Global Markets Surge on China's Yuan Strength and Peace Optimism
Asian markets rallied sharply Thursday as investors embraced de-escalation hopes in the Middle East conflict. Japan's Nikkei 225 hit a historic record above 61,000, while Taiwan's equities climbed over 2 percent. China's central bank strengthened the yuan to its highest reference rate since March 2023, signaling confidence in economic resilience amid trade tensions. The People's Bank of China set the midpoint at 6.8487, a notable move to stabilize the currency against dollar volatility. However, energy costs present mounting challenges. Jet-fuel prices spiked near 200 dollars per barrel, raising alarms among White House advisers about airline operational expenses. Major carriers including United and Delta face significant cost pressures.
MA
Thursday, May 7, 2026 at 10:40 AM
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