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Chinese officials vowed to reform its currency policy ahead of high-level bilateral meetings with the U.S., but at its own pace, and in exchange for concession on export barriers on sensitive high-tech equipment, according to The Associated Press.
President Hu Jintao said Monday that China would continue to allow its currency to appreciate, but intimated that it could be a long process.
"China will continue to steadily advance the reform of the formation of the renminbi exchange rate mechanism under the principle of independent decision-making, controllability and gradual progress," he said, according to the Associated Press.
The cost to nudge China in a more equitable direction in terms of its currency policy could be very costly for the U.S., however. In exchange for allow its currency to rise in value, China wants the U.S. to relax export barriers on technologies that could be used in military applications. The barriers are in place to deny China and other nations access to sensitive military technologies.
After going into free fall for nearly two full weeks Wall Street finally got back on its feet last Friday. The day’s gains were far from enough to make up for the previous eight days of losses, but something is better than nothing in this time of turmoil. The S&P 500 led the charge with a 1.50 percent (16.10 points) gain, followed closely by the Dow Jones (1.25 percent, 125.38 points). The NASDAQ brought up the rear with a 1.14 percent (25.03 points) gain of its own.
Unfortunately, one day of increases does not seem to be enough to put investor worries to rest. The outlook for the morning is an index-wide drop in composite share prices, with some stabilization later in the day.
A factor pushing markets upward is news that U.S. recovery is still stronger than many had expected. According to Bloomberg News and a survey by the National Association for Business Economics, the United States is expected to witness 3.2 percent economic expansion over the next twelve months. In February the same survey group projected 3.1 percent growth.
The economy is not “recovering” from the financial market collapse of 2007-2009, as evidenced by a recent slide. It is not “recovering” the millions of jobs lost in the past decade. However, the economy that we still have is expanding.
European stocks and U.S. index futures dropped while copper and oil retreated on concern that the turmoil from Europe’s debt crisis has further to run. Government bonds rose and the euro snapped three days of gains.
The Stoxx Europe 600 Index fell 0.5 percent to a six-month low at 12 p.m. in London. Futures on the Standard & Poor’s 500 Index slumped 1.1 percent. The S&P GSCI Total Return Index of 24 commodities retreated for an eighth day, the worst streak since February 2009. The yield on the 10-year Treasury note, a benchmark for borrowing rates around the world, declined eight basis points to 3.17 percent at 7:04 a.m. in New York, approaching a one-year low. The euro weakened 1.5 percent against the dollar and 1.4 percent compared with the yen.
The United States has sanctioned a major expansion of clandestine military operations in both hostile and friendly countries, according to classified documents which emerged today.
Based on what is known of polar bear physiology, behaviour and ecology, it predicts pregnancy rates will fall and fewer bears will survive fasting during longer ice-free seasons.
These changes will happen suddenly as bears pass a 'tipping point'.
"Some populations are expected to go extinct with climate warming, while others are expected to persist, albeit at a reduced population size," says Dr Peter Molnar of the University of Alberta, Edmonton, Canada.
There's nothing more contagious than emotion.
--Dr. Sarah Berga, chairman of the department of gynecology and obstetrics at Emory
North Korea is to cut all relations with South Korea, Pyongyang's official news agency reports.
KCNA said the North was also expelling all South Korean workers from a jointly-run factory north of the border.
Tuesday's KCNA reports announcing the severing of all ties - including communications - said the North was also banning South Korean ships and planes from its waters and airspace.
If the trouble starts -- and it remains an "if" -- the trigger may well be obscure to the concerns of most Americans: a missed budget projection by the Spanish government, the failure of Greece to hit a deficit-reduction target, a drop in Ireland's economic output.
But the knife-edge psychology currently governing global markets has put the future of the U.S. economic recovery in the hands of politicians in an assortment of European capitals. If one or more fail to make the expected progress on cutting budgets, restructuring economies or boosting growth, it could drain confidence in a broad and unsettling way. Credit markets worldwide could lock up and throw the global economy back into recession.
Federal inspectors overseeing oil drilling in the Gulf of Mexico accepted meals and tickets to sporting events from companies they monitored, the Interior Department's inspector general concluded in a report released Wednesday.
That official, Chris Oynes, launched the investigation that resulted in former New Orleans, Louisiana, supervisor Donald Howard's firing in 2007. Howard later pleaded guilty after being accused of failing to report gifts from an offshore drilling contractor valued at more than $6,600, according to the report.
The FTSE 100 index in London closed down by 2.54% to an eight-month low of 4,940.68 points.
Germany's Dax index was 2.34% lower, while in France the Cac-40 fell 2.9%.
There was no strong evident reason for the turnaround in US stock values...
...In London, the FTSE 100 has now fallen by more than 10% in little more than a month after hitting a 22-month high in April - it stands at its lowest level since 7 September 2009...