UK Government Announces Sell-Off of RBS Stake and Continued Sell-Off of Royal Mail
June 11, 2015 6:10 am
US stocks rose on Wednesday, boosted by technology and financial sectors and renewed optimism that a deal may be struck between Greece and its creditors. Over in Asia stocks also rose due to the gains from Wall St with the Nikkei reversing a four day losing streak and bouncing off three year lows to close at 20,382.
The Dollar was last up 0.4% at 123.21 Yen but still some distance from a 13-year high of 125.86 touched on Friday after better than expected U.S. non-farm payrolls data. The Euro was down 0.2% at $1.1302. The Common Currency has gained 1.7% so far this week, helped by a lasting spike in Euro zone debt yields. After yesterday’s news that the RBA may partake in further policy easing the New Zealand dollar slid more than 2% on the day to a five-year low of $0.7000 after the Reserve Bank of New Zealand cut rates to 3.25%.
U.S. crude was down 0.3% at $61.25 after jumping 2% on Wednesday. Brent lost 0.2% to $65.59 after a 1% gain.
Within the equity space the British Government on Wednesday said it would sell half of its remaining stake in Royal Mail, leaving it with about 15% of the postal service that was wholly state owned until 2013. Shares of Britain’s Royal Mail are likely to be priced at 500p (according to Reuters). Royal Mail stock opened 3.5% lower this morning at 496p per share. The Chancellor also announced in his Mansion House speech last night that the UK Government intends to begin the sell-off of its stake in the Royal Bank of Scotland; RBS’s share price is currently up by around 1.32% at 359.49, after reaching as high as 362.25 earlier in the session.
US stocks rose on Wednesday, boosted by technology and financial sectors and renewed optimism that a deal may be struck between Greece and its creditors. Over in Asia stocks also rose due to the gains from Wall St with the Nikkei reversing a four day losing streak and bouncing off three year lows to close at 20,382.
The Dollar was last up 0.4% at 123.21 Yen but still some distance from a 13-year high of 125.86 touched on Friday after better than expected U.S. non-farm payrolls data. The Euro was down 0.2% at $1.1302. The Common Currency has gained 1.7% so far this week, helped by a lasting spike in Euro zone debt yields. After yesterday’s news that the RBA may partake in further policy easing the New Zealand dollar slid more than 2% on the day to a five-year low of $0.7000 after the Reserve Bank of New Zealand cut rates to 3.25%.
U.S. crude was down 0.3% at $61.25 after jumping 2% on Wednesday. Brent lost 0.2% to $65.59 after a 1% gain.
Within the equity space the British Government on Wednesday said it would sell half of its remaining stake in Royal Mail, leaving it with about 15% of the postal service that was wholly state owned until 2013. Shares of Britain’s Royal Mail are likely to be priced at 500p (according to Reuters). Royal Mail stock opened 3.5% lower this morning at 496p per share. The Chancellor also announced in his Mansion House speech last night that the UK Government intends to begin the sell-off of its stake in the Royal Bank of Scotland; RBS’s share price is currently up by around 1.32% at 359.49, after reaching as high as 362.25 earlier in the session.
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