European and UK shares rally after UK nixes no-deal Brexit
Asian shares falter after lacklustre Chinese data as the pound eases after its best one-day percentage gain since April 2017
London — European shares rallied to five-month highs on Thursday after Britain’s parliament removed a key source of uncertainty by rejecting a no-deal Brexit, though sombre economic data and trade fears kept a lid on gains. A pan-European equity index jumped 0.7% to the highest since October after Britain’s parliamentary vote on Wednesday. The vote paves the way for a delay to Brexit beyond the current March 29 deadline, which could lead to an EU divorce deal being agreed — or even another referendum. British stocks also rose 0.5%. Goldman Sachs analysts told clients the probability of a no-deal Brexit had fallen to 5% from 10% after Wednesday’s vote. Despite the vote having no legal force, it carries considerable political force. However, data from China, signaling further weakness in the world’s second-biggest economy, extended the steady stream of economic indicators that are painting a lacklustre picture of the global economy — the figures showed industrial output at 17-year low...
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.