Currencies

China capital curbs reflect buyer’s remorse over market reforms

Last year the reformist head of China’s central bank convinced his Communist party bosses to give market forces a bigger say in setting the renminbi’s daily “reference rate” against the US dollar. In return, Zhou Xiaochuan assured his more conservative party colleagues that the redback would finally secure coveted recognition as an official reserve currency […]

Continue Reading

Banks

Carney: UK is ‘investment banker for Europe’

The governor of the Bank of England has repeated his calls for a “smooth and orderly” UK exit from the EU, saying that a transition out of the bloc will happen, it was just a case of “when and how”. Responding to the BoE’s latest bank stress tests, where lenders overall emerged with more resilient […]

Continue Reading

Currencies

China stock market unfazed by falling renminbi

China’s renminbi slump has companies and individuals alike scrambling to move capital overseas, but it has not damped the enthusiasm of China’s equity investors. The Shanghai Composite, which tracks stocks on the mainland’s biggest exchange, has been gradually rising since May. That is the opposite of what happened in August 2015 after China’s surprise renminbi […]

Continue Reading

Capital Markets

Mnuchin expected to be Trump’s Treasury secretary

Donald Trump has chosen Steven Mnuchin as his Treasury secretary, US media outlets reported on Tuesday, positioning the former Goldman Sachs banker to be the latest Wall Street veteran to receive a top administration post. Mr Mnuchin chairs both Dune Capital Management and Dune Entertainment Partners and has been a longtime business associate of Mr […]

Continue Reading

Banks

Financial system more vulnerable after Trump victory, says BoE

The US election outcome has “reinforced existing vulnerabilities” in the financial system, the Bank of England has warned, adding that the outlook for financial stability in the UK remains challenging. The BoE said on Wednesday that vulnerabilities that were already considered “elevated” have worsened since its last report on financial stability in July, in the […]

Continue Reading

Categorized | Equities

Oil-related shares rise on Syria fears


Posted on August 30, 2013

Oil-related shares were the best performers on weaker European indices this week as crude prices rose on concerns over the rising violence in Syria and the threat of the conflict becoming an international war.

The FTSE Eurofirst 300 fell 2.4 per cent over the week to 1,195.01 with losses during the five sessions for carmakers, airlines and a selection of financial stocks.

    Oilfield services groups were the best performers after results from Oslo-listed SeaDrill and the UK’s Petrofac.

    SeaDrill reported record quarterly earnings on Wednesday and issued a confident outlook, pushing the shares up 8.6 per cent over the week to NKr282.40.

    “The sun is shining on the offshore industry and SeaDrill is taking advantage,” said Gregory Lewis at Credit Suisse.

    Among the oil producers, Statoil of Norway rose 3.7 per cent over the week to NKr134.40.

    Renault was among the week’s poorest performers.

    On Thursday, Carlos Tavares announced he was standing down as chief operating officer of the French carmaker.

    Renault shares fell 9.2 per cent over the week to €54.08.

    Zurich Insurance fell 5.1 per cent this week to SFr231.60 after it also lost top executives – chief executive Josef Ackermann quit on Thursday following the suicide of Pierre Wauthier, the company’s finance chief.

    Shares in Europe’s largest hotel group Accor fell 3.6 per cent to €28.61 over the week after the French company warned on full-year profit after a weaker than expected first half.