This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-36732154
The article has changed 4 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Pound hovers around 31-year low as more UK property funds suspended | |
(about 1 hour later) | |
The pound continues to hover around 31-year lows in Asian trading as more UK property funds look to stem withdrawals in the wake of Brexit. | |
However, the Japanese yen is rising for a third day against the dollar as investors buy into the currency, seen as a safe haven for their money. | |
It has strengthened by nearly 5% since the UK vote to exit the European Union. | |
The renewed jitters over the fallout from the Brexit vote have also extended a rally in gold prices. | |
The precious metal is trading near its highest price in more than two years. | |
On Wednesday UK and European stock markets fell sharply and the pound hit a fresh 31-year low as Brexit fears rattled markets. | |
Another three UK property funds said they were suspending trade after a surge in withdrawals following the UK's vote to leave the EU. | |
In Thursday's Asian trade the pound remained lower against the dollar, trading at around $1.2918. | |
US rate hike delay | |
Meanwhile, Asian stock markets are trading mixed after the latest Federal Reserve minutes showing that prospects of an interest rate hike have diminished. | |
The US central bank's last meeting in June took place before the EU referendum. | |
However policymakers were concerned the vote would heighten global market uncertainty and potentially hurt the US economic outlook. | However policymakers were concerned the vote would heighten global market uncertainty and potentially hurt the US economic outlook. |
They were also worried about a possible slowdown in the US labour market following weaker-than-expected payroll data. | |
Japan's benchmark Nikkei 225 share index and the broader Topix are both are about 0.2% lower. | |
South Korea's Kospi index is 1.1% higher. | |
Australia's S&P/ASX 200 share index is up 0.8% as investors continue to wait for the country's election results. | |
In Greater China, both Hong Kong's Hang Seng index and the Shanghai Composite have opened up higher. | |