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By - Adam Haigh
Category - Hotel Near Miami Beach
Posted By - Inn and Suites In West Miami
By - Adam Haigh
Category - Hotel Near Miami Beach
Posted By - Inn and Suites In West Miami
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| Hotel Near Miami Beach |
Asian stocks rose, lifting the regional benchmark from the lowest in almost seven months, after housing data bolstered the U.S. economic outlook and China’s cash crunch eased. Gold slumped and the yen weakened.
The MSCI Asia Pacific Index climbed 0.7 percent at 11:06 a.m. in Tokyo, after closing at the lowest level since Dec. 4 yesterday. Australia’s S&P/ASX 200 Index advanced 1.6 percent. Chinese one-year interest-rate swaps fell for a fourth day, sliding 21 basis points to 3.86 percent. Standard & Poor’s 500 Index futures dropped 0.3 percent. Gold slumped 1.2 percent and silver tumbled 2.3 percent. The yen weakened versus 16 major peers tracked by Bloomberg as Korea’s won gained 0.6 percent against the dollar.
Data in the U.S. showed durable goods bookings climbed in May and house prices, new-home sales and consumer confidence beat economists’ estimates. The People’s Bank of China said it will use tools to ensure money-market stability and that the cash squeeze will abate, after the benchmark swap rate reached a record high of 5.06 percent on June 20.
“The whole story over the last few weeks has been a better U.S. economy than people expected,” Michael Shaoul, Chairman and CEO of Marketfield Asset Management LLC where he helps manage the MainStay Marketfield fund that beat 96 percent of its peers in the past five years, said in an interview on Bloomberg TV. “That is ultimately going to be good for the equity market.”
About three stocks rose for each that fell on MSCI’s Asian gauge, as financial companies and material producers rallied.
Chinese stock gauges were mixed. The Hang Seng China Enterprises Index climbed 2 percent in Hong Kong from the lowest level since October 2011. The Shanghai Composite Index dropped 0.9 percent, a sixth day of declines and heading for its lowest close since January 2009.
Central Bank
The People’s Bank of China has provided liquidity to some financial institutions to stabilize money-market rates and will use short-term liquidity operations and standing lending- facility tools to ensure steady markets, according to a statement posted to its website yesterday. It also called on commercial banks to improve their liquidity management.
The statement is the first public confirmation of central bank action to ease a crunch that sent the overnight repurchase rate to a record last week. Premier Li Keqiang is seeking to wring speculative lending out of the nation’s banking system after credit expansion outpaced economic growth.
The MSCI Asia Pacific Index climbed 0.7 percent at 11:06 a.m. in Tokyo, after closing at the lowest level since Dec. 4 yesterday. Australia’s S&P/ASX 200 Index advanced 1.6 percent. Chinese one-year interest-rate swaps fell for a fourth day, sliding 21 basis points to 3.86 percent. Standard & Poor’s 500 Index futures dropped 0.3 percent. Gold slumped 1.2 percent and silver tumbled 2.3 percent. The yen weakened versus 16 major peers tracked by Bloomberg as Korea’s won gained 0.6 percent against the dollar.
Data in the U.S. showed durable goods bookings climbed in May and house prices, new-home sales and consumer confidence beat economists’ estimates. The People’s Bank of China said it will use tools to ensure money-market stability and that the cash squeeze will abate, after the benchmark swap rate reached a record high of 5.06 percent on June 20.
“The whole story over the last few weeks has been a better U.S. economy than people expected,” Michael Shaoul, Chairman and CEO of Marketfield Asset Management LLC where he helps manage the MainStay Marketfield fund that beat 96 percent of its peers in the past five years, said in an interview on Bloomberg TV. “That is ultimately going to be good for the equity market.”
About three stocks rose for each that fell on MSCI’s Asian gauge, as financial companies and material producers rallied.
Chinese stock gauges were mixed. The Hang Seng China Enterprises Index climbed 2 percent in Hong Kong from the lowest level since October 2011. The Shanghai Composite Index dropped 0.9 percent, a sixth day of declines and heading for its lowest close since January 2009.
Central Bank
The People’s Bank of China has provided liquidity to some financial institutions to stabilize money-market rates and will use short-term liquidity operations and standing lending- facility tools to ensure steady markets, according to a statement posted to its website yesterday. It also called on commercial banks to improve their liquidity management.
The statement is the first public confirmation of central bank action to ease a crunch that sent the overnight repurchase rate to a record last week. Premier Li Keqiang is seeking to wring speculative lending out of the nation’s banking system after credit expansion outpaced economic growth.
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