Yuan steadier as depreciation fears continue to ease
The Chinese yuan was steadier against the dollar on Monday, easing fears that China could let the currency fall further after last week’s surprise devaluation rattled global markets.
On Monday the People’s Bank of China set the midpoint rate slightly firmer than at Friday’s close, easing fears that the currency is headed for a prolonged decline.
Greek prime minister likely to call confidence vote
Greek Prime Minister Alexis Tsipras is likely to call a confidence vote in the coming days following a revolt among lawmakers from the ruling Syriza party over the country’s new bailout package which demands sweeping austerity measures.
The €85 billion package was ultimately approved with support from opposition parties after markets closed on Friday.
If Tsipras loses the confidence vote it could trigger snap elections and it could also obstruct efforts by Athens to secure debt relief.
Airbus confirms largest airplane order by number
Indian budget airline IndiGo has finalized the purchase of 250 A320neo aircraft, Airbus said on Monday, giving the European planemaker its single largest order by number of aircraft, in a deal worth $26.55 billion.
It is also the second-largest order by value for Airbus(PARIS:AIR).
The deal also makes IndiGo the largest airline customer for the Airbus A320-family of aircraft.
Global stock markets higher
European stocks rebounded, recovering from the previous weeks heavy losses on Monday and Wall Street was expected to open higher as investor sentiment was boosted by the steadier yuan and the approval of a new bailout for Greece.
Shares in Tokyo ended slightly higher after weak Japanese data on second quarter growth sparked expectations for additional easing by the Bank of Japan.
Oil prices at more than 6-year lows
U.S. oil futures fell to the lowest level in six-and-a-half years on Monday after data showing that Japan’s economy contracted in the second quarter fueled fears that slowing growth in Asian economies will weigh on the demand outlook for oil.
Oil prices were also hit after a report showing an uptick in the rig count last week supported expectations that U.S. producers will ramp up activity in the coming months, adding to fears over a global supply glut.