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Referendum: Sterling up in Asia Pound surges in Asia on referendum
(about 2 hours later)
The pound sterling has hit a two-year high against the euro and a two-week high against the US dollar, as early counts suggested a "No" vote to independence in Scotland's referendum. The pound sterling has hit a two-year high against the euro and a two-week high against the US dollar, as Scotland voted against independence in a referendum.
In early Asian trade, sterling spiked to 78.12 pence per euro.In early Asian trade, sterling spiked to 78.12 pence per euro.
The pound also jumped nearly 0.8% to $1.6525 against the US dollar. The pound also jumped nearly 0.8% to $1.6525 against the US dollar. The FTSE is also expected to open higher.
The rises stem from early results from smaller regions, showing a lead for the "No" camp in the Scottish independence vote. Over the past couple of weeks the pound had fallen on fears that Scotland would vote in favour of independence.
A vote to stay in the United Kingdom "would remove uncertainty over some very big issues", said Alan Ruskin, global head of G10 foreign-exchange strategy at Deutsche Bank.A vote to stay in the United Kingdom "would remove uncertainty over some very big issues", said Alan Ruskin, global head of G10 foreign-exchange strategy at Deutsche Bank.
Analysis: What happens next? Jeremy Cook, economist at World First said: "The obvious risk to the currency markets was a yes and that would have caused a big sell off. Now the markets will go back to concentrating on the fundamentals of the UK economy."
David Kuo, Chief Executive, The Motley Fool (Singapore) Shares prices in London are expected to open higher, in particular Scottish-related companies such as RBS, Lloyds Standard Life and Aberdeen Asset Management.
Whether Scotland wins or loses the referendum, it will have won concessions from the UK government. Brenda Kelly from IG Index said: "Investors in these firms will be relieved that management will be able to devote their time to business performance, rather than fretting about contract changes or headquarter moves."
Exactly what these concessions amount to remains to be seen. But Scotland will likely have greater tax-raising powers and greater control over its budgets. "There is still uncertainty, primarily over the new changes to voting on English issues, but these are of importance primarily to politicians and less so to markets," she added.
It is only a question of time before Northern Ireland and Wales ask for similar concessions. And they will most probably be granted them too. Analysis: Kamal Ahmed, BBC business editor
The upshot is that the UK could be fragmented fiscally, though importantly, not geographically. With No confirmed as the winner in the referendum, we can expect the Royal Bank of Scotland to say there is now no need to move domicile to London.
This leaves some unanswered questions about sterling, namely, what does monetary union within the United Kingdom actually mean? Investors don't like unanswered questions. The bank had prepared for a Yes vote by saying last week that it would move its headquarters from Edinburgh.
A "No" vote could be bad for the UK. A "Yes" vote could be just as destabilising, unless the UK government can find a way of putting the genie back in the bottle. I wouldn't be surprised if Ross McEwan, the chief executive, re-iterated the bank's commitment to Scotland. I am sure RBS's executives are relieved that the upheaval of independence will now not happen.
Elsewhere in Asia, regional markets were mostly higher, taking their cues from Wall Street.Elsewhere in Asia, regional markets were mostly higher, taking their cues from Wall Street.
US stocks rose overnight, one day after the central bank - the US Federal Reserve - said it will keep its pledge to keep interest rates low. Those comments helped to lift the Dow Jones Industrial Average and the S&P 500 index to record highs.US stocks rose overnight, one day after the central bank - the US Federal Reserve - said it will keep its pledge to keep interest rates low. Those comments helped to lift the Dow Jones Industrial Average and the S&P 500 index to record highs.
Markets in Japan, Australia and Taiwan are all trading in the positive column. Japan's benchmark Nikkei index is up by 1.5%. Gains are also driven by yen weakness, which has prompted investors to buy up shares of export companies.Markets in Japan, Australia and Taiwan are all trading in the positive column. Japan's benchmark Nikkei index is up by 1.5%. Gains are also driven by yen weakness, which has prompted investors to buy up shares of export companies.
Alibaba IPOAlibaba IPO
Away from Scotland, eyes are also on the world's biggest initial public offering (IPO) due to take place later today. That is when Chinese e-commerce juggernaut Alibaba will float its shares on the New York Stock Exchange.Away from Scotland, eyes are also on the world's biggest initial public offering (IPO) due to take place later today. That is when Chinese e-commerce juggernaut Alibaba will float its shares on the New York Stock Exchange.
Shares in Alibaba have been priced at $68 (£42), the top end of the range and the IPO will raise $21.8bn, making it one of the largest flotations ever.Shares in Alibaba have been priced at $68 (£42), the top end of the range and the IPO will raise $21.8bn, making it one of the largest flotations ever.
It values Alibaba, which accounts for 80% of all online retail sales in China, at $167.6bn.It values Alibaba, which accounts for 80% of all online retail sales in China, at $167.6bn.
That value surpasses such corporate titans as Walt Disney and Boeing.That value surpasses such corporate titans as Walt Disney and Boeing.
The final amount raised from the sale could change, depending on the final allotment allocation.The final amount raised from the sale could change, depending on the final allotment allocation.
If underwriters exercise an option to sell more shares, the money raised could increase to $25bn, beating the record listing held by Agricultural Bank of China. That flotation in 2010 raised $22bn.If underwriters exercise an option to sell more shares, the money raised could increase to $25bn, beating the record listing held by Agricultural Bank of China. That flotation in 2010 raised $22bn.