Tuesday, April 25, 2017 9:52:49 AM - Markets open
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Sterling on a high; shares sidelined as caution rules
Source: Reuters - 4/19/2017 8:59:51 AM
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Sterling stole the show in Asia on Wednesday amid speculation Britain's surprise decision to call a snap election could ultimately deliver a more market-friendly outcome in its divorce from the European Union.

Safe-havens stayed in favor as gold and bonds climbed ahead of presidential elections in France and on escalating tensions between the United States and North Korea.

Equities were largely sidelined with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS off 0.1 percent to the lowest since mid-March.

Japan's Nikkei .N225 eased 0.2 percent, in line with losses across the region.

Sterling surged to a more than six-month top against the dollar after British Prime Minister Theresa May called an early general election for June 8, seeking to strengthen her party's majority ahead of Brexit negotiations.

"We expect that the PM's gamble is likely to buy her more time as well as room for maneuver in the Brexit negotiations as she will depend less on fringe groups in her own party," said Citi's chief global political strategist, Tina Fordham.

"That may reduce the risk of a negotiation failure and thus 'chaotic Brexit', but also of the UK remaining in the Single Market in the long-term or even reversing the decision to leave the EU."

The pound was lording it at $1.2846 GBP= on Wednesday having shattered a months' old trading range with a jump of 2.2 percent overnight. It also cleared the 200-day moving average for the first time since June, putting the squeeze on a raft of speculative short positions.

Dollar selling spilled out broadly, sending the euro up to a three-week high at $1.0731 EUR=. Against the yen, the dollar was stuck at 108.60 JPY= and near its lowest since November.

The dollar was also undermined by an eroding interest rate advantage as U.S. bond yields dived to five-month lows. Yields on 10-year Treasury paper sank to 2.17 percent US10YT=RR, a world away from the 2.629 peak seen in March.

A run of disappointing U.S. economic data and doubts the Trump administration will progress with tax cuts have quelled expectations of faster inflation and boosted fixed-income debt.

That, in turn, has taken the steam out of Wall Street. The Dow .DJI fell 0.55 percent on Tuesday, while the S&P 500 .SPX lost 0.29 percent and the Nasdaq .IXIC 0.12 percent.

Goldman Sachs (GS.N) lost 4.7 percent in the largest daily drop since June after its earnings missed expectations as trading revenue dropped.

In commodity markets, the urge for safety helped lift gold XAU= to $1,287.70 an ounce and back toward Monday's peak of $1,295.42.

Oil prices slipped as U.S. crude stockpiles fell by less than expected and a U.S. government report said shale oil output in May was likely to post the biggest monthly increase in more than two years.

Brent crude LCOcv1 was last down 7 cents at $54.82 a barrel, while U.S. crude CLcv1 fell 5 cents to $52.36.
Newer News
08:36 Euro pauses after rally, Canadian dollar hit by U.S. duties on lumber
08:34 Asia stocks, euro steady as markets pause for breath after French election
21/04 Oil markets remain cautious on record supplies
21/04 Asian stocks climb, euro surrenders gains as French election jitters return
20/04 Dollar edges away from recent lows with French vote in focus
20/04 Oil prices claw back ground after sharp drop, buoyed by U.S. crude stock dip
20/04 Asian stocks set for cautious start on weak U.S. cues
19/04 Dollar kicked by ascendant sterling after May calls UK vote
Older News
18/04 Dollar/yen off five-month low but U.S.-Japan trade issues limit rise
18/04 Oil prices mixed after U.S. production seen rising
18/04 Asia stocks slip amid North Korea concerns, dollar up on Mnuchin comments
14/04 Asian shares, Korean won head south on geopolitical worries
13/04 Dollar slumps broadly after Trump says currency 'getting too strong'
13/04 OPEC sees rivals' oil output rising as it over-delivers on cuts
13/04 Trump comments, North Korea fears sink dollar, bond yields, stocks choppy
07/04 Dollar slips vs yen after U.S. launches missile strike on Syria
31/03 IEA says oil prices will not jump sharply, despite OPEC supply cuts
31/03 Dollar edges up, on track for weekly gains
 
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