World stocks hit by trade-war strain
Hopes of a Brexit deal keep the pound buoyant; Asian shares continue to struggle; and emerging-market currencies are still under pressure
London — Hopes of a UK-EU deal over Brexit kept the British pound near five-week highs on Tuesday, helping lighten the mood in Europe even though the ongoing trade dispute between Washington and Beijing kept world stocks trading just off three-week lows. Italy was the other bright spot in Europe, as receding concerns over public finances helped bonds extend their rally while a slight dollar retreat helped emerging-market currencies claw back some recent losses. MSCI’s index of global equities was flat on the day, though Asian bourses were in the red for the ninth straight day as markets awaited action from US President Donald Trump after the expiry of a deadline for public comment on additional tariffs on Chinese goods.
European shares, having opened broadly higher, were down on the day, with a pan-European index of shares lower 0.3%. The pound traded near five-week highs against the dollar, hitting a high of $1.3087, after the EU’s chief negotiator Michel Barnier said on Mond...
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