The euro fell to a three-month low after Socialist Francois Hollande was elected president of France and as Greek voters flocked to anti-bailout parties, stoking concern austerity efforts in Europe may be derailed.
The 17-nation currency slid for a sixth day, its longest series of losses since September 2011, after German Chancellor Angela Merkel’s party had its worst election result in more than half a century in the state of Schleswig-Holstein. The yen and the dollar rose versus most of their major peers as Asian stocks extended a global rout, boosting demand for haven currencies.
“There are major concerns about the euro,” said Marito Ueda, senior managing director in Tokyo at FX Prime Corp. (8711), a currency margin company. “What’s common to both Greek and French voting is that people aren’t feeling good about austerity measures, which are the crux to a resolution of Europe’s debt problems.”
Gold hits 3-1/2 week high
Gold hit a 3-1/2 week high on Thursday and silver rose nearly 3 percent as escalating tensions in the Middle East knocked stocks and the dollar and drove investors into assets viewed as lower risk, s
$67m compensation for Almarai
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$205m raised from sukuk by HSBC unit
The Malaysian Islamic banking arm of HSBC Holdings has raised 750 million ringgit ($205m) from the sale of five-year Islamic bonds (sukuk) at a yield of 4.24 per cent, IFR reported yesterday.