Currency, equity markets gear up on G-20
Currency and equity markets are on the up trend at today's trading as markets speculate that the G-20 summit scheduled this weekend in South Korea will resolve the currency devaluation issue.
The markets are considering the impact of the G-20 weekend summit, which may be favourable to the US dollar. Nevertheless, some are still optimistic that a competitive undervaluation of currencies will ease trade tensions among countries.
More than 76 percent of MSCI World Index companies that reported quarterly results since Oct. 7 have crushed analysts' expectations and further indicating optimism is there as earnings potential still holds in spite a slow economic recovery.
The Australian dollar was up at 97.88 U.S. cents as of 9:20 a.m. in Sydney from 97.72 cents in New York yesterday. It rose to 79.59 yen from 79.48 yen.
The New Zealand kiwi, on the other hand, traded low as concerns of China's economic slowdown will affect its future demand.
World market
Stocks rose a second day as earnings at McDonald's Corp., EBay Inc., Freeport-McMoRan Copper & Gold Inc. have rose above analyst estimates, making up for the losses struck by the banking industry shares.
The Standard & Poor's 500 Index advanced 0.2 percent to 1,180.26 at 4 p.m. in New York after falling as much as 0.6 percent.
Gold futures dropped 1.4 percent to $1,325.60 an ounce. Oil skidded 2.4 percent to $80.56 a barrel.