Asian markets rally after upbeat job report whets investors’ risk appetites
Sydney — Asian share markets rallied on Monday as favourable US jobs data whetted risk appetites, while sterling slipped after two members of the British government resigned over Brexit and put the future of Prime Minister Theresa May in doubt. The pound peeled off about a third of a US cent to $1.3290 as news broke British Brexit Secretary David Davis and Brexit Minister Steven Baker had resigned. The loss came just two days after a meeting at May’s Chequers country residence supposedly sealed a cabinet deal on Brexit and underlines the deep divisions in her ruling Conservative Party over the departure from the EU. "The outlook for the pound had brightened in recent weeks," said Westpac senior currency analyst Sean Callow, seeing a chance this could turn out positive for the currency. "If the UK government presses ahead with this plan despite the unexpected resignation of ‘hard Brexit’ officials and with the US dollar losing momentum, sterling should be able make a run at $1.35 mul...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.