World stocks mostly higher on steady Yuan, Greece expected bailout

By MoneyTimes

Aug 19, 2015 02:22 AM EDT

Most of the world stock markets were higher last Monday due to the steady Yuan and the expected bailout of Greece.

European stock markets opened higher. France's CAC 40 is at 4,982.93 up 0.5 percent. Germany's DAX is at 11,032.42 up 0.4 percent. Britain's FTSE 100 was 6,549.97 flat. Meanwhile US stock markets opened slightly lower. Dow future is at 17,432.00 down by 0.1 percent. While Broader S&P 500 futures are at 2,088.00 down by 0.1 percent.

Greece seems to have good news, as European finance minister approved the first 26 billion euros the country needs to rebuild their struggling economy.

Meanwhile, in China, authorities raise by a very small percent the daily level of Yuan in the spot markets. The fixed rate on Monday somehow calmed the Asian markets after last week's devaluation of the Yuan, which weakened the currency by 3 percent.

The Nikkei went up after data from the government showed that the economy gained 1.6 percent from April to June on bad economic weather and dropping China demand. This raised optimism for new stimulus.

According to OANDA senior foreign exchange trader Stephen Innes, "These numbers are in no way positive as the Japanese economy teeters on the brink of full contradiction."

There were huge explosions last week at the Tianjin Chinese port city, which decreased the Tianjin Port Development Holdings Shares by 13 percent. The blast started at a warehouse that stored hazardous materials. 114 people got killed and 70 are missing.

Japan's Nikkei 225 went up by 0.5 percent to 20,620.26. South Korea's Kospi went down by 0.8 percent to 1,968. Hong Kong's Kang Seng dropped by 0.7 percent to 3,993.67. Austrralia's S&P/ASX 200 increased by 0.2 percent to 5,367.70.

The dollar increased to 124.47 yen from 124.32 in Friday. The euro went down to $1.1101 to $1.1111.

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