Jittery markets send safe-haven yen soaring
London
WORRIES over falling oil prices and the possibility of a British exit from the European Union drove the euro to a three-year low against the yen on Wednesday and sterling to a seven-year trough against the US dollar.
Oil fell below US$33 a barrel after Saudi Arabia ruled out production cuts and a report said that US crude stockpiles had hit a record high, souring investors' appetite for riskier assets and boosting demand for safe havens such as the yen and Swiss franc.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Chinese sellers go to TikTok school to reach buyers abroad
Gold prices set for weekly decline ahead of US inflation data
Huawei’s new phone sports latest version of made-in-China chip
Meta’s earnings flop sparks US$400 billion sell-off in tech stocks
Singapore shares open lower on Friday; STI down 0.1%
OUE wins tender to lease, develop new ‘zero-energy’ hotel at Changi Airport’s T2