Asian stocks up on positive Yellen comments
Asian stocks hit a five-week high on Tuesday following market-calming comments from Federal Reserve chair Janet Yellen.
The Hang Seng closed up 1.40 percent, with the Shanghai Composite and Nikkei 225 following suit, up 0.07 percent and 0.58 percent respectively.
Whilst Yellen admitted that the last set of US jobs data was “disappointing”, she warned against attaching too much significance to the payrolls data in isolation. She continued to say that “positive economic forces have outweighed the negative”, and reaffirmed a gradual rate rise.
Yellen also weighed in on the Brexit debate, saying in her speech on yesterday that a Leave vote could cause “significant economic repercussions”. She confirmed that the central bank would take Brexit into account when deciding whether to raise interest rates.
Sports Direct Mike Ashley faces questions from MPs
The billionaire founder of Sports Direct, Mike Ashley, is due to appear before a Select Committee today in order to “defend the good name of Sports Direct”.
Having previously declined to be questioned by MPs as part of an investigation into the way the company treats its staff, Ashley agreed to face the Business, Innovation and Skills committee later today.
The retailer has been hit by criticism from both the media and politicians in relation to its treatment of workers at Shirebrook warehouse. Sports Direct denies that they effectively pay staff below the national minimum wage by requiring them to queue for security checks on their own time at the end of a shift.
Shares in the company have dropped 37 percent in 2016, falling out of the FTSE 100 index in March.
City banks to work through referendum night
City banks are preparing to work throughout the night on the 23rd of June, in case the EU referendum vote immediately sparks market volatility.
Most major City firms will have teams of experts available through the night to respond to customer queries and demands to move money, with the first exit polls being published at 10pm on polling day likely to have an effect.
As the vote gets closer volatility is already increasing, with sterling slipping on Monday as the most recent poll suggest the UK was ready to leave the UK.
07/06/2016
