• The dollar licked its wounds on Friday, on track for weekly losses after it dropped on disappointment with a tax bill put forth by U.S. Senate Republicans that would delay expected corporate tax cuts.
The dollar index, which gauges the greenback against a basket of six major rivals, inched up 0.1 percent to 94.493 after skidding 0.36 percent in the previous session. It was down 0.5 percent for the week.
The dollar inched 0.1 percent lower to 113.38 yen, down 0.6 percent for the week and well below its eight-month high of 114.737 logged on Monday. It has gained more than 5 percent over the past two months, which some say makes it vulnerable to profit-taking.
The euro was up slightly on the day at $1.1646, 0.3 percent higher for the week and holding well above a 3-1/2-month low of $1.1553 plumbed on Tuesday.
• Japanese Prime Minister Shinzo Abe said on Friday that he welcomed a broad agreement reached at a ministerial meeting on the TPP trade deal, a written statement by the Japanese government said.
Discord emerged between Japan and Canada over progress on the Trans Pacific Partnership (TPP) trade deal on Thursday, as Japan said countries “agree in principle” on a way forward, but Canada said there was no such agreement.
• Japan’s economy was expected have grown for a seventh straight quarter in July-September, a period of unbroken expansion last seen between 1999 and 2001, a Reuters poll found on Friday.
Gross domestic product (GDP) is expected to have grown at an annualised rate of 1.3 percent in the third quarter, the poll of 20 analysts showed.
• China will expand corporate tax rate cuts for high-tech services firms nationwide, in an effort to attract more foreign capital into its high tech, high value-added services industry.
The tax rate for high-tech services firms would be reduced to 15 percent, effective Jan. 1, 2017, the Ministry of Finance said in a statement on its website on Friday. The ministry did not provide details on previous tax rates.
• Saudi Arabia's foreign minister urged the international community to slap fresh sanctions against Iran Thursday, accusing its arch-regional rival of supporting terrorism.
"We would like to see sanctions on Iran for its support of terrorism and sanctions on Iran for violating the ballistic missile resolutions of the United Nations," Adel Al-Jubeir, Saudi minister of foreign affairs, told CNBC Thursday.
When asked whether Saudi Arabia was headed for a direct conflict with Iran, Al-Jubeir replied, "We hope not."
• Oil markets were slightly down but stable on Friday, supported by ongoing supply cuts and strong demand which have resulted in a tightening market, although the prospect of rising U.S. output capped prices.
Brent crude was at $63.76 per barrel at 0756 GMT, down 17 cents from its last close but within $1 of a more than two-year high of $64.65 reached earlier this week.
U.S. West Texas Intermediate (WTI) crude was at $57.07 per barrel, down 10 cents but also not far from this week’s more than two-year peak of $57.92 a barrel.
Reference: Reuters
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