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POPULAR NEWS
Oil sees end-of-week bounce, but suffers hefty weekly loss

A tougher stance by the Trump administration on the suspected death of a prominent Saudi journalist lifted oil futures Friday, analysts said, though the U.S. benchmark still posted a heavy weekly decline after a further rise in domestic supplies. West Texas Intermediate crude for November delivery CLX8, +0.64% on the New York Mercantile Exchange rose 47 cents, or 0.7%, to close at $69.12 a barrel, leaving it with a 3.1% weekly decline. Trump on Thursday said it appeared likely the...

Shanghai Stocks Rally after Supporting Remarks (Review)

Shanghai stocks rebounded from early losses to surge more than two percent Friday after top economic officials made rare coordinated statements aimed at shoring up investor confidence in the country's troubled markets. The benchmark Shanghai Composite Index jumped 2.58 percent, or 64.05 points, to 2,550.47 but it still finished the week 2.1 percent lower. The Shenzhen Composite Index, which tracks stocks on China's second exchange, also gained 2.58 percent, or 31.80 points, to 1,263.81 but...

Stocks end mixed; Nasdaq suffers 0.6% weekly fall

Stocks saw a mixed finish to a choppy session Friday, with the Dow Jones Industrial Average taking back a modest portion of the previous session's more-than-300-point decline. The tech-heavy Nasdaq Composite lagged behind, falling 0.5% to finish around 7,449, according to preliminary figures, and leaving it with a 0.6% weekly loss. The S&P 500 ended less than 0.1% lower near 2,768, leaving it virtually unchanged on the week. The Dow rose around 65 points, or 0.3%, to close near...

Euro finds footing as EU softens Italy criticism

Foreign exchange markets reflected an improvement in risk sentiment after sluggish data on Chinese economic growth was offset by words of support Chinese authorities on Friday. Also, a European Union official attempted to ease tensions with Italy over the government™s fiscal plans, helping soothe fears of a budget showdown between Rome and Brussels and boosting the euro. European Economic Affairs Commissioner Pierre Moscovici said Italy was strongly committed to the EU and the euro, and...

SNB Bides Time on Rates as Weaker Franc Helps Inflation Outlook
Thursday, 14 December 2017 15:59 WIB | FISCAL & MONETARY |SwissBank Sentral Swiss,

The Swiss National Bank kept interest rates at a record low, remaining in wait-and-see mode as it monitors the impact of a weaker franc on inflation.

While the franc's 8 percent drop against the euro this year is boosting economic momentum and once-anemic price growth, SNB President Thomas Jordan is wary of any steps that might entice investors to pile back into the currency and fuel a rally.

Keeping its deposit rate at a rock-bottom minus 0.75 percent and reiterating a pledge to wage currency market interventions if needed, the SNB said Thursday that the franc remained œhighly valued. Jordan and his colleagues Fritz Zurbruegg and Andrea Maechler are set to elaborate on that at 10 a.m. in Bern.

œThe depreciation of the Swiss franc reflects the fact that safe havens are currently less sought after, the SNB said. œHowever, this development is still fragile.

The announcement comes amid a bevy of central bank decisions -- kicked off by the Federal Reserve™s interest rate hike on Wednesday and which continue with the Bank of England and the European Central Bank later on Thursday. Rate setters are faced with a quickening of global growth that may finally increase price pressures and allow them to move off the ultra-loose policies in place for the past years.

The SNB has already responded to the franc™s decline, tweaking its language in September to say the move had helped curb its œsignificant overvaluation, a sentiment reiterated on Thursday.

The currency is currently about 1.16 per euro, down from 1.07 a year ago.

Still, the central bank, which used a 1.20 minimum exchange rate between 2011 and 2015 to fend off haven inflows amid the euro-area debt crisis, effectively has its hands tied on policy until the ECB raises rates. It scrapped the upper limit on the franc in early 2015.

Mario Draghi™s institution is expected to only begin lifting euro-area borrowing costs in 2019, according to a Bloomberg survey of economists published this week. The SNB isn™t forecast to make any changes before then.

The Swiss central bank also updated its economic forecasts on Thursday and now sees inflation at 0.7 percent in 2018 and 1.1 percent in 2019, versus its September prediction of 0.4 percent and 1.1 percent respectively. It expects price pressures to accelerate to 2.1 percent in the third quarter of 2020.

The SNB also issued a first take on growth next year, predicting an expansion of around 2 percent after 1 percent in 2017.

Source: Bloomberg

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POPULAR NEWS
Oil sees end-of-week bounce, but suffers hefty weekly loss

A tougher stance by the Trump administration on the suspected death of a prominent Saudi journalist lifted oil futures Friday, analysts said, though the U.S. benchmark still posted a heavy weekly decline after a further rise in domestic supplies. West Texas Intermediate crude for November delivery CLX8, +0.64% on the New York Mercantile Exchange rose 47 cents, or 0.7%, to close at $69.12 a barrel, leaving it with a 3.1% weekly decline. Trump on Thursday said it appeared likely the...

Shanghai Stocks Rally after Supporting Remarks (Review)

Shanghai stocks rebounded from early losses to surge more than two percent Friday after top economic officials made rare coordinated statements aimed at shoring up investor confidence in the country's troubled markets. The benchmark Shanghai Composite Index jumped 2.58 percent, or 64.05 points, to 2,550.47 but it still finished the week 2.1 percent lower. The Shenzhen Composite Index, which tracks stocks on China's second exchange, also gained 2.58 percent, or 31.80 points, to 1,263.81 but...

Stocks end mixed; Nasdaq suffers 0.6% weekly fall

Stocks saw a mixed finish to a choppy session Friday, with the Dow Jones Industrial Average taking back a modest portion of the previous session's more-than-300-point decline. The tech-heavy Nasdaq Composite lagged behind, falling 0.5% to finish around 7,449, according to preliminary figures, and leaving it with a 0.6% weekly loss. The S&P 500 ended less than 0.1% lower near 2,768, leaving it virtually unchanged on the week. The Dow rose around 65 points, or 0.3%, to close near...

Euro finds footing as EU softens Italy criticism

Foreign exchange markets reflected an improvement in risk sentiment after sluggish data on Chinese economic growth was offset by words of support Chinese authorities on Friday. Also, a European Union official attempted to ease tensions with Italy over the government™s fiscal plans, helping soothe fears of a budget showdown between Rome and Brussels and boosting the euro. European Economic Affairs Commissioner Pierre Moscovici said Italy was strongly committed to the EU and the euro, and...

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