World shares mostly slip as investors eye corporate earnings

News Summary

  • This applies to potential changes in the central bank governor, banking regulator and economic adviser.”The Chinese yuan slid to a 15-year low of 7.3089 to the U.S. dollar after China’s central bank appeared to ease off trying to counter market forces that were pushing the tightly controlled currency lower.
  • The Shanghai Composite index fell less than 0.1%, to 2,976.28.Chinese stocks have languished after the Communist Party congress awarded leader Xi Jinping an unprecedented third five-year term and installed key Xi allies as top ruling party leaders, vanquishing officials considered pro-market reformers.
  • On Wall Street on Monday, stocks extended gains from last week as investors geared up for a heavy week of earnings from big technology companies.
  • But after the ruling party’s congress ended over the weekend, the central bank set the yuan’s starting price for trading Tuesday unusually low.Elsewhere in Asia, Tokyo’s Nikkei 225 index rose 1% to 27,250.28, while the Kospi in Seoul lost 0.1%, to 2,235.07.
  • Germany’s DAX fell 0.8% to 12,824.91 following the release of a German Business Climate report that was better than expected but overall gloomy, with no “meaningful signal of improvement in the German economy,” Alex Kuptsikevich, FxPro senior market analyst, said in a report.
  • Xi wants a bigger Communist Party role in China’s business and technology development, raising fears centralized control will stunt an economy that already is slowing.But that might not mean major policy changes, said Iris Pang of ING.
By ELAINE KURTENBACH AP Business WriterBANGKOK (AP) Shares were mostly lower in Europe and Asia on Tuesday as investors geared up for a slew of corporate earnings reports.U.S. futures edged 0.1 [+4765 chars]