asian markets and dollar push higher pound weak on brexit
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Asian markets and dollar push higher, pound weak on Brexit

Arab Today, arab today

Arab Today, arab today Asian markets and dollar push higher, pound weak on Brexit

A strong reading on US consumer confidence has reinvigorated traders' optimism in the world's number-one economy
Hong Kong - AFP

Asian markets extended the previous day's rally on Wednesday while the dollar also built on its New York gains that came after a strong US consumer confidence survey reinforced the view of a strong economy.

The greenback was given fresh impetus against the pound and euro as Prime Minister Theresa May prepares to officially fire the gun to start Britain's exit from the European Union.

After more than a week of negativity, US traders finally saw a broad advance across equities and in the greenback as figures showed American shoppers were growing increasingly upbeat.

News that the consumer confidence index had hit a 16-year high helped soothe worries that President Donald Trump's economy-boosting agenda could have been thrown off the rails by the collapse of his healthcare bill owing to splits in his Republican party.

Friday's debacle over repealing Obamacare hammered world markets on speculation the tycoon would not be able to ram through promised tax cuts and infrastructure spending.

But Greg McKenna, chief market strategist at AxiTrader, noted the US reading "goes a long way to support the notion that the US economy is doing well".

He added: "It's not just about the hope of change via president Trump’s policies. It's about actual improvement in data flow and a real sense that the globe is reflating."

The Dow on Wall Street ended in the black for the first time after an eight-day losing streak, with a bounce in oil prices also providing support. The S&P 500 and Nasdaq also posted healthy gains.

- Pound volatility -

The dollar, which has been hammered since the Federal Reserve this month signalled a slower pace of interest rate hikes than expected, also moved higher.

It was at 111.20 yen, well up from 111.08 yen in New York and 110.60 yen in Tokyo Tuesday.

The euro and pound were also well down from a day ago, hit by May's official signal to leave the European Union, with her letter due to be delivered to Brussels later in the day.

"The pound is likely to remain quite volatile throughout (Wednesday's) session," said OANDA senior market analyst Craig Erlam in a note.

On equities markets Hong Kong edged up 0.2 percent while Tokyo gained 0.1 percent, Sydney closed 0.9 percent higher, Seoul added 0.2 percent and Singapore jumped 0.7 percent. Wellington rallied one percent while Jakarta and Bangkok also advanced.

But Shanghai slipped 0.4 percent.

In early European trade London, Paris and Frankfurt each rose 0.4 percent.

Energy firms were among the big winners as an outage in Libya wiped 250,000 barrels a day out of the global market, easing worries about a supply glut, while a US stockpiles reading came in on target.

Both main crude contracts rose more than one percent Tuesday and extended the gains in Asia.

In Hong Kong, CNOOC put on 0.4 percent, while Tokyo-listed Inpex was up more than two percent and Woodside Petroleum in Sydney jumped one percent.

- Key figures around 0810 GMT -

Tokyo - Nikkei 225: UP 0.1 percent at 19,217.48 (close)

Hong Kong - Hang Seng: UP 0.2 percent at 24,392.05 (close)

Shanghai - Composite: DOWN 0.4 percent at 3,241.31 (close)

London - FTSE 100: UP 0.4 percent at 7,372.79

Euro/dollar: DOWN at $1.0785 from $1.0813

Pound/dollar: DOWN at $1.2400 from $1.2457

Dollar/yen: UP at 111.20 yen from 111.08 yen

Oil - West Texas Intermediate: UP 25 cents at $48.62 per barrel

Oil - Brent North Sea: UP 22 cents at $51.55

New York - Dow: UP 0.7 percent at 20,701.50 (close)

source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

asian markets and dollar push higher pound weak on brexit asian markets and dollar push higher pound weak on brexit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

asian markets and dollar push higher pound weak on brexit asian markets and dollar push higher pound weak on brexit

 



GMT 11:28 2017 Saturday ,15 April

President Al-Bashir's visit to Kuwait and Bahrain

GMT 07:51 2017 Sunday ,26 November

HRH Crown Prince condoles with Egyptian President

GMT 14:35 2018 Friday ,12 October

Bahrain's media history documentation hailed

GMT 11:45 2017 Friday ,29 December

10 bodies found in mass grave in Myanmar

GMT 08:44 2016 Monday ,19 December

Hopeless Afghan struggle to save boy sex slaves

GMT 15:15 2013 Friday ,05 July

I breathe freedom in Jordan

GMT 12:55 2016 Sunday ,18 December

Kerry in likely last visit with Saudi king

GMT 05:49 2017 Wednesday ,24 May

Indian police make arrests after mobs lynch 8

GMT 12:12 2017 Sunday ,19 February

More South Sudanese officials quit unity gov't

GMT 09:25 2017 Wednesday ,09 August

Ghada Abdel Raziq prefers exciting drama

GMT 15:03 2017 Saturday ,14 October

HM King congratulates French President

GMT 22:10 2017 Wednesday ,03 May

Boosting Bahraini-Czech relations discussed

GMT 12:43 2017 Thursday ,30 November

Saudi prince freed in 'billion-dollar deal'

GMT 03:55 2017 Friday ,17 November

Al-Hilal's Eduardo looking to lead from the front

GMT 03:26 2017 Saturday ,18 November

Tesla's all-electric semi truck
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday