PBOC strengthened yuan's reference rate by most this year
Ringgit sinks as Brent breaks $28 after Iran sanctions lifted
Markets started the week gripped by a fresh bout of risk aversion, as Asian stocks slipped with energy-linked currencies amid further hemorrhaging in crude oil prices. Demand for haven assets supported government debt and gold.
Japan’s Nikkei 225 Stock Average was on the cusp of a bear market as Chinese shares fluctuated. Sovereign bonds in the region climbed, and the cost of protecting against corporate defaults in Australia rose to a three-year high. Brent crude dipped below $28 a barrel, with Nomura Holdings Inc. predicting a potential drop to $25 on Monday as Iran pledged to immediately boost exports following the lifting of sanctions.
The yuan jumped in Hong Kong as the People’s Bank of China boosted the currency’s reference rate by the most since Dec. 21, fueling a rebound in Australia’s dollar. Malaysia’s ringgit retreated.
Some of the companies in our tiny sector are having a real hard time; Yamana Gold Incorporated (AUY) down 16.67% YTD and the year is still young, along with Kinross Gold which lost 20% during Friday’s trading session to close at $1.48, proving that stock selection is absolutely critical to the success of any trade.
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