stocks and the yuan slid.
The possibility of tapering global growth, led by China’s slowdown, spurred a retreat from the high-flying tech sector, which declined 1.2 percent.
(Times In AEST)
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