02102016Wed
Last update: Wed, 10 Feb 2016 11am

Europe

Markets - FXMM - Europe

Sterling slides as euro leans into banking storm LONDON: Sterling sank to a more than one-year low against the euro but gained against the dollar on Tuesday as a wave of global concern over banks and other financial firms extended into a second day, hammering stock markets on both sides of the Atlantic.Morning data in Britain had offered some support to the pound but analysts said trade was dominated by a reassessing and reweighting of portfolios by many major fund investors in the worst start for stock markets to a year since 2009.Constantin Bolz, director for FX strategy with UBS Wealth Management in Zurich, said the pound had benefitted from a trimming of pro-dollar positions before Wednesday's testimony to Congress by U.S. Federal Reserve chair Janet Yellen.He and others also pointed to a broad unwinding of hedged positions in euro zone equities by non-European investors as benefitting the single currency."Given the fact that sterling has suffered quite a ...

Markets - FXMM - Europe

Yen near November 2014 highs, euro lags on banking worries LONDON: The yen rose on Tuesday to its highest against the dollar since November 2014, as a sell-off in global stocks and worries about Europe's banks stoked demand for safe-haven currencies. The euro underperformed. Although it has enjoyed a good correlation with safe-haven assets and currencies since last August, it dropped to its lowest in nearly two weeks against the yen and the Swiss franc, another safe haven. Europe's banking index fell 1 percent and ...

Markets - FXMM - Europe

Polish bank stocks lag rebound of Western peers BUDAPEST/WARSAW: Polish stocks lagged a rebound in some European equities markets on Tuesday ahead of a government meeting with bank executives to thrash out recent fee increases.The ruling Law and Justice (PiS) party which rules since November has warned that banks could act illegally if they pass on the cost of a planned tax to customers.A rise in the burden on Polish banks has pushed down the index of Warsaw-listed bank shares by more than ...

Markets - FXMM - Europe

Sterling hits 13-mth low vs euro on stocks sell-off, Brexit concern LONDON: Sterling fell to a 13-month low against the euro on Monday, as a sell-off in global stock markets hit currencies perceived to be riskier with uncertainty about Britain's place in the European Union also weighing on sentiment.Britain's top share index joined other global indices, dropping to its lowest level in over two weeks, weighed down by banking stocks which hit multi-year lows.Bank stocks in Europe and the UK were deep in the red with ...

Markets - FXMM - Europe

Sterling subdued by Brexit uncertainty and UK rate outlook LONDON: Sterling traded below a recent one-month high against the dollar on Monday, as uncertainty about Britain's place in the European Union and diminishing rate hike prospects kept investors cautious. Sterling was trading at $1.4496, off the one-month high of $1.4672 it hit last Thursday after Bank of England chief Mark Carney quashed talk that interest rates could be cut in the coming months, with lower stocks also weighing on sentiment.The pound was lower against ...

Markets - FXMM - Europe

Dollar back on defensive as stocks head lower LONDON: The dollar turned lower against the euro in Europe on Monday as stock markets resumed their decline, wiping out gains based on Friday's US jobs report. A rise in oil prices during Asian trading helped commodity-linked currencies like the Australian and Canadian dollars gain, but that advance faded as crude turned lower. Concern over economic growth last week drove the dollar to its worst performance in more than four years, until solid numbers on ...

Markets - FXMM - Europe

Rouble, tenge lead currency gains, stocks edge lower LONDON: Oil producers Russia and Kazakhstan led emerging currency gains on Monday thanks to relatively stable oil prices although EM stocks edged lower, with China and most other Asian markets closed for Lunar New Year. The Russian rouble opened 1 percent higher and the Kazakh tenge firmed 1.8 percent after Brent crude futures rallied to over $34 a barrel in early trading on continued speculation about a co-ordinated cut in production.But by 1000 GMT the ...