asian markets and dollar push higher pound weak on brexit
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Asian markets and dollar push higher, pound weak on Brexit

Egypt Today, egypt today

Egypt Today, egypt 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

egypttoday
egypttoday

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 09:51 2016 Tuesday ,29 March

Back to drawing board for new father Murray

GMT 09:17 2017 Monday ,13 February

RAK police seek help to locate missing girl

GMT 21:52 2011 Monday ,08 August

Leverkusen\'s Giefer hospitalised

GMT 23:05 2017 Wednesday ,25 January

Millions travel for China’s Lunar New Year festival

GMT 23:06 2017 Tuesday ,24 January

Pakistan military tests nuclear-capable missile

GMT 11:34 2017 Tuesday ,14 February

Artist makes NY fashion week debut on a bus

GMT 14:35 2018 Monday ,22 January

Azza Fahmy Jewellery announces UK store launch

GMT 07:41 2014 Wednesday ,19 March

Nail brand The Lacquer Lab launches

GMT 15:19 2011 Tuesday ,02 August

Orwellian Barton forced to train alone by Newcastle

GMT 12:25 2016 Wednesday ,14 December

Evaluation of Participating Companies Goes in Full Swing

GMT 13:37 2017 Monday ,25 December

Abducted Yemenis kept in chains in Houthi jails

GMT 20:05 2011 Wednesday ,20 July

Maid repatriated after 3-year ordeal

GMT 01:09 2012 Wednesday ,15 February

Elegant Patch Sofa

GMT 09:45 2016 Friday ,25 November

In French missionary retirement home

GMT 06:06 2011 Monday ,12 December

Homemade Pet treats maker

GMT 04:41 2017 Monday ,09 January

Emirates Youth Council holds first meeting of 2017

GMT 08:09 2014 Thursday ,05 June

Opel outlines growth plan until 2022

GMT 11:27 2017 Thursday ,21 December

Dollar exchange stable at Egypt's major banks

GMT 08:48 2017 Sunday ,29 October

Spain seizes control of 'independent' Catalonia

GMT 17:27 2017 Monday ,13 November

EU's Mogherini urges 'no external interference'

GMT 07:29 2017 Tuesday ,19 December

Helmy el-Namnam hails Sharjah Ruler's support

GMT 13:49 2017 Wednesday ,29 November

ARIES (March21st-April20th)
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt 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 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday