Pound Steadies As Johnson Prepares Brexit Bill Battle
Mohammad Ali (@ChaudhryMAli88) Published October 19, 2019 | 08:01 AM
New York, (UrduPoint / Pakistan Point News - 19th Oct, 2019 ) :Sterling advanced Friday on the eve of a crucial vote on UK Prime Minister Boris Johnson's Brexit deal, while global stocks mostly fell following gloomy Chinese data.
The stage was set for the House of Commons, which is to meet for the first time on a Saturday in 37 years for a knife-edge vote on the new Brexit agreement between Britain and the EU.
The spotlight in Europe then turns towards Sunday evening, when markets in Asia will deliver their initial verdict on the outcome -- and the potential for a chaotic Brexit on October 31.
IMF head Kristalina Georgieva urged caution while welcoming signs that Britain may reach a deal to exit the European Union.
"When there is a will, there is a deal... and my hope is that the will holds in all quarters," Georgieva told reporters at the start of the International Monetary Fund annual meeting.
"The market (is) really gambling on tomorrow's vote and has not priced in fully all scenarios -- so expect big moves," warned ETX Capital analyst Michael Baker.
Johnson has no majority among MPs, opposition parties have come out against the deal and even his parliamentary ally, Northern Ireland's Democratic Unionist Party (DUP), says it cannot support the terms.
If the Commons rejects the deal, Johnson will be forced by law to ask the EU to delay Brexit, for what would be the third time. He has said he would rather "die in a ditch" than do so.
"Passage of the deal would pave the way to an orderly Brexit and potentially add significant octane to sterling's surge,:" said Joe Manimbo, senior market analyst at Western Union business Solutions. "Failure to pass the deal though would extend sterling-negative uncertainty and deal a massive blow to the prime minister." - Boeing, Renault slide - Stock markets mostly retreated after China reported growth of just 6.
0 percent in the third quarter, its slowest rate in nearly three decades, due in part to the hit from a lengthy trade war with the United States.
Wall Street indices finished solidly lower, with the Dow slumping one percent following negative news around two companies in the index.
Boeing sank 6.8 percent after new documents in an investigation of the 737 MAX suggested company pilots knew in 2016 of problems with a system blamed for two deadly crashes that have grounded the plane.
Johnson & Johnson tumbled 6.2 percent as the health giant undertook a recall of "a single" lot of baby powder due to trace levels of asbestos contamination. The announcement came with the company facing litigation over a number of products, including talcum powder.
Earlier, Renault shares ended 11.5 percent down in Paris after warning that 2019 revenues would be three to four percent lower than last year -- and blamed "less favorable than anticipated" conditions.
- Key figures around 2100 GMT - Pound/dollar: UP at $1.2989 from $1.2891 at 2100 GMT Euro/pound: DOWN at 86.20 pence from 86.29 pence Euro/dollar: UP at $1.1174 from $1.1125 Dollar/yen: DOWN at 108.35 Yen from 108.66 yen New York - Dow: DOWN 1.0 percent at 26,770.20 (close) New York - S&P 500: DOWN 0.4 percent at 2,986.20 (close) New York - Nasdaq: DOWN 0.8 percent at 8,089.54 (close) London - FTSE 100: DOWN 0.4 percent at 7,150.57 (close) Paris - CAC 40: DOWN 0.7 percent at 5,636.25 (close) Frankfurt - DAX 30: DOWN 0.2 percent at 12,633.60 (close) EURO STOXX 50: DOWN 0.3 percent at 3,579.41 (close) Tokyo - Nikkei 225: UP 0.2 percent at 22,492.68 (close) Hong Kong - Hang Seng: DOWN 0.5 percent at 26,719.58 (close) Shanghai - Composite: DOWN 1.3 percent at 2,938.14 (close)Brent North Sea crude: DOWN 0.8 percent at $59.42 per barrelWest Texas Intermediate: DOWN 0.3 percent at $53.78 per barrel.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Business
-
Meta profits soar but costs of AI cause worry
24 minutes ago -
Mired in crisis, Boeing reports another loss
9 hours ago -
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
9 hours ago -
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
9 hours ago -
European stocks lose momentum after global rally
10 hours ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
11 hours ago
-
CEO KP-EZDMC meets CRBC officials
11 hours ago -
Pakistan among nine poor countries that produces 90 percent cigarettes for world
11 hours ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
12 hours ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
12 hours ago -
Revised UAF budget recommended
12 hours ago -
IDEA, TEVTA organizes Job Fair for youth
12 hours ago