Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

GLOBAL MARKETS-Traders await Powell hearing; Brexit doubts grip pound

Published 29/11/2017, 12:06 am
© Reuters.  GLOBAL MARKETS-Traders await Powell hearing; Brexit doubts grip pound
XAU/USD
-
US500
-
DJI
-
HK50
-
SHEL
-
ULVR
-
GC
-
LCO
-
ESZ24
-
CL
-
1YMZ24
-
DE10YT=RR
-
KS11
-
TWII
-
SSEC
-
FTEU3
-
MSCIEF
-
CSI300
-
DXY
-

By Georgina Prodhan

LONDON, Nov 28 (Reuters) - The dollar was stuck near a two-month low on Tuesday as traders waited for the confirmation hearing of new Federal Reserve chair Jerome Powell, while the pound slipped from a two-month high as Brexit-related doubts began to re-exert their grip.

European shares rose, supported by consumer staples as Anglo-Dutch Unilever ULVR.L said it favoured a single base, and by oil and gas stocks after Royal Dutch Shell RDSa.L cancelled an austerity dividend. seen as a continuity choice at the Fed, defended the U.S. central bank's use of broad crisis-fighting powers and signalled a willingness to move aggressively against a downturn, in remarks prepared ahead of the 1500 GMT hearing. market sees Powell as mister continuity ... but I think there is some risk around the event," said Saxo Bank's chief FX strategist John Hardy. "There are lots of hypothetical questions they could ask him ... and if he appears on the hawkish side there could be some volatility."

The dollar rose 0.2 percent against a basket of six major currencies .DXY . for U.S. tax cuts also helped the greenback as Donald Trump tweeted again that the plans were "coming along very well". pound dipped 0.2 percent to $1.3291 GBP= despite the Bank of England's saying UK banks could handle a bad Brexit, and the apparent aversion of an Irish political crisis that had threatened to derail a Brexit summit. euro slipped 0.1 percent, while top European stocks .FTEU3 rose 0.4 percent.

Euro zone government bond yields slid, with 10-year German yields -- the regional benchmark -- at 0.338. DE10YT=TWEB stock index futures pointed to a higher open, with the S&P 500 seen up 0.1 percent and Dow Jones up 0.2 percent ESc1 1YMc1 .

CHINA STEADIES

Earlier, China's blue-chip index .CSI300 climbed off three-week lows hit on Monday and the Shanghai Composite .SSEC rose 0.3 percent off three-month lows. markets had sold off hard on Monday, tumbling between 0.9-1.3 percent, extending last week's losses.

Investor confidence in China has been dented by rising bond yields and authorities' efforts to crack down on leverage, with higher borrowing costs threatening to squeeze corporate profits. Kong stocks .HSI found a floor, trading flat, and South Korean stocks .KS11 rose 0.25 percent after big falls in tech shares on Monday. But Taiwan .TWII shares still closed down 0.4 percent at one-week lows.

The MSCI Emerging Market index .MSCIEF was up 0.3 percent.

Nickel prices CMNI3 hit their lowest in more than six weeks as the market fretted about weaker demand in top consumer China and rising supplies from Indonesia. light crude CLc1 was down 46 cents at $57.65 amid uncertainty over the outcome of a key OPEC meeting this week. Brent crude oil LCOc1 was down 59 cents a barrel at $63.25. U.S. light crude CLc1 was 44 cents lower at $57.67.

Spot gold XAU= was barely changed.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.