Euro Hits New 12 Year Lows, TSB Subject of Takeover Bid
March 12, 2015 8:12 am
A surprise interest rate cut by South Korea’s central bank on Thursday helped lift an index of Asian stocks away from the previous session’s seven-week trough, while the Euro plumbed a new 12-year low as the European Central Bank’s easing pressured Euro zone bond yields. U.S. stocks ended lower for a second straight session on Wednesday as worries grew about the timing of a Federal Reserve interest rate hike and Dollar strength further dampened the outlook for U.S. earnings. The Dow fell 27 points to 17,635, the S&P500 lost 3 points to close at 2,040.
The Euro touched a fresh 12-year low of $1.0494 on Wednesday and was last at $1.0537, down about 0.1% on the day after the European Central Bank started to implement its 1 trillion Euro bond-buying program this week. The Dollar edged down about 0.1% against the Yen to 121.29 but remained not far from a nearly eight-year high of 122.04 Yen hit on Tuesday.
U.S. crude prices rebounded after skidding to a one-month low overnight after government data showed a U.S. oil inventory build last week, contrary to some expectations for a drawdown. It last stood at $48.42 a barrel, up about 0.5% on the day. The European benchmark Brent also touched a one-month low overnight, though it bounced back later on Wednesday and added 2%. It was extending that rally in Asia, up about 1.1% at $58.18 a barrel.
Serco kicked off a £555m rights issue and said it had the right plan in place to turn the embattled British outsourcing firm around after a spectacular collapse in profits and reputation. The stock is 14% down in early trade, bottom of the FTSE100 at 177p per share. In other equities news, TSB stock jumped this morning after the bank announced that it had received a takeover bid from Spanish bank Sabadell. TSB shares are currently trading up by around 1.6%.
A surprise interest rate cut by South Korea’s central bank on Thursday helped lift an index of Asian stocks away from the previous session’s seven-week trough, while the Euro plumbed a new 12-year low as the European Central Bank’s easing pressured Euro zone bond yields. U.S. stocks ended lower for a second straight session on Wednesday as worries grew about the timing of a Federal Reserve interest rate hike and Dollar strength further dampened the outlook for U.S. earnings. The Dow fell 27 points to 17,635, the S&P500 lost 3 points to close at 2,040.
The Euro touched a fresh 12-year low of $1.0494 on Wednesday and was last at $1.0537, down about 0.1% on the day after the European Central Bank started to implement its 1 trillion Euro bond-buying program this week. The Dollar edged down about 0.1% against the Yen to 121.29 but remained not far from a nearly eight-year high of 122.04 Yen hit on Tuesday.
U.S. crude prices rebounded after skidding to a one-month low overnight after government data showed a U.S. oil inventory build last week, contrary to some expectations for a drawdown. It last stood at $48.42 a barrel, up about 0.5% on the day. The European benchmark Brent also touched a one-month low overnight, though it bounced back later on Wednesday and added 2%. It was extending that rally in Asia, up about 1.1% at $58.18 a barrel.
Serco kicked off a £555m rights issue and said it had the right plan in place to turn the embattled British outsourcing firm around after a spectacular collapse in profits and reputation. The stock is 14% down in early trade, bottom of the FTSE100 at 177p per share. In other equities news, TSB stock jumped this morning after the bank announced that it had received a takeover bid from Spanish bank Sabadell. TSB shares are currently trading up by around 1.6%.
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