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Home / Business / Pound jumps on Brexit hopes as global corporation – Raw Story

Pound jumps on Brexit hopes as global corporation – Raw Story



The British pound hit a seven-week high against the dollar on Friday amid fears of a deal without Brexit.

Meanwhile, stock markets gained support after China said some US agricultural products, including pork and soybeans, would be exempt from tariffs, ahead of the Beijing-Washington trade talks scheduled for October.

After flirting with new records, US stocks pulled water as investors waited for the outcome of next week's monetary policy meeting in the Federal Reserve, which is largely expected to deliver the second interest rate cut of the year.

Adam Sarhan of 50 Park Investments told AFP that today's subdued trade was a "normal and healthy action after a big meeting."

"This is the perfect area for the market to pause before trying to reach new highlights," he said.

Beijing's announcement from Beijing was the latest in a new series of conciliatory measures between the world's two largest economies, which have been locked in a bitter trade war over the past year, resulting in hundreds-of-billions of tariff-for-tat rates of dollars in bilateral trade.

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1; & # 39; Most Terrible Example & # 39; –

In foreign currency, the pound was in focus after British currency jumped to its highest level since late July.

The pound "has strengthened … as traders are less afraid of the possibility of Brexit without a deal," said David Madden, an analyst at CMC Markets UK.

passed a law earlier this month aimed at preventing a Brexit without a deal, but Prime Minister Boris Johnson is adamant that the UK will still leave the EU on schedule 31 October with or without a withdrawal agreement.

Speaker of the United Kingdom House of Commons, John Bercow said that obeying the law "would be the most horrible example to set to the rest of society."

In a speech in London on Thursday, Bercow warned that if the government came near To do so, Parliament would want to cut such an opportunity and make it powerful. ”

– No big bazooka –

In stock markets, all major European indexes ended the day higher, while Wall Street had a split finish following an extended rally this week.

The reference Dow put its eighth positive row in a row, the longest winning series in more than a year.

Stocks rose in Asia after the European Central Bank on Thursday unveiled a new round of economic stimulus and further interest rate cuts.

AFP / PHILIPPE HUGUEN The euro stayed against the dollar after falling short in response to the European Central Bank's stimulus announcement

The ECB said it would launch its bond procurement program to increase liquidity, support demanding banks and Reduce loan costs deeper into negative territory in an attempt to start lending.

"In the end, it wasn't a big bazooka, but ECB President Mario Draghi did his best to convince investors that ether policy will remain extremely accommodating for a long time to come," said Gavin Friend, senior market strategist at National Australia Bank.

– Key figures around 2030 GMT –

Pound / dollar: UP to $ 1.2496 from $ 1.2337 at 2030 GMT

Euro / pound: DOWN at 88.66 pence from 89.67 pence

Euro / dollar : UP to $ 1,1078 from $ 1,1064

Dollar / Yen: FLAT at 108.11 yen

New York – Dow: UP 0.1 percent at 27,219.52 (close)

New York – S&P 500: NED 0.1 percent at 3.007.39 (close)

New York – Nasdaq: NED 0.2 percent at 8,176.71 (close)

London – FTSE 100: UP 0.3 percent of 7,367.46 points (close)

Frankfurt – DAX 30: UP 0.5 percent of 12 468.53 (close)

Paris – CAC 40: UP 0.2 percent of 5 655.46 (close)

EURO STOXX 50: UP 0.3 percent at 3,550.11 (close)

Tokyo – Nikkei 225: UP 1.1 percent at 21,988.29 (close)

Hong Kong – Hang Seng: UP 1.0 percent at 27,352. 69 (close)

Shanghai – Composite: Closed for a Holiday

Brent North Sea Oil: NED 16 penny to $ 60.22 per barrel

West Texas Intermediate: NED 24 penny to $ 54.85 per barrel


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