Asian markets rise ahead of Bank of England interest rate decision – business live

Discussion in 'Market News' started by Lily, Apr 14, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    All the day’s economic and financial news, including the Bank of England’s interest rates decision at noon BST and results from Burberry, Unilever and JD Sports

    Introduction: Bank decision, and financial results

    8.06am BST

    A swathe of emerging market currencies have slumped today, after Singapore surprised investors by announcing it won’t allow its currency to strengthen.

    Bloomberg has the details:

    Singapore’s dollar slumped the most since August, dragging down other Asia-Pacific currencies, as surprise easing by the central bank fueled speculation other policy makers in the region will follow suit.

    New Zealand’s dollar, Malaysia’s ringgit and Indonesia’s rupiah also weakened after the Monetary Authority of Singapore said it would seek a policy of zero appreciation against an undisclosed basket of currencies, returning to a neutral stance it adopted in the global financial crisis in 2008. Singapore’s central bank cited “a less favorable external environment” in its policy statement, adding to concern the outlook for global growth is worsening.

    8.01am BST

    Asian stock markets have posted solid gains today, picking up the baton after yesterday’s strong performance in Europe and the US.

    Japan’s Nikkei surged by over 3%, while the Australian S&P/ASX rose by 1.2% and the South Koreas’ market gained 2%.

    MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5%, reaching its highest level since Nov. 26. It has risen 5 percent since Friday, breakingabove several resistance levels to signal further gains.

    7.37am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    Related: FTSE 100 hits highest level in 2016

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