Morning briefing: More calls for yuan flexibility
1. British oil giant BP signed a 30-year deal with Azerbaijan on Thursday to explore and develop a major Caspian Sea gas field.
2. The dollar slid to a 15-year low versus the Japanese yen, an all-time low against the Swiss franc, a 27-year-low against the Australian dollar and an eight-month low against the euro. The currency fluctuations were due to the prospect of more money-printing by the U.S. Federal Reserve, the strength of the Australian job market revival and anticipation of an upcoming European Central Bank policy meeting.
3. The European Union is considering taxing bank profits and wages to recoup bailout funds.
4. Less than a day after U.S. Treasury Secretary Timothy Geithner called the currency issue the "central existential challenge," the head of the IMF and the European Trade Commissioner called for the appreciation of the Chinese yuan.
5. Germany's industrial production rose 1.7% in August from the previous month, much stronger than the increase expected by economists.
Ariana Eunjung Cha
| October 7, 2010; 8:00 AM ET
Categories: *Morning briefing
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