Morning Report

Asian stock markets edged ahead on Wednesday as U.S. President Donald trump sounded upbeat about a trade deal with China, while sterling struggled with talk of an imminent party coup against British Prime Minister Theresa May.

Japan’s Nikkei rose 1.5 percent, while E-Mini futures for the S&P 500 were up 0.07 percent.

Markets had also been jolted when Trump threatened to shut down the government over funding for a wall he has promised to build on the southern border with Mexico.

Such cross currents left Wall Street mixed, with the Dow down 0.22 percent and the S&P 500 0.04 percent, while the Nasdaq added 0.16 percent.

Sterling slid on reports Conservative lawmakers could vote on a no confidence motion in May’s leadership as soon as Wednesday night.

The news sent the pound reeling to a 2-month trough of $1.2484, a loss of 1.9 percent in just two sessions.

The euro climbed to 90.62 pence, even as it eased on the dollar to $1.1325. The dollar was being viewed as the best of a bad bunch and rose to 97.466 on a basket of currencies.

Oil bounced a little after industry data showed a surprisingly large draw on stockpiles. [O/R]

U.S. crude rose 50 cents to $52.15 a barrel in Asia. Brent futures had closed 54 cents firmer at $60.51.

Source : Reuters

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