Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

4 Oct 2021

Dollar Stable, Yuan fell as Concerns for China Evergrande Reappear

The Index Today

On Monday, the stability of dollar found support just below last week's peaks as concerns about China's property sector resurfaces and emerging U.S. labor data put investors in a cautious mood.

The dollar is now on a 14-month high on the euro and a 19-month top on the yen last week as markets reckoned U.S. interest rates could rise ahead of global peers.

According to the data, the euro dipped back below $1.16 and at $1.1598 is not far from last week's trough at $1.1563. The yen was little changed at 111.065 per dollar. The offshore yuan fell about 0.3%.

Shares in embattled developer China Evergrande were stopped in Hong Kong, reclaiming market anxieties about the possibility of contagion.

Evergrande said it requested a trading halt pending an announcement about a major transaction, while unit Evergrande Property Services Group said the announcement constitutes "a possible general offer for shares of the company."

Investors are concerned that a collapse at Evergrande could hurt an already fragile Chinese economy and drag on global growth. The U.S. dollar index edged up 0.08% to 94.029.

Moh Siong Sim, currency analyst at the Bank of Singapore said "There's a bit of nervousness," even if most traders still think Evergrande's systemic risk can be contained.

"It's part of the wall of worry," he said, which the market could eventually "climb" if the COVID backdrop improves, growth stabilises and inflation concerns subside, but which for now is keeping investor sentiment fairly dour.

Besides Evergrande, a Friday CNBC report which said U.S. Trade Representative Katherine Tai will announce on Monday that China is not complying with U.S.-China trade rules also provided support to the dollar, especially against the yuan.

Clay pottery with table linens