Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
The yuan weakened on Wednesday as escalating U.S.-China trade tensions rattled Chinese markets post-Lunar New Year. The dollar surged over 0.5% against the yuan to 7.2856, despite the People's Bank of China (PBOC) setting a stronger-than-expected midpoint rate. Investors watched the fixing closely for signs of Beijing's stance on currency devaluation in response to U.S. tariffs.
China swiftly retaliated against new U.S. tariffs imposed by President Donald Trump, with Trump stating he has no urgency to engage in talks with Chinese President Xi Jinping. Analysts predict China may allow further yuan depreciation to counteract the economic impact of tariffs, signaling prolonged trade friction.
Meanwhile, the offshore yuan hovered at 7.2892 per dollar after plunging to a record low of 7.3765 earlier in the week. The Australian dollar, often a proxy for the yuan, edged lower to $0.6247, while the New Zealand dollar traded at $0.5653.
The yen was a key mover, rising over 0.5% to 153.47 per dollar, its highest in over a month. Japan’s inflation-adjusted real wages grew 0.6% in December, fueling speculation of further Bank of Japan (BOJ) rate hikes. Traders have priced in over 30 basis points of tightening by year-end.
Elsewhere, the Canadian dollar rebounded from its 22-year low, standing at C$1.4331, while the Mexican peso steadied at 20.4840 per dollar. The euro climbed back above $1.02, last trading at $1.0374, and sterling gained to $1.2484. The dollar index slipped 0.07% to 107.97.
Despite trade war tensions, market sentiment remained resilient, with optimism stemming from delayed U.S. tariffs on some countries following negotiations.
