China's yuan rose to the highest since a peg to the dollar was scrapped in July, as U.S. senators arrived in Beijing to seek a stronger currency.
Merrill Lynch believes it would be in the best interests of investors if companies dropped quarterly earnings guidance. Market participants need to see it for what it is – a rough assessment of one indicator of a company’s well-being. Earnings guidance dictates an outcome and discourages debate. Worst of all, this one number cannot possibly convey the subtle forces that shape a wise capital allocation decision and ultimately investors are let down.
India is drawing up its most ambitious plan to date to remove all remaining capital controls on the partially convertible rupee in the latest signal of burgeoning confidence in the country’s economy.
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