FILE PHOTO: Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong KongAsian markets are rising on the back of a subdued dollar, lower U.S. bond yields and looser financial conditions that the more benign outlook for U.S. interest rates lately has delivered, and Tuesday looks like being another positive day for risk assets.
The main event, though, is the Reserve Bank of Australia's policy decision. Or, more accurately, the guidance offered by Governor Michele Bullock in her press conference after the bank keeps its cash rate on hold again at 4.35%. Since then, U.S. rate cut expectations have receded further, the Australian dollar has recovered some ground, and domestic inflation has not cooled as much as analysts or policymakers had hoped.
China releases its latest official FX reserves figures, which will be closely watched for signs Beijing may be offloading some of its U.S. Treasuries to support the yuan. Total reserves are seen dipping to $3.225 trillion in April from $3.246 trillion in March. -- A veteran Canadian bank analyst says Toronto-Dominion Bank’s role in an alleged money-laundering scheme has made the “worst-case scenario” more likely — a huge fine for the lender and years of restrictions on its US growth.
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