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European stocks rise with eyes on Italy

European stocks markets advanced on Monday, building on a recent recovery, while investors were increasingly warming to indebted eurozone member Italy. In foreign exchange trading, the British pound struck the highest point against the dollar for more than four years. London's benchmark FTSE 100 stocks index gained 0.84 percent to 6,719.70 points in late morning deals. Frankfurt's DAX 30 rose 0.13 percent to 9,674.70 points and in Paris the CAC 40 edged up 0.02 percent to 4,340.87.

U.S. stimulus cut to have little impact on S. Korea: gov't

SEOUL/SEJONG, Jan. 30 (Yonhap) -- The move by the U.S. Federal Reserve to further reduce its monthly bond purchases by US$10 billion will have little impact on South Korea, the government's top economic policymaker said Thursday. Finance Minister Hyun Oh-seok said in a meeting of government officials and market watchers in Seoul that in light of South Korea's solid economic fundamentals, any effect of the stimulus cut announced by the Federal Open Market Committee (FOMC) will be limited.

U.S. stimulus cut to have little impact on S. Korea: gov't

SEOUL/SEJONG, Jan. 30 (Yonhap) -- The move by the U.S. Federal Reserve to further reduce its monthly bond purchases by US$10 billion will have little impact on South Korea, the government's top economic policymaker said Thursday. Finance Minister Hyun Oh-seok said in a meeting of government officials and market watchers in Seoul that in light of South Korea's solid economic fundamentals, any effect of the stimulus cut announced by the Federal Open Market Committee (FOMC) will be limited.

More emerging market turbulence despite rate hikes

Interest rate hikes by Turkey and South Africa failed to stem falls in their currencies Wednesday and the US Federal Reserve piled more pressure on emerging markets by cutting stimulus spending. Currencies in Russia, Brazil and Argentina also fell, despite the International Monetary Fund insisting there is no general crisis and that each emerging economy faces challenges specific to itself.

Following market turmoil, central banks in emerging economies move to shore up confidence

LONDON - Following a bout of market turmoil that's weighed on their currencies, central banks in emerging economies are moving fast to contain the damage. Late Tuesday, Turkey's central bank raised its key interest rate to 12 per cent from 7.75 per cent to try to stave off inflation and support the national currency, which has fallen sharply in recent weeks. The decision was taken at an emergency meeting the central bank called for after the currency, the lira, hit a record low.

Dollar mixed in Asia ahead of Fed meeting

The dollar was mixed in Asian trade Tuesday ahead of a US Federal Reserve meeting, with speculation growing that policymakers will further reduce the bank's stimulus programme. In midday trade, the dollar bought 102.70 yen, compared with 102.56 yen late in New York, and well up from the seven-week low of 101.77 yen in Tokyo earlier Monday. The euro rose to 140.47 yen from 140.21 yen and $1.3677 against $1.3670, after a closely watched index on Monday showed German business confidence surged in December.

Japan to closely watch impact of emerging currencies on economy: Aso

The Japanese government will "closely watch" how the depreciation of currencies in emerging countries, including the Argentine peso, will affect the global economy and financial market, Finance Minister Taro Aso said Tuesday. Aso, however, took a cautiously optimistic view of the outlook for the currencies, saying many emerging economies are resistant to a sharp decline in their currencies as their holdings of foreign exchange reserves have been increasing.

Rand hits five-year low amid emerging market turmoil

South Africa's rand hit a fresh five year low on Monday as the currency came under sustained pressure amid a worldwide flight from emerging markets. The rand weakened to 11.25 against the dollar in morning trading, before regaining some ground against the greenback. The South African unit, often seen as a bellwether for emerging market currencies, has been under pressure since the US Federal Reserve announced that it would trim back stimulus spending. "The rand has now fallen by 25 percent against the dollar since last May," said Shilan Shah of Capital Economics.

Use of yen for import settlement down in Q4

SEOUL, Jan. 24 (Yonhap) -- South Korean importers reduced their use of the Japanese currency in settling import deals in the fourth quarter, as the yen has been under heavy downward pressure, the central bank said Friday. The use of the yen accounted for 5.2 percent of the total import settlement in the fourth quarter, down from 6 percent in the third quarter, according to the Bank of Korea (BOK).

German watchdog plans to step up FX probe at Deutsche: report

FRANKFURT (Reuters) - Germany's top banking watchdog plans to intensify its probe into possible manipulation of benchmark foreign exchange rates at Deutsche Bank <DBKGn.DE> by launching a so-called special investigation, magazine Der Spiegel reported on Sunday. Designating its ongoing probe as a special investigation would put the case at the top of regulator Bafin's priority list and open the door to more intensive queries.
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