Broadgate: Market News 21/5
21 May 2012
Asian stocks rose from a five-month low, the yen slid against all its major peers and commodities gained on speculation China and Japan may take steps to boost economic growth.
China should adopt a “proactive fiscal policy and a prudent monetary policy” to bolster the world’s second-largest economy, Premier Wen Jiabao said over the weekend. The Bank of Japan holds a two-day meeting from tomorrow.
The euro was little changed at $1.2771, after gaining as much as 0.3 percent from a four-month low. The 17-nation currency has slumped more than 6 percent from this year’s high in February.
German Finance Minister Wolfgang Schaeuble will discuss the 17-nation currency with his newly appointed French counterpart Pierre Moscovici at a meeting in Berlin today, which comes before a European Union summit on May 23. Chancellor Angela Merkel and French President Francois Hollande will seek to balance France’s desire to jump-start growth with Germany’s preference for spending cuts.
Wheat rallied for a sixth straight session, advancing to the highest level in more than eight months, as dry weather threatens harvests in the U.S. and Russia, two of the world’s three biggest shippers this year.
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