ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Dalal Street Corner: Market ends flat even as FII selling nears exhaustion; what should investors do on Friday?
  • Exclusive: June GST collections estimated at Rs 1.37-1.39 lakh cr, sources tell Zee Business ahead of announcement on 1 July
  • Eknath Shinde sworn in as 30th Chief Minister of Maharashtra, Fadnavis becomes Deputy CM
  • Gold Price Today: Weaker Rupee to hold yellow metal slide domestically, amid strengthening Dollar; analyst suggests strategy
  • Monsoon session of Parliament to begin on July 18; to end on August 12
Read in App
Business News » World News

Global Markets: Pound climbs four-week high on Brexit delay news, Asian stocks pause after rally in two straight sessions

The pound climbed to near four-week highs on Tuesday on a report U.K. Prime Minister Theresa May could seek to delay a Brexit deadline while Asian shares paused at a five-month peak on signs Washington and Beijing were making progress on a trade deal. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Global Markets: Pound climbs four-week high on Brexit delay news, Asian stocks pause after rally in two straight sessions
MSCI`s broadest index of Asia-Pacific shares outside Japan held near its highest since mid-September as U.S. and Chinese negotiators work to hammer out a deal that would end a tit-for-tat tariff battle that began in mid-2018. Image source: PTI

The pound climbed to near four-week highs on Tuesday on a report U.K. Prime Minister Theresa May could seek to delay a Brexit deadline while Asian shares paused at a five-month peak on signs Washington and Beijing were making progress on a trade deal.  Sterling jumped to $1.3149 in early Asian trade after Bloomberg reported May was expected to allow her Cabinet to discuss extending the Brexit deadline beyond March 29 at a crunch meeting later in the day.

The news was a relief to investors who had feared a no-deal Brexit, although dark clouds are still looming for the currency.  "News that Prime Minister May is considering the option of postponing Brexit given all the turmoil in parliament can hardly come as a big surprise," said Nick Twidale, analyst at Rakuten Securities Australia. 

"However...details are few and far between. The market will seek further clarity over the coming sessions and if it is not forthcoming, sterling traders can expect more swings in the currency."  A delay might also anger May`s pro-Brexit colleagues who could even support a vote of no confidence in the government, potentially triggering a general election. 

Elsewhere, MSCI`s broadest index of Asia-Pacific shares outside Japan held near its highest since mid-September as U.S. and Chinese negotiators work to hammer out a deal that would end a tit-for-tat tariff battle that began in mid-2018. U.S. President Donald Trump said on Sunday he would delay a tariff hike on $200 billion of Chinese imports in the clearest signs yet that both sides were making progress in the talks, but he also sounded a note of caution, saying a deal "could happen fairly soon, or it might not happen at all."

Watch this Zee Business video here:

A spokeswoman for the U.S. Trade Representative`s Office said the agency had no announcements at this time beyond the president`s remarks.  "There were caveats on the proposed trade deal," Rakuten`s Twidale added. "Although largely ignored by the market yesterday, they suggest that the path forward will not be a straight one and investors will do well to prepare for more volatility.

Monday`s losses in the MSCI Asia-Pacific index was led by Australian shares which slipped 0.7 percent, weighed by energy stocks as oil prices tumbled overnight. South Korea`s KOSPI was flat while Japan`s Nikkei rose 0.2 percent. Wall Street`s three major indexes ended higher on Monday but well below the session`s highs, with the Dow up 0.2 percent, the S&P 500 adding 0.1 percent and the Nasdaq gaining 0.4 percent. 

Investors were also wary of weakening estimates for current quarter earnings, with Wall Street on Monday expecting a 0.9 percent decline in S&P first-quarter earnings per share compared with expectations for 5.3 percent growth on Jan. 1, according to IBES data from Refinitiv.  The trade news was largely priced in to currency markets, with the risk-on mood nudging the dollar to 111.23 against the safe haven Japanese yen, a level not seen since late December. The greenback was last at 111.06. 

The dollar index was flat at 96.413 against a basket of currencies.  Focus now shifts to an appearance by U.S. Federal Reserve Chairman Jerome Powell before a U.S. Senate committee on Tuesday. "The market will be looking for signs the Fed remains comfortable with the current state of policy," said Steven Dooley, currency strategist at Western Union Business Solutions. "The markets will also want to hear details about the eventual end of the Fed`s balance sheet reduction programme."

The euro idled at $1.1359, staying within the $1.1213/1.1570 range that it has held since mid-October. In commodities, oil prices took a knock on Monday to post their largest daily percentage drop this year after Trump called on OPEC to ease its efforts to boost crude prices, which he said were "getting too high." U.S. crude was last up 2 cents at $55.5 a barrel in early Asian trading while Brent finished 3.5 percent lower on Monday at $64.76.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Markets
Written By: Reuters
Updated: Tue, Feb 26, 2019
08:51 am
Reuters
RELATED NEWS
Stocks to Buy: Sandeep Jain recommends Tarsons Products for gains; lists fundamentals, top triggers Stocks to Buy: Sandeep Jain recommends Tarsons Products for gains; lists fundamentals, top triggers
Sebi permits FPIs to participate in exchange-traded commodity derivatives market Sebi permits FPIs to participate in exchange-traded commodity derivatives market
Zee Business questions Zomato’s move to leave out retail investors from its investor call; Managing Editor Anil Singhvi call out bias, demands this Zee Business questions Zomato’s move to leave out retail investors from its investor call; Managing Editor Anil Singhvi call out bias, demands this
What should investors do with Bajaj Auto Buyback? Anil Singhvi suggests this What should investors do with Bajaj Auto Buyback? Anil Singhvi suggests this
Exclusive: SEBI, exchanges in discussion over bringing back trade execution range; know what is triggering the move Exclusive: SEBI, exchanges in discussion over bringing back trade execution range; know what is triggering the move

LATEST NEWS

Eknath Shinde sworn in as 30th Chief Minister of Maharashtra, Fadnavis becomes Deputy CM

Toyota Hyryder Unveiled: Toyota India unveils new self-charging hybrid electric SUV in India; check details

Byju's lays-off 500 employees; employees contest company's claim, says number is higher

Anil Singhvi Strategy on July 1: Support Zone on Nifty is 15675-15725, Bank Nifty is 33100-33200

OnePlus Nord 2T 5G India launch today: Check expected price, specifications and more

HSBC to relaunch India private banking business within a year, says India CEO

BMW adopts Google's Android Automotive OS for future vehicles

Monsoon session of Parliament to begin on July 18; to end on August 12

Stock Market Outlook: Our dependence on US market limited now, next 10-15 years belong to India, says Anil Singhvi | Here's why

Soon! Instagram to turn all your posts into Reels - All you need to know

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV