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Asian equities tack on after Brexit deal changes
On Tuesday, the UK pound managed to ascend and Asian stocks surged right after the European Commission agreed to a number of updates of a Brexit agreement ahead of a vote in the UK legislative body on a divorce deal.
On Monday, Jean-Claude Juncker, European Commission head agreed to extra assurances in a revised Brexit agreement with UK Prime Minister Theresa May, although warned that British lawmakers wouldn’t be granted a third chance to have it endorsed.
The UK pound that had ascended ahead of the negotiations between Juncker and May, extended its gains on expectations that the changes might be enough to sway rebellious UK lawmakers who have come up with a threat to vote down May's plan once again on Tuesday.
The UK pound managed to rally by 0.5% concluding the trading session at $1.3215. For the last two days, its gains amounted to 1.5%.
A lower probability of crashing out of the European bloc with no Brexit deal could help to generate some bullish sentiment in equity markets by simply removing one of the three key fears of global traders, in addition to trade and decelerating global surge, as some financial analysts pointed out.
MSCI's index of Asia-Pacific stocks rallied by 1.08%, with early profits driven by a leap in Chinese stocks as well as crude companies that were backed by higher crude prices.
As for Chinese blue chips CSI300, they managed to head north by about 1.3%, extending yesterday’s 2% leap.
Notwithstanding decelerating economic surge along with uncertainty as for the outlook for trade talks between America and China, Chinese markets have been backed this year by traders’ hopes for more stimulus to soften any downturn.
This year the CSI300 index has tacked on over 25%.
Meanwhile, Australian stocks AXJO jumped by 0.4%.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…