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


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

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


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


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

Categorized | Currencies

Asia markets cautious as Wall St and dollar weaken

Posted on November 29, 2016

Tuesday 2.30am GMT


Markets across Asia were trading cautiously as Wall Street and the US dollar weakened overnight and the price of oil has pulled back.

Hot topic

Eyeing a possible third consecutive day of declines, the US dollar index was 0.1 per cent lower at 101.21 in Asian trade and was facing its longest losing streak since the start of this month.

The US dollar index was suffering only a mild retreat in Asian trade but its decline over the past three sessions has prompted a global rally in stocks and a sell-off in bonds since Donald Trump was elected US president to stall.


Japanese stocks were lower after the decline in the dollar caused the yen to strengthen overnight. The Topix benchmark was fractionally lower, possibly bringing an end to a 12-day winning streak that is its equal third-longest of the past 30 years. The Nikkei 225 was down 0.2 per cent.

Australia’s S&P/ASX 200 rose 0.2 per cent, while Hong Kong’s Hang Seng lost 0.1 per cent. China’s Shanghai Composite was down 0.1 per cent and the technology-focused Shenzhen Composite was 0.2 per cent lower.


The yen was 0.1 per cent weaker at ‎¥‎112 per dollar but its 1.1 per cent jump overnight has proved enough to keep equities under pressure. The currency strengthened briefly following the release of retail sales and household spending data that showed a less severe contraction in October.

The best-performing Asian currency on Tuesday was China’s renminbi, up by one-third of 1 per cent at Rmb6.892 per dollar as the greenback weakened and the country’s central bank fixed the currency’s trading range with the US dollar stronger.


Oil prices were slightly weaker ahead of Wednesday’s much-anticipated meeting between Opec members that markets hope will result in supply cuts.

Brent crude, the international benchmark, was down 0.4 per cent at $48.07 a barrel, while West Texas Intermediate was down by as much at $46.92. Prices jumped 2 per cent on Monday on hopes that the Opec meeting would yield a deal.

For market updates and comment follow us on Twitter @FTMarkets