HONG KONG - The pound bounced on Tuesday after Prime Minister Boris Johnson again failed to get MPs to back a snap election, while Asian equities drifted as investors await a key European Central Bank meeting and developments in the China-US trade talks.
The latest defeat on calling an election saw the pound - which had been slipping through Monday - rally more than one percent against the dollar from as low as US$1.2234 to as much as US$1.2385, its highest level since the end of July. Data showing the British economy faring better than expected also provided support to the sterling.
"With the two per cent inflation target still a Japanese-style distant memory and growth slowing in Germany, Europe's engine, the ECB had to do something," said Oanda senior market analyst Jeffrey Halley.CRUDE BUILDS ON GAINS There were warnings from some analysts that a disappointing response from the bank could deal a heavy blow to equities.
In early trade, Hong Kong was down 0.1 per cent, Shanghai slipped 0.4 per cent and Sydney dropped 0.5 per cent, while Taipei, Wellington and Manila were also well down.
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