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Asia: Markets retreat from rally, pound stable after Brexit drop

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[HONG KONG] Asian markets retreated on Wednesday after two days of gains but the pound enjoyed some stability after the previous day's sharp losses sparked by Theresa May's Brexit deal being tossed out by MPs. Read more at The Business Times.

Asian markets retreated on Wednesday after two days of gains but the pound enjoyed some stability after the previous day's sharp losses sparked by Theresa May's Brexit deal being tossed out by MPs.[HONG KONG] Asian markets retreated on Wednesday after two days of gains but the pound enjoyed some stability after the previous day's sharp losses sparked by Theresa May's Brexit deal being tossed out by MPs.

The decision means lawmakers will vote Wednesday on whether to leave the EU on March 29 without an economic agreement - which is expected to fail - then Thursday on whether to extend the deadline. The news from London added to selling pressure on Asian equity markets, which had enjoyed a bounce Monday and Tuesday from last week's battering, with investors still on edge over the state of the global economy.

Seoul fell 0.9 per cent, Singapore was off 0.7 per cent and Wellington retreated 0.3 per cent with Manila and Jakarta also taking a hit.

 

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