02072016Sun
Last update: Sun, 07 Feb 2016 05pm

Europe

Markets - FXMM - Europe

Ruble nears record low as Russian markets drop further on oil slump MOSCOW: Russia's ruble fell close to a historic low Monday as stock markets slumped on the back of the fall in oil prices following the lifting of sanctions on Iran.The ruble dropped as low 79.43 to the dollar, nearing its record of just over 80 that it hit when the currency tumbled dramatically in December 2014. Russia's dollar-denominated RTS index fell by some 0.93 percent by the close of trading, meaning that it has shed some 15 percent since the start of the year. Russia -- whose energy-reliant economy has already been pushed into recession by low oil prices and Western sanctions over Ukraine -- has been rocked again by a further slump in prices.A barrel of Brent crude dropped briefly below $28 a barrel on fears of oversupply after the international sanctions on Iran over its nuclear programme were lifted. The National Iranian Oil Company said it had ordered ...

Markets - FXMM - Europe

Sterling struggles near 5 1/2-year low LONDON: Sterling struggled to recover from a 5-1/2-year low on Monday, with investors finding few reasons to buy the currency and several risks, such as a possible "Brexit" from Europe, sliding oil prices and a tepid economic outlook.The pound has skidded almost 10 percent against the dollar over the past six months, with around half of that fall coming in the last month alone. It hit $1.4228 in early trading on Monday, its weakest since ...

Markets - FXMM - Europe

Dollar inches higher as stock markets steady LONDON: A minimal recovery in stock markets helped the dollar gain some ground against Europe's current safe havens of choice, the euro and the Swiss franc, on Monday.With trade thinned out by the absence of U.S. markets for a holiday, China's yuan gained around a third of a percent on a Reuters report of new moves to add to funding costs for foreign players speculating against the currency.That sent the dollar/yuan rate back below 6.60 ...

Markets - FXMM - Europe

Sterling takes a breather after hitting a 5 1/2-year low LONDON: Sterling rose from a 5 1/2-year low to trade above $1.43 on Monday, after a torrid sell-off that saw investors reacting to an uncertain economic outlook for Britain.Investors have pushed back to the middle of 2017 forecasts for an interest rate increase, as lacklustre data and falling oil prices bolster expectations that inflation will slow and the Bank of England will keep rates lower for longer.In addition, growing worries about Britain's membership of the ...

Markets - FXMM - Europe

Russian markets and ruble tumble further on oil slump MOSCOW: Russian stock markets and the ruble fell further on Monday as the currency edged closer to a historic low on the back of a fresh slump in oil prices.The ruble dropped at the start of trading to 78.85 to the dollar, nearing its record of just over 80 that it hit when the currency tumbled dramatically in December 2014.Russia's dollar-denominated RTS index fell by some 2.96 percent in early trading by around 07:20 GMT, ...

Markets - FXMM - Europe

Russian rouble drops with oil as Iran sanctions lifted MOSCOW: The Russian rouble fell sharply early on Monday as oil prices dropped to their lowest since 2003 on market expectations that a jump in Iranian exports would exacerbate a global crude glut.At 0715 GMT, the rouble was 1.6 percent weaker against the dollar at 78.86 and had lost 1.3 percent to 85.79 versus the euro.Brent crude oil, a global benchmark for Russia's main export, was down 2.5 percent at $28.2 a barrel after earlier ...

Markets - FXMM - Europe

Sterling cuts losses after BoE minutes show no change in voting LONDON: Sterling bounced from near 5-1/2 year lows against the dollar and a one-year trough versus the euro on Thursday after the latest Bank of England meeting minutes showed an 8-1 vote to keep interest rates unchanged.Before the minutes were released, there was speculation that policymaker Ian McCafferty might change his vote for an immediate hike given the ructions in global markets, with sliding oil prices and subdued economic data in Britain.But he kept his ...