The Asian Development Bank said Monday it had cut its 2016 growth projection for developing economies in Asia and the Pacific to 5.6 percent, down from its earlier forecast of 5.7 percent, but added that the economies' performance will remain solid and help offset softness from the U.S. economy and near-term market shocks from Britain's vote to exit from the European Union.
Asian markets rallied again on Wednesday with investors taking heart from another record close on Wall Street and talk of central bank stimulus, while China released better than expected export figures for June.
Asian stocks ended the week with another rally Friday on optimism that central banks globally will step up to support growth in the face of uncertainty caused by Britain's vote to quit the European Union.
Investors' taste for risk picked up in Asian currency trading Thursday with the South Korean won and Malaysian ringgit rising on stimulus hopes and as fears about Britain's exit from the EU ease.
Most Asian markets rose Wednesday after a succession of losses but fears Britain will leave the European Union are keeping traders on edge, while Shanghai soared despite index compiler MSCI again refusing to include it in its list of key benchmarks.
Asian markets extended a global sell-off Tuesday following heavy losses in New York and Europe while fresh opinion polls fan fears that the UK will vote to leave the European Union.
Japanese stocks led a plunge in Asian markets Monday, tracking a sell-off in the U.S. and Europe on renewed worries about the global economy and uncertainty over Britain's future in the European Union.
Chinese independent oil companies are luring traders, marketers and risk managers away from dominant state behemoths, offering better pay and perks in a hiring spree triggered by the freeing up of China's crude import trade.
Asian stocks were on a weak footing on Wednesday as a slip in crude oil prices dampened investors' appetite for riskier assets, while the recently bullish U.S. dollar stalled against the euro and yen following a mixed bag of U.S. economic data.
Asian stocks rose on Tuesday, led by a surge in Shanghai, while the U.S. dollar edged higher as traders weighed the fallout from a likely U.S. interest rate rise this summer.