02102016Wed
Last update: Wed, 10 Feb 2016 08pm

Europe

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 0.25 percent in early trading.The benchmark 10-year government bond yield rose to 11.27 percent from a spot close of 11.07 percent on Tuesday. Global pressures on emerging currencies added to domestic concerns about political interference in monetary policy and political uncertainties which pushed the lira 20 percent lower against the US currency last year. Pressure on the lira resumed on Dec. 23 when Turkey's central bank shocked markets by failing to hike interest rates despite ...

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 ...

Markets - FXMM - Europe

Sterling plumbs 9-month lows vs dollar, steadier elsewhere LONDON: Sterling slid to its weakest since April against the dollar on Tuesday, with a bullish reading on the construction sector failing to bolster expectations for higher interest rates in a year set to be dominated by debate over a "Brexit" from Europe.Against a basket of currencies, sterling was marginally higher, falling half a percent against the resurgent dollar but gaining around the same amount against the euro, having fallen sharply on Monday, the year's ...

Markets - FXMM - Europe

Yen soars as investors lose their risk appetite, again LONDON: Investors once again flocked to the safety of the yen on Tuesday as a modest pick-up in risk appetite gave way to jitters over Chinese market turbulence and stalling growth and the breakdown in relations between Saudi Arabia and Iran. The Japanese currency, traditionally sought at times of risk aversion, had come off the previous day's highs after China pumped an estimated $20 billion into the market, stabilising share prices after Monday's 7 percent ...

Markets - FXMM - Europe

Zloty hits three-week low on concern over budget, new laws BUDAPEST/WARSAW: Poland's zloty slipped to a three-week low against the euro on Tuesday as the European Commission criticised proposed changes to the country's media laws and concern grew that the government will raise spending in its first full year in office.Other Central European currencies regained some ground but remained fragile after assets tumbled on Monday amid worries about the Chinese economy.The zloty has been hardest hit among the region's currencies at the start of 2016, ...

Markets - FXMM - Europe

Swedish crown soars, yuan hits 4-1/2-month low in offshore trade LONDON: Offshore rates for China's yuan fell to their weakest since a hefty two-day devaluation in August on Tuesday, mirroring a fall in onshore rates, with traders citing strong year-end dollar demand.Sweden's crown meanwhile hit a nine-month high against the euro as investors bet that the country's economy would continue to improve and that its central bank would hold off from cutting interest rates further for the time being.Trading was thin during the Christmas holiday ...