Brexit blues return to pound as short positions continue to rise

14 March, 2019, 16:56 | Author: Regina Silva
  • Brexit blues return to pound as short positions continue to rise

For most people who know Britain, it is hard to believe that the British Parliament could ask the British people to vote on whether to leave the European Union, then refuse to implement the democratic instruction of the people.

Treasury yields edged up as U.S. orders for business equipment increased in January by the most in six months and a producer price index signalled modest pressure on inflation.

The British pound rose ahead of another vote in parliament on a proposal that would rule out a "no deal" exit from the European Union.

United States stocks advanced broadly with all 11 of the S&P 500's sectors rising, boosted by health care and energy, which also lifted shares in Europe.

USA stocks advanced broadly, with Boeing gaining for the first time since Sunday's crash of a 737 MAX 8 jet in Ethiopia, while European shares rose on expectations British lawmakers will vote to reject a disorderly no-deal exit for Britain from the European Union.

Economic data still suggests an "OK" economy but analysts' estimates of corporate profits are slowing, which is worrisome, said Michael Geraghty, equity strategist at Cornerstone Capital Group in NY. "It's the old mantra: Don't fight the Fed".

"An inverted yield curve has historically been an indicator of recession", he said.

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US stocks rose on Wednesday, led by gains in healthcare shares, and Boeing shares edged upward even as the United States grounded the company's 737 MAX jets after a fatal crash in Ethiopia.

The Dow Jones Industrial Average was lower after Boeing's two-day rout topped 11%, when Europe's aviation authority banned the troubled aircraft.

Shanghai's SSE Composite index stumbled 1.2 percent while the blue-chip CSI 300 eased 0.4 percent. Sterling rose 0.83 percent to $1.3181 while the dollar softened against the yen and euro.

The Japanese yen gained 0.2 percent to 111.1 per dollar.

U.S. Treasury yields rose on Wednesday after falling the previous session, as risk appetite improved and equity markets stabilized, with a poor 30-year bond auction further lifting rates. The dollar fell and 10-year Treasury yields turned negative after core inflation cooled.

"After yesterday's CPI (consumer price index) data, yields fell". The U.S. dollar was down to 1.0032 Swiss francs from 1.0069 Swiss francs, and it decreased to 1.3303 Canadian dollars from 1.3362 Canadian dollars. The price of oil, one of Canada's major exports, rose as US crude inventories unexpectedly fell and an official forecast of crude oil supply growth from the world's top producer was revised lower.

Oil prices extended overnight gains with USA crude up 15 cents per barrel at $58.41 and Brent adding 22 cents to $67.77. But sentiment is now positive given the sharp year-to-date gains for China (nearly 20%), although the rally here has stalled a little over the past few days, while in the U.S. the S&P 500 hit a new high for the year yesterday. U.S. gold futures settled 0.9 percent higher at $1,309.3 per ounce.

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