Brexit deal fuels sterling while global stocks edge higher ahead of holiday

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[NEW YORK] The British pound rose on Thursday as Britain and the European Union clinched a free trade deal, while a global gauge of stocks edged upward amid investor optimism toward economic growth. Read more at The Business Times.

"There are still some big challenges in the UK economy, and they're doing a pretty aggressive lockdown, which is going to have economic implications."US stocks also advanced slightly in thin volume ahead of the Christmas holiday as investors maintained hopes of economic recovery, despite blocked attempts in Congress to alter a US$2.3 trillion coronavirus aid and government spending package.

Optimism about a full-scale roll-out of Covid-19 vaccines next year has largely kept stocks buoyed in despite the delays in further stimulus, said Arnim Holzer, macro and correlation defense strategist at EAB Investment Group. Trading in US stocks and bonds ended early on Thursday, and the markets will be closed on Friday for Christmas.

US Treasury yields dropped in light volume. Benchmark 10-year Treasury notes rose 9/32 in price to yield 0.9264 per cent, from 0.955 per cent late on Wednesday.about a new variant of Covid-19.

 

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