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This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersGood morning. We could all really use a calm day in markets today. As of this writing, futures markets suggest that it’s not going to happen. But perhaps bargain hunters, dip-buyers, short-coverers, volatility hedgers, optimists and algorithms can turn things around. If not, email us a reassuring word: robert.armstrong@ft.com and aiden.reiter@ft.com.What just happened?It is probably a mistake to expend too much analytical energy on what happened…
South Korea’s ousted president Yoon Suk-yeol has continued to rally supporters from his official residence by issuing a string of combative messages, while officials deny a June 3 date reportedly set for a snap election to find his successor.Citing an unnamed official, Yonhap News Agency on Monday revealed the tentative date and said it would be announced after a cabinet meeting held by acting president, Prime Minister Han Duck-soo, whose office later clarified no date had been set.According to the constitution, a snap presidential election must be held within 60 days if the post becomes vacant due to reasons such…
While China’s central bank has set the yuan’s daily reference rate to a four-month low against the US dollar, the metric has not yet breached the all-important 7.2 benchmark – a move seen by analysts as a sign of stabilisation efforts rather than the sharp devaluation some expected to offset the impact of US tariffs.On Monday, the People’s Bank of China set the yuan’s daily fixing – also known as the midpoint rate – at 7.1980 per US dollar, the weakest since early December.The move came amid heightened trade tensions between China and the US, set off by President Donald…
“The Japanese yen will be a good — and probably the best — candidate to hide from trade tensions and a U.S. recession, for a whole host of familiar reasons,” said Ebrahim Rahbari, head of rates strategy at Absolute Strategy Research.Zhang Xiaoyu | Xinhua News Agency | Getty ImagesInvestors are flocking to safe haven assets after U.S. President Donald Trump announced a swathe of reciprocal tariffs last week — and some are looking at the Japanese yen, bonds, as well as a few other “exotic” assets.”The Japanese yen will be a good — and probably the best — candidate to…
Rupee’s Performance Against US Dollar Since 04 March 2025 The Pakistani rupee saw marginal decline against the US dollar, depreciating 0.04% in the inter-bank market on Monday. At close, the currency settled at 280.57, a loss of Re0.10 against the greenback. During the previous week, rupee depreciated against the US dollar as it lost Re0.31 or 0.11% in the inter-bank market. The local unit closed at 280.47, against 280.16 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). It was a shorter week for currency trading due to Eid-ul-Fitr holidays. The market…
The Pakistani rupee saw marginal improvement against the US dollar, appreciating 0.02% during the opening hours of trading in the inter-bank market on Monday. At 10am, the currency was hovering at 280.42, a gain of Re0.05 against the greenback. During the previous week, rupee depreciated against the US dollar as it lost Re0.31 or 0.11% in the inter-bank market. The local unit closed at 280.47, against 280.16 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). It was a shorter week for currency trading due to Eid-ul-Fitr holidays. The market remained closed…
The Pakistan Stock Exchange (PSX) plunged by 3,882 points on Monday amid global market turmoil following China’s retaliatory tariffs against the United States. The benchmark KSE-100 index plunged by 3,882.18 points, or 3.27 per cent, to stand at 114,909.48 from the previous close of 118,791.66. Trading was earlier halted at the PSX for an hour after the benchmark index plummeted by 6,000 points triggering the suspension, only to drop another 2,000 points when trading resumed. The automatic circuit breakers are designed to prevent panic selling and provide investors time to reassess during extreme market volatility. The benchmark KSE-100 index initially…
Stay informed with free updatesSimply sign up to the Global Economy myFT Digest — delivered directly to your inbox.Within an otherwise anodyne note from Goldman Sachs assigning a 45-per-cent chance to a recession, readers can find the following paragraph (with our emphasis): If most of the April 9 tariffs do take effect, then the effective tariff rate will rise by an estimated 20pp once those increases and likely sectoral tariffs take effect, even allowing for some country-specific agreements at a later date. If so, we expect to change our forecast to a recession. Doesn’t get much simpler than that! The…
A bloodbath was observed at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index lost over 3,000 points during early trading on Monday At 9:35am, the benchmark index was hovering at 115,623.88, a decrease of 3,167.78 points or 2.67%. Across-the-board selling pressure was observed in key sectors including, cement, commercial banks, oil and gas exploration companies, OMCs, refinery and power generation. Index-heavy stocks including HUBCO, ARL, MARI, OGDC, PPL, POL, PSO, SNGPL, SSGC, HBL traded in the red. “Pakistani market down 3k points after the global market crash,” said Mohammed Sohail, CEO of Topline Securities in a note. The…
A bloodbath was observed at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index lost over 8,000 points during intra-day trading on Monday The benchmark KSE-100 Index continued to plunge lower once trading resumed after the market halt. At 1:15pm, the KSE-100 Index was hovering at 110,606.40, a decrease of 8,185.26 points or 6.89%. This marks the largest intraday decline in terms of points, noted Arif Habib Limited (AHL). Courtesy: PSX Earlier, following a 5% decline, the stock market had halted trading for 60 minutes, i.e. from 11:58am to 12:58pm. “All TRE Certificate Holders are hereby informed that due…