By Wire News
1922 ET – Two of China’s largest infrastructure banks have refused funding for a giant coal mine planned by Indian conglomerate Adani in Australia’s Queensland state. Industrial & Commercial Bank of China has rejected media reports that it could help finance the A$16.5 billion mine–after refusals by major U.S. and European banks–following lobbying by Australian diplomats and the conservative government. “ICBC attaches great importance to its social responsibilities and keenly promotes ‘green financing,’” the bank says, denying that it intends to get involved in financing the project and highlighting its funding of renewable energy projects. The decision matches a similar one by China Construction Bank over the weekend. A Labor government in Queensland–likely to be re-elected–has promised to veto any federal loan for the project. (email@example.com)
1845 ET – The dollar has started Asian trading on an up note in Monday morning Asian trading between the Senate clearing a tax proposal and a Flynn report during Friday trading that hit markets but has since been retracted as erroneous. But the dollar’s gains–up a half-yen at Y112.75 and a quarter-cent versus the euro at $1.1870–is probably not the explosive bounce some were hoping for, says Stephen Innes of Oanda. That as questions still remain about how helpful a final package could be to the US economy, he notes, while given typical political bluster some dealers may be reluctant to chase the dollar much higher. (firstname.lastname@example.org; @JamesGlynnWSJ)
1842 ET – Japanese stocks are set to open higher in the wake of market reaction to the Senate passing a tax proposal. With the dollar at Y112.80 versus Y112.25 late Friday in New York, Nikkei futures opened up 60 points at 22875 on SGX. The index logged its 3rd-straight gain on Friday and has risen 8 of the past 11 trading days. (email@example.com; @SuryatapaB)
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