BoE stress tests: all you need to know

The Bank of England has released the results of its latest round of its annual banking stress tests and its semi-annual financial stability report this morning. Used to measure the resilience of a bank’s balance sheet in adverse scenarios, the stress tests measured the impact of a severe slowdown in Chinese growth, a global recession […]

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Draghi: Eurozone will decline without vital productivity growth

It’s productivity, stupid. European Central Bank president Mario Draghi has become the latest major policymaker to warn of the long-term economic damage posed by chronically low productivity growth, as he urged eurozone governments to take action to lift growth and stoke innovation. Speaking in Madrid on Wednesday, Mr Draghi noted that productivity rises in the […]

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Asia markets tentative ahead of Opec meeting

Wednesday 2.30am GMT Overview Markets across Asia were treading cautiously on Wednesday, following mild overnight gains for Wall Street, a weakening of the US dollar and as investors turned their attention to a meeting between Opec members later today. What to watch Oil prices are in focus ahead of Wednesday’s Opec meeting in Vienna. The […]

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Banks, Financial

RBS emerges as biggest failure in tough UK bank stress tests

Royal Bank of Scotland has emerged as the biggest failure in the UK’s annual stress tests, forcing the state-controlled lender to present regulators with a new plan to bolster its capital position by at least £2bn. Barclays and Standard Chartered also failed to meet some of their minimum hurdles in the toughest stress scenario ever […]

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Barclays: life in the old dog yet

Barclays, a former basket case of British banking, is beginning to look inspiringly mediocre. The bank has failed Bank of England stress tests less resoundingly than Royal Bank of Scotland. Investors believe its assets are worth only 10 per cent less than their book value, judging from the share price. Although Barclays’s legal team have […]

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Categorized | Currencies

Korean stocks, won strengthens after President Park offers resignation

Posted on November 29, 2016

South Korean stocks and the won strengthened as Park Geun-hye, the country’s embattled president, said she was willing to relinquish power in the wake of a mounting corruption scandal that has gripped the nation.

The benchmark Kospi was up 0.2 per cent in the wake of President Park saying she was willing to step down and her request for parliament to come up with a way for stable regime change.

The index had been down by as much as much as 0.3 per cent during the afternoon session, but had trimmed declines to one-third of that amount before President Park began speaking at 2.30pm Seoul time.

The Korean won was 0.2 per cent stronger at 1,167.73 won to the dollar in the wake of the news, having been flat just before President Park’s address to the nation began. In February, the won reached a six-year low against the US dollar of 1,238.77 won.

(Chart courtesy of Bloomberg)