European Stocks Fall as Yen Gains With Gold on China Yuan Fixing
- 8 years ago
Investors got a reminder on Tuesday of the potential for China's currency moves to jar financial markets.
European stocks fell with emerging markets after the People's Bank of China reduced the yuan's reference rate by the most in six weeks.
The boost in demand for haven assets is a sign that China still has the capacity to disrupt the relative calm in markets that led to a rebound in commodities and stocks in the past week.
BHP Billiton's first lowering in its payout in 15 years and a surprise loss posted by Standard Chartered Plc show how the global slowdown and tumbling prices for metals and oil are weighing on earnings.
The Stoxx Europe 600 Index lost 0.3 percent at 7:20 a.m. in New York, paring losses of as much as 1.1 percent.
European stocks fell with emerging markets after the People's Bank of China reduced the yuan's reference rate by the most in six weeks.
The boost in demand for haven assets is a sign that China still has the capacity to disrupt the relative calm in markets that led to a rebound in commodities and stocks in the past week.
BHP Billiton's first lowering in its payout in 15 years and a surprise loss posted by Standard Chartered Plc show how the global slowdown and tumbling prices for metals and oil are weighing on earnings.
The Stoxx Europe 600 Index lost 0.3 percent at 7:20 a.m. in New York, paring losses of as much as 1.1 percent.