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Asian markets shrug off as Fed minutes show fading rate hike prospects Pound hovers around 31-year low as more UK property funds suspended
(about 1 hour later)
Asian markets have shrugged off the latest Federal Reserve minutes showing that prospects of an interest rate hike have diminished. 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.
The US central bank's last meeting in June took place before Britain's referendum to exit the European Union. 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. 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 flat in early trade. Japan's benchmark Nikkei 225 share index and the broader Topix are both are about 0.2% lower.
South Korea's Kospi index is 0.9% higher. South Korea's Kospi index is 1.1% higher.
Australia's S&P/ASX 200 share index is up 0.6% as investors continue to wait for the country's election results. Australia's S&P/ASX 200 share index is up 0.8% as investors continue to wait for the country's election results.
Meanwhile, renewed jitters over the fallout from the Brexit vote has extended a rally in gold prices. In Greater China, both Hong Kong's Hang Seng index and the Shanghai Composite have opened up higher.
The precious metal is trading near its highest price in more than two years as investors flock to buy into its perceived safe haven status.
The Japanese yen, considered another haven investment, has also continued to strengthen against the US dollar.