02092016Tue
Last update: Tue, 09 Feb 2016 02pm

Europe

Markets - FXMM - Europe

Sterling stages modest recovery from 5-1/2-year low LONDON: Sterling edged up from a 5-1/2-year-low against the dollar on Monday, taking a breather from a brutal sell-off that has seen it emerge as one of the worst performing major currencies this year.The pound has fallen as expectations for when the Bank of England will start raising interest rates have been pushed back to 2017. Investors had previously bet rates would rise in the second half of this year, following the U.S. Federal Reserve, which last month hiked rates for the first time since 2006. Uncertainty stemming from a referendum on whether or not Britain should stay in the European Union has also soured sentiment, and is likely to any gains capped.The latest data shows speculators have been adding to unfavourable bets against the pound, which posted its seventh straight week of losses against the euro on Friday.Sterling rose 0.3 percent on Monday to $1.4563,, having fallen to $1.4491 ...

Markets - FXMM - Europe

Poland begins marketing dual-tranche euro-denominated bond LONDON: The state treasury of the Republic of Poland has started marketing a dual-tranche euro-denominated benchmark-sized Eurobond, according to a lead manager. The bond is split between 10 and 20-year tranches, with the shorter portion offered to investors at 65bp area over mid-swaps and the longer tranche marketed at mid-swaps plus 105bp area. Citigroup, HSBC, ING, Societe Generale and UniCredit are bookrunners on the deal, which is expected to be Monday's business. Poland is rated ...

Markets - FXMM - Europe

Oil slides below $35 on rising stocks, fading hopes of export cuts LONDON: Oil prices fell below $35 per barrel for the first time since 2004 on Wednesday, tumbling more than 5 percent as the row between Saudi Arabia and Iran made any cooperation between major exporters on cutting output even more unlikely.A sharp rise in gasoline stocks in the United States reinforced the picture of a market that is awash with oil and refined products.The international furore over Saudi Arabia's execution of a Shi'ite cleric ended ...

Markets - FXMM - Europe

Sluggish service sector data sends sterling to 9-month low LONDON: Sterling slipped to its weakest since April against the dollar on Wednesday, after faltering growth numbers in Britain's large services sector fed the view the Bank of England will not raise interest rates any time soon.Also weighing on the pound were worries over a potential "Brexit" from Europe, following a referendum on the issue that could come as soon as June and that is likely to complicate the timing of any BoE rate hike.Bank ...

Markets - FXMM - Europe

Turkish lira slips to 3 per dollar, weakest since Oct ISTANBUL: The Turkish lira weakened to a three-month low against the dollar on Wednesday as fears about China's stalling economy and North Korea's nuclear test shook investors already concerned about the independence of Turkey's monetary policy. The lira broke through the symbolic threshold of 3.0 against the dollar for the first time since early October, and weakened as far as 3.0145 before edging back to 3.0085 at 0928 GMT.The main BIST 100 share index fell ...

Markets - FXMM - Europe

Sterling weak at 9-month lows, UK data of little help LONDON: Sterling fell to its weakest since April against the dollar on Wednesday, with data from the dominant British services sector suggesting tardy economic growth at a time when investors' focus is on the debate over a "Brexit" from Europe. The Markit/CIPS UK services purchasing managers' index fell to 55.5 last month from 55.9 in November. Economists in a Reuters poll had expected the index to slow to 55.6 after growing at its fastest pace ...

Markets - FXMM - Europe

Forint, zloty slide on yuan worry despite Hungarian budget news BUDAPEST/BUCHAREST: The forint failed to benefit from good Hungarian budget figures on Wednesday as the continuing slide of the yuan and worries over the Chinese economy knocked down risky assets in global markets.Central Europe's most liquid currencies, the zloty and the forint eased half a percent against the euro by 0952 GMT.The forint fell even though Economy Minister Mihaly Varga told a news conference that Hungary's budget deficit was about 2 percent of economic output ...