Lawrence Villamar

The Swiss franc held hefty gains in Asia on Wednesday, having rocketed to record highs as investors scrambled for a safe haven on renewed tensions in the euro zone debt market and worries about a global slowdown.

Manufacturing grew at its slowest pace in two years in July as new orders contracted, casting doubt on expectations the faltering recovery would quickly regain steam.

Asian shares fell on Tuesday on concerns about a downgrade of the United States credit rating and economic worries after sluggish data, while the yen gave some gains on jitters over the possibility of intervention by Bank of Japan.

The United States' debt woes still threaten the global economy despite a last-minute deal struck by Congress, China's main official newspaper said on Tuesday, nonetheless adding there was no short-term escape from the dominance of the dollar.

Japanese Finance Minister Yoshihiko Noda signalled on Tuesday that Tokyo is in close touch with European and U.S. counterparts on the yen's strength, but declined to say if it would sell the yen to rein in its surge in value.

Japan's top government spokesman welcomed the U.S. debt ceiling agreement on Monday and said he hoped it would stabilise markets.

Asian stocks struggled and the dollar wavered on Friday as U.S. lawmakers squabbled over a compromise to avoid an unprecedented debt default, while growing worries about Europe's debt crisis weighed on the euro, adding to investor wariness.

The euro stayed under pressure in Asia on Friday as worries about the euro zone debt crisis flared up following a jump in Italy's borrowing costs, while investors also kept the dollar at arm's length amid the ongoing threat of a U.S. debt default.

The euro struggled to find any friends in Asia on Thursday, on renewed fears of contagion in Europe, while the U.S. dollar remained on the defensive as Washington showed no signs of progress in debt agreement.

Asian stocks fell ahead of a long list of corporate results on Thursday that may shed light on the year's earnings outlook, though the region continued to outperform Wall Street in July.

The U.S. Congress and world markets faced more uncertainty on Tuesday as Republican leaders delayed action on a plan to raise the government's $14.3 trillion borrowing limit, narrowing the chances for a deal to avert a debt default.

A Republican plan to cut the U.S. deficit faced delay and stiff opposition on Wednesday, piling anxiety onto investors and ordinary Americans hoping for a late compromise to avoid a crippling debt default.

Gold prices hit a record high at more than $1,623 an ounce and Asian stock markets were largely flat, as news out of Washington indicated politicians were making little progress in ending the deadlock over lifting the U.S. debt ceiling.

Asian stocks and the U.S. dollar fell on Wednesday while gold hit a record high at more than $1,623 an ounce, as a drip feed of news out of Washington indicated politicians were making little progress on a plan to lift the U.S. debt ceiling.

Japanese policymakers are becoming alarmed at persistent yen rises and considering solo currency intervention as an increasingly viable option for the near term, sources with knowledge of the matter said on Tuesday.

Japanese Finance Minister Yoshihiko Noda kept up his warning to markets against pushing up the yen too much, saying that he was aware of demands from the business sector for authorities to act against yen rises that hurt the export-reliant economy.

Asian shares edged higher on Tuesday, bouncing back from a slide the previous day, after U.S. stocks posted only modest losses in reaction to the worsening deadlock in Washington over raising the debt limit and avoiding a technical bond default.

U.S. money managers sitting on piles of cash are sniffing out opportunities to make a killing on the political circus in Washington over raising the nation's debt ceiling.

Japanese trade minister Banri Kaieda said on Tuesday that the Ministry of Finance and the Bank of Japan should consult and make an appropriate decision on intervening in the foreign exchange market, Jiji news agency reported.

The U.S. dollar remained on the defensive in early Asia-Pacific having hit record lows on the safe-haven Swiss franc as the market awaited the latest attempt by President Barack Obama to break the deadlock on debt talks.

Japanese Economics Minister Kaoru Yosano said on Tuesday that large swings in the foreign exchange market were undesirable and that an excessive rise in the yen would hurt Japan's manufacturing sector.

The dollar slipped in early Asia-Pacific trade on Monday as investors looked for signs of progress to break the deadlock that will avert a U.S. debt default.

Bank of Japan Governor Masaaki Shirakawa said on Monday that the central bank needs to closely watch recent rises in the yen, which may hurt the country's economy by undermining exports, corporate revenue and sentiment.

Stocks slipped while the Swiss franc rose and gold hit a record high on Monday as hopes for a political deal to avert a U.S. default began to fade, though investors were mostly seeking to protect their portfolios with no signs of panic selling.

Iran and China are discussing using a barter system to exchange Iranian oil for Chinese goods and services, as U.S. sanctions have blocked China from paying at least $20 billion for oil, the Financial Times said.

U.S. lawmakers failed to achieve a budget breakthrough and instead worked on rival plans on Sunday in a impasse that heightened prospects for a catastrophic U.S. debt fault.

U.S. stocks rose Tuesday, clawing back some of the previous day's losses as positive earnings news helped buoy shares. The Dow Jones Industrial Average rose 65.16 points, or 0.53%, to finish near the day's highs at 12266.75. The Standard & Poor's 500-stock index added 7.48 points, or 0.57%, to 1312.62 while the Nasdaq Composite gained 9.59 points, or 0.35%, to 2744.97. The gains came one day after the Dow fell 140 points on credit-ratings firm Standard & Poor's decision to lower its ...

U.S. stocks suffered a rout after Standard & Poor's cut its outlook on the U.S. government debt, warning that the U.S. fiscal profile may become meaningfully weaker than that of other triple-A-rated countries if policy makers can't tame the budget deficit. The Dow Jones Industrial Average fell 140.24 points, or 1.14%, to 12201.59, led lower by Bank of America and Caterpillar, which each fell 3.1%.

Investors retreated from stocks, oil and other risky assets as a worsening nuclear situation in Japan and a lackluster start to the U.S.'s corporate earnings season cast doubt over the global economic recovery. The Dow Jones Industrial Average dropped 117.53 points, or 0.95%, to 12263.58, while the Standard & Poor's 500-stock index lost 10.30 points, or 0.78%, at 1314.16, and the Nasdaq Composite fell 26.72 points, or 0.96%, to 2744.79.