Markets give a guarded welcome to the appointment of Jerome Powell as the future new head of the world's most powerful central bank. As Ciara Lee reports, Federal Reserve governor Jerome Powell is seen as the 'continuity candidate' to replace Janet Yellen.
All calm on the Eastern front. Asian markets taking something of a breather on Friday MSCI's broadest index of Asia-Pacific shares outside Japan, just a whisker from its highest in a decade. Investors welcoming news that Jerome Powell is to be at the helm of the world's most powerful bank. Markets have previously viewed a Federal Reserve run by Powell as bearish for the dollar But some say he might in fact be more positive for the greenback than some of the other candidates for the post. (SOUNDBITE) (English) ETX CAPITAL, SENIOR MARKET ANALYST, NEIL WILSON, SAYING: "Had you had Taylor say, it would have been a much more hawkish appointment that could have roiled markets somewhat. But with Powell being such a steady hand and a known quantity as well, markets are taking this fairly positively." Powell's appointment is a sign of continuing cautious monetary policies But in choosing him, President Trump broke precedent, denying Janet Yellen a second term. (SOUNDBITE) (English) ETX CAPITAL, SENIOR MARKET ANALYST, NEIL WILSON, SAYING: "I think there is a risk of tarnish to the Fed chair role if the president simply chops and changes and puts in his own man whenever he feels like it then that is a problem. But that said, in this appointment he's not gone for anyone out of the blue or anything that's potentially going to upset the status quo." European shares crept higher thanks to firmer tech stocks and carmakers. Though gains were limited as earnings weighed on shares in French bank Societe Generale Germany's DAX hit a record high, up 0.4 percent at over 13505. Not such a good start for Spain's IBEX though Sharp falls among financials led by banks pushed it down 0.9 percent. That as unemployment was revealed to be on the rise Amid little apparent prospect of any breakthrough in the crisis over Catalonia.