Pound surges on hopes of Brexit breakthrough

Mae Love

November 14, 2018

The S&P 500 technology sector .SPLRCT , a main driver of the long US bull run in stocks, sank 3.1 percent. Both crude benchmarks have fallen more than 20 percent since peaking at four-year highs in early October. "Low oil prices are good for consumers, but they will hurt energy companies, whose earnings estimates have been rising over the past year", he added, nothing that there could also be a decline in capital spending.

The WSJ Dollar Index was up 0.4% in early morning trading, hovering around levels last seen in June 2017.

Hedge funds have resumed shorting the euro in recent weeks as expectations of a diverging trend in economic growth, and consequently interest rates have encouraged investors to borrow euros and invest the proceeds in US dollars.

Analysts note that the US Dollar's selloff is unlikely to last and is only due to the strength of rivals more than US Dollar weakness. Technology stocks bounced back a day after a rout that led the S&P 500's almost 2 percent decline.

"To the extent that we get movement in the tariff discussion the market will view that as a positive", said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

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Sterling leapt 1.4% to trade at $1.3036 against the dollar in afternoon trade, whilst against the euro it jumped to a near seven-month high of €1.1542.

Prime Minister Theresa May's spokesman punctured earlier investor optimism over progress on a Brexit deal, denying a Financial Times report, citing European Union's Brexit negotiator Michel Barnier as saying the main elements of a deal were ready and could be presented to the United Kingdom cabinet as soon as Tuesday.

The Dow Jones Industrial Average .DJI fell 493.57 points, or 1.9 percent, to 25,495.73, the S&P 500 .SPX lost 44.93 points, or 1.62 percent, to 2,736.08 and the Nasdaq Composite .IXIC dropped 183.14 points, or 2.47 percent, to 7,223.76.

MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.10 percent.

USA crude rose 0.28 percent to $60.36 per barrel and Brent was last at $70.78, up 0.85 percent on the day. USA equity futures are off their lows and Asian shares have recovered, which is why the yen is struggling so far but Treasury yields are lower as we begin the day and there are still some hints of nervousness ahead of the European cash equity market open - following Wall St's decline overnight.