The yen dropped against the euro and dollar on Wednesday as investors took recovering U.S. stock markets as a cue to slash short-term bets that the Japanese currency would strengthen.
Apple Inc shares rose more than 4.5 percent on Wednesday, fueled by excitement over the pending launch of new iPod digital music players, which could entice current users to buy upgraded models.
Prospects that U.S. equity markets would bounce back on Wednesday after two days of falls lifted European markets, suppressing fears about weakness in the U.S. economy and global financial system.
Japanese stocks hit their lowest close in a week after earlier falling by nearly 3 percent as a strong yen sparked sales of exporters such as Sony Corp after fears about the U.S. economy set off a Wall Street tumble.
U.S. stock indexes tumbled more than 2 percent on Tuesday after Merrill Lynch warned that ailing credit markets will hurt bank profits, while reports showing eroding consumer confidence and falling home prices added to concerns about the economy.
Tokyo shares slipped in thin trade on Tuesday as investors watchful of currency moves sold Toyota Motor Corp and other exporters on a stronger yen, and banks and brokerage firms fell after their U.S. peers slipped the previous session.
Concerns about the U.S. economy prompted investor caution on Tuesday, cutting into what had been a recovery in stocks and boosting the yen.
Shares in Taiwan's Acer Inc fell sharply on Tuesday after investors chafed at the premium the PC maker was paying for loss-making U.S. rival Gateway to gain the spot as the world's No. 3 maker.
The yen rose while high-yielding currencies came under pressure on Tuesday as concerns over the health of the U.S. economy weighed on global equities, prompting investors to trim exposure to risky assets.
Stock index futures fell on Tuesday due to renewed global credit concerns and caution ahead of reports on home prices and consumer confidence. Banking stocks took an early beating after MarketWatch reported that Merrill Lynch had downgraded to neutral from buy investment banks Bear Stearns Cos., Lehman Brothers and Citigroup.
U.S. stocks fell on Monday after data showed the number of unsold homes reached its highest level in more than 15 years in July, adding to concerns about the housing market and consumer spending. Bank shares fell on nagging credit worries after Goldman Sachs slashed its earnings forcast on Lehman Brothers, Bear Stearns and Morgan Stanley.
The dollar rose against the euro, but fell against the yen on Monday, as investors attempted to minimize exposure to risky assets amid lingering fears of a global credit crisis.
Shares of Countrywide Financial Corp dropped as much as 7 percent on Monday after analysts slashed earnings estimates for the largest U.S. mortgage lender and a report showed existing home sales fell.
European shares recovered further on Monday, but Wall Street looked set to open lower after news that for the first time since the leveraged buyout boom began the price on a major private equity deal had been lowered.
The Nikkei average inched up 0.3 percent in thin trade on Monday as KDDI Corp extended gains on profit prospects and auto stocks such as Honda Motor advanced on a softer yen.
An end to Wall Street's streak of rising profits in the third quarter is built into investor expectations, but the top brokerages' results will still face scrutiny next month to see just how they value assets bloodied by the summer market meltdown.
U.S. stocks rose on Friday, sending the broader market to its best week in five months, as surprisingly strong economic data eased concerns about the economy's health and investors bet equities may be stabilizing after weeks of turmoil.
Three Asian banks' heavy exposure to the limping U.S. home loan sector reinforced global credit wobbles on Friday but Germany, France and Italy saw no signs of new problems.
U.S. stocks advanced on Friday as a jump in oil prices boosted energy stocks and an unexpected rise in July new home sales calmed worries about the economy.
Shares of Home Depot Inc were up 1.3 percent on Friday as investors waited for word about whether a sale was on or off for the home improvement retailer's contractor business.
The dollar weakened broadly on Friday as lingering worries about the recent global credit and liquidity squeeze outweighed surprisingly strong U.S. economic data.
Stronger-than-expected U.S. economic data boosted stocks on Friday while bonds held early gains and the dollar fell. European stocks also got a lift from the U.S. data.
Stocks rose on Friday, after data showed new home sales unexpectedly rose in July and new orders for durable goods surged, reassuring investors about the economy's health, although credit concerns remained.
European shares fell by midday on Friday, breaking a tentative five-day recovery and tracking weakness in Asia as credit worries returned to the forefront to take financial stocks lower.
Shares in Bank of China and its subsidiary BOC Hong Kong slid on Friday amid worries that higher-than-expected exposure to sub-prime mortgages would eat into their earnings.
U.S. stocks were poised to open little changed on Friday as investors nervously awaited fresh data, including new home sales for July, for clues on the health of the economy. On Thursday, the head of the biggest U.S. mortgage company, Countrywide, said the persistent U.S. housing market downturn could lead to a recession.
Asian stocks fell on Friday on concern that problems in the U.S. housing and credit markets could push the world's biggest economy into recession, while the yen steadied against the dollar and euro.
Limelight Networks Inc said on Thursday it had expanded an online media distribution deal with Microsoft Corp, sending the shares of the digital content delivery company up as much as 20 percent.
U.S. stocks dipped on Thursday as investors worried about the economic outlook after the head of the biggest U.S. mortgage company said the housing downturn could create a recession.
Stocks declined on Thursday after the chief executive of Countrywide Financial Corp said the housing market was certainly not getting better and could push the economy into a recession. The comments offset optimism about a $2 billion injection into Countrywide, the biggest U.S. mortgage lender.
