PRECIOUS-Gold sits tight near $1,200 as dollar climbs to 1-mth high *Gold steady just above $1,200/ oz. *Prices could break below $1,200 soon- technicals. SINGAPORE, May 26- Gold was stuck in a tight trading range above $1,200 an ounce on Tuesday, as the dollar jumped to a fresh one-month peak against a basket of major currencies on the prospect of higher U.S. interest rates this year.
| By: A. Ananthalakshmi
China's yuan softens on 3-week low midpoint SHANGHAI, May 26- China's yuan weakened against the dollars for the second consecutive session on Tuesday after the central bank set the daily guidance rate at a three-week low. The People's Bank of China set the midpoint rate at 6.1172 per dollar prior to market open, 0.01 percent weaker than the previous fix at 6.1165. Chile's central bank and the PBOC are...
The Fed is not 'walking the talk' The bond markets' indifferent response to last Friday's statement by the U.S. Federal Reserve (Fed) that interest rates may be raised this year seems about right. By moving up the yield on the benchmark ten-year Treasury note two basis points to 2.21 percent, it looked like bond traders heaved a big and tired Friday afternoon yawn before heading out for the long Memorial Day weekend.
| By: Michael Ivanovitch
Chinese city of Guangzhou to launch Uber rival Guangzhou's municipal government is planning to launch its own Uber-like online taxi hire service, only weeks after police closed the San Francisco-based transport app's office in the southern Chinese city. The Financial Times reports.
Source: Financial Times
| By: Charles Clover
GLOBAL MARKETS-Asian shares turn higher as China rallies, dollar up TOKYO, May 26- Asian shares turned higher on Tuesday, reversing earlier losses on the back of gains in Hong Kong and China, while the dollar extended highs scaled in holiday-thinned trading in the previous session. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, after eking out a late gain in the previous session.
| By: Lisa Twaronite
UPDATE 1-Fortescue says unaware of any approach to Australian regulators MELBOURNE, May 26- Fortescue Metals Group said on Tuesday it was not aware of any parties seeking permission from Australia's regulators to take a stake in the company, after its shares jumped 15 percent on a media report that Chinese firms had applied to buy a stake. The Australian Financial Review reported that Chinese-linked companies had sought permission...
| By: Sonali Paul
Corporate maneuver at Samsung strengthens heir's influence Samsung says its defacto holding company Cheil Industries Inc. will acquire Samsung C&T Corp. by offering 0.35 new Cheil shares for every Samsung C&T share. Analysts say the move will give Samsung heir Lee Jae-yong greater control over the conglomerate including its crown jewel Samsung Electronics Co.. The combined entity will be named Samsung C&T.
Source: The Associated Press
Hong Kong shares near 7-year high on fund flow optimism, China up China announced over the weekend that it would allow funds domiciled in Hong Kong and China to be sold in each others' market starting July 1, in China's latest step to facilitate cross-border investment. Lu Wenjie, a strategist at UBS Securities, estimated last week that Chinese investors could potentially pump 200 billion yuan into Hong Kong stocks in the next...
Nikkei's winning streak runs into profit-taking *Tomy falls after Marunouchi Capital sells entire stake. *Kyushu Electric rises after nuclear reactor restart announcement. TOKYO, May 26- Japan's Nikkei share average edged down on Tuesday morning, snapping a seven-day winning streak as investors took profits after the recent gains made on optimism over the economy's recovery and higher shareholder...
| By: Ayai Tomisawa
Australia's gold miners drive M&A revival SYDNEY, May 26- Gold miners are spearheading a wave of merger and acquisition activity in Australia, riding a rebound in local gold prices to pounce on projects promising quick growth. We've seen more M&A in Australia in 2015 than in the past five years, " Ian Murray, chairman of Perth- based Gold Road Resources Ltd told Reuters, referring broadly to the level of...
| By: James Regan