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Asian stocks rise despite lower yuan | Asian stocks rise despite lower yuan |
(about 1 hour later) | |
Asian stock markets were trading mostly higher, despite the value of China's yuan falling for a third consecutive day. | Asian stock markets were trading mostly higher, despite the value of China's yuan falling for a third consecutive day. |
Thursday's yuan guidance rate was set 1% lower, a smaller margin than the shock cuts earlier in the week. | Thursday's yuan guidance rate was set 1% lower, a smaller margin than the shock cuts earlier in the week. |
The midpoint is a guiding rate set by the government, from which trade can rise or fall 2% during the day. | The midpoint is a guiding rate set by the government, from which trade can rise or fall 2% during the day. |
The Shanghai Composite index closed up 1.8% at 3,954.56, with hopes that the lower yuan will help exports. | |
In Hong Kong, the Hang Seng ended up 0.4% at 24,018.80. | |
In Japan, the Nikkei 225 index, closed the day 1% higher at 20,595.55 rebounding from hefty losses the previous day. | In Japan, the Nikkei 225 index, closed the day 1% higher at 20,595.55 rebounding from hefty losses the previous day. |
That was despite the release of official figures showing Japan's core machinery orders fell 7.9% in June, the first decline for four months. | That was despite the release of official figures showing Japan's core machinery orders fell 7.9% in June, the first decline for four months. |
In South Korea, the Kospi index finished the day 0.4% higher at 1,983.46. The country's central bank kept interest rates unchanged at 1.5%, as expected. | In South Korea, the Kospi index finished the day 0.4% higher at 1,983.46. The country's central bank kept interest rates unchanged at 1.5%, as expected. |
In Australia, the benchmark S&P/ASX 200 closed almost flat at 5,387.90. | In Australia, the benchmark S&P/ASX 200 closed almost flat at 5,387.90. |
Shares in mining giant BHP Billiton rebounded slightly, rising 1.2%, while a rise in gold prices sent other mining companies higher. | Shares in mining giant BHP Billiton rebounded slightly, rising 1.2%, while a rise in gold prices sent other mining companies higher. |