Asian shares slip as investors digest Theresa May’s crushing loss
Equities are weaker after previous day’s rally, with traders assessing Brexit options after British MPs trounced the UK prime minister’s deal
Tokyo — Asian shares took a breather on Wednesday after rallying the previous day on Chinese stimulus hopes, with investors assessing Brexit options after British legislators trounced Prime Minister Theresa May’s deal to withdraw Britain from the EU. May’s crushing loss overnight triggered political upheaval that could lead to a disorderly exit from the EU on March 29 or even to a reversal of the 2016 decision to leave. Investors’ short-term focus is now on a confidence vote on May’s government by legislators later in the day. Sterling was last trading at $1.2841 on the dollar, off about 0.1%. It had rallied more than 1c from the day’s lows against the dollar with the sizeable defeat for May seen forcing Britain to pursue different options. “Elections tend to cause sell-offs in markets because they’re inherently uncertain events but the UK situation is more complex than a normal vote,” said Stephanie Kelly, senior political economist at Aberdeen Standard Investments in Edinburgh. “T...
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