Asian markets gain as Chinese shares rise after holidays
Markets in the Asian-Pacific region advanced Friday as resource stocks, buoyed by rising commodity prices, led some exchanges higher. Chinese markets rose sharply after being closed for holidays, with the Shanghai Composite jumping 4.8%. Japan's Nikkei 225 and South Korea's Kospi Composite gained 1.9%. Hong Kong's Hang Seng Index closed little changed, Taiwan's Taiex climbed 0.9% and Australia's S&P/ASX 200 slipped 0.3%. The Wall Street Journal (09 Oct.)
*I love to say I told you so
Dollar makes comeback after traders hear Bernanke's view
Reversing a five-day slide against the Japanese yen, the U.S. dollar rose after Federal Reserve Chairman Ben Bernanke said the central bank is prepared to tighten monetary policy when the time is right. "Bernanke is shifting to a hawkish tone in terms of the timing of exit strategy following moves by other central banks, especially the central bank of Australia," said Takeshi Tokita, vice president of foreign exchange sales at Mizuho Corporate Bank. "That's benefiting the dollar." Bloomberg (09 Oct.)
*how much do you want to bet that nothing will become of this?
SEC to announce plan for single accounting standard
A plan to implement a single international accounting standard will be announced this fall, said Mary Schapiro, chairwoman of the Securities and Exchange Commission. "We must not lose sight of the fact that the purpose of accounting standards is to provide a clear and accurate picture of a company's financial condition for investors. ... I remain committed to the goal of a global set of high-quality accounting standards," Schapiro said. Financial Times (tiered subscription model) (10/8)
* he hasn't done much yet, but he isn't Bush and that alone should be reason enough! And they also gave the same to jimmy Carter before he did so much good too so hope springs eternal.
Obama takes Nobel Peace Prize
U.S. President Barack Obama won the Nobel Peace Prize, with the committee noting "his extraordinary efforts to strengthen international diplomacy and cooperation between peoples." "Obama has as president created a new climate in international politics," the committee said. "Multilateral diplomacy has regained a central position, with emphasis on the role that the United Nations and other international institutions can play." The Wall Street Journal (09 Oct.)