In Asian Equity Markets the mainland Chinese markets saw gains in early trade. The Shanghai composite rose 0.19 percent while the Shenzhen composite advanced 0.603 percent. Hong Kong’s Hang Seng index was largely flat. In Japan, the Nikkei 225 fell 0.36 percent while the Topix index declined by 0.88 percent. Shares of Japanese conglomerate Softbank rose 2.5 percent after the company announced on Monday that shares of its mobile unit IPO would be priced at 1,500 yen apiece (approx. $13.25). Softbank is expected to raise 2.65 trillion yen from the listing (approx. $23.4 billion).

 

In Currency Markets the pound fell to its weakest level in 20 months against the dollar on Monday as British Prime Minister Theresa May postponed a parliamentary vote on her Brexit deal, rekindling doubts about the United Kingdom’s departure from the European Union in March. The sterling was down 1.41 percent at $1.2546 after touching $1.2507, which was the lowest since April 2017. The euro hit a three-month peak versus the pound at 90.875 pence. It was last up 1.06 percent at 90.475 pence.

 

In Commodities Markets oil prices edged up on Tuesday after Libya’s National Oil Company declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group. Despite that, overall sentiment on oil prices remained weak amid worries over global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply. International Brent crude oil futures were at $60.19 per barrel, up 19 cents, or 0.3 percent, from their last close. U.S. WTI crude futures were at $51.16 per barrel, up 16 cents, or 0.3 percent.

 

In US Equity Markets stocks ended a volatile session slightly higher on Monday, helped by gains in technology shares, though uncertainty over Britain’s exit from the European Union kept investors on edge about global growth. The S&P 500 gained 0.17 percent, to 2,637.51 and the Nasdaq Composite added 0.74 percent, to 7,020.52. Apple Inc closed up 0.7 percent at $169.60 after hitting a low of $163.33 earlier in the day after Qualcomm Inc said it had won a preliminary order from a Chinese court banning the import and sale of several iPhone models in China due to patent violations.

 

In Bond Markets U.S. Treasury yields drifted higher on Monday as Wall Street stocks recovered, but trading was mostly range bound as investors digested the Brexit turmoil and its impact on other assets after Britain’s Prime Minister Theresa May postponed a parliamentary vote on her deal to exit the European Union. U.S. 10-year note yields were up at 2.853 percent, from 2.85 percent late on Friday. Earlier, they fell to a near four-month low. U.S. 30-year bond yields, however, fell to 3.127 percent , from 3.143 percent on Friday.

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