Toyko gained 1.3% overnight yet London and US futures are trading lower. Actions from the China government sent the dollar higher against other currencies and likewise spurred selling in various commodities.
China is dominating the headlines today as The People's Bank of China raised the reserve requirements for banks 0.5%. This is the second time in a month it tightened in order to curb lending in the country. China is attempting keep its economy from overheating in this global economic rebound.
Gross domestic product reports in the Eurozone showed a meek 0.1% growth rate versus the 0.3% expected. Slovakia led the 16-nation group with a 2.0% expansion with France trailing with a 0.8% gain while Greece contracted 0.8% and Germany stalled. The euro made new lows for the year after the data was released hitting $1.353 against the dollar.
China Continues Tightening, Dollar Rallies
Toyko gained 1.3% overnight yet London and US futures are trading lower. Actions from the China government sent the dollar higher against other currencies and likewise spurred selling in various commodities.
China is dominating the headlines today as The People's Bank of China raised the reserve requirements for banks 0.5%. This is the second time in a month it tightened in order to curb lending in the country. China is attempting keep its economy from overheating in this global economic rebound.
Gross domestic product reports in the Eurozone showed a meek 0.1% growth rate versus the 0.3% expected. Slovakia led the 16-nation group with a 2.0% expansion with France trailing with a 0.8% gain while Greece contracted 0.8% and Germany stalled. The euro made new lows for the year after the data was released hitting $1.353 against the dollar.
