The yen rose against the dollar and euro as concern the rate of global economic growth is slowing spurred demand for safer assets as the nation approaches its fiscal year end.
The Japanese currency strengthened against the majority its 16 major counterparts amid speculation Japanese companies will repatriate overseas earnings before the end of the fiscal year on March 31. The dollar strengthened earlier after a report showed U.S. factory orders trailed forecasts and the United Kingdom revised first-quarter growth downward. The 17-nation euro erased losses against the dollar after a draft statement from European finance ministers showed governments are preparing to increase rescue funds.
Guangdong Materials Group to issue RMB 600 million bills
Guangdong Materials Group Corp announced today that it plans to issue RMB 600 million worth of unsecured short-term notes with a maturity of 365 days on the interbank market from May 30.
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Auto steel demand in China to continue rising
The production and sales statistics is out of expectation since the beginning of this year, which is expected to continue rising. Therefore, auto steel demand has more room to grow as car ownership,
Bursa likely to extend profit taking
Share prices are expected to undergo further profit-taking next week with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) possibly retreating to the 1760 points support level.
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Stable short-term rates seen next week
Short-term rates are expected to remain stable next week as Bank Negara Malaysia continues to intervene to reduce excess funds from the financial system.