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Measured markets after missile strikes

Emily Nicol
Chris Scicluna
  • After a predictable initial reaction to the Iranian missile strikes against US bases in Iraq, markets regained their poise, paring equity market losses while USTs and the yen reversed their gains. The latest Japanese and Aussie data were mixed, while Germany’s factory orders data disappointed.

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No news is good news

Emily Nicol
Chris Scicluna
  • In the absence of major news from the Middle East, risk appetite returned to markets today, allowing most Asian equity indices to rebound.  The latest Japanese PMIs were downbeat, however, while Aussie job ad data also disappointed.

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Final PMIs in focus

Emily Nicol
Chris Scicluna
  • As the final Japanese manufacturing PMIs were downwardly revised, the final European services PMIs are likely to confirm that activity remained subdued at the end of 2019.

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May win fails to reduce Brexit uncertainty

Chris Scicluna
  • Theresa May won the Tory Party confidence vote, but received the backing of fewer than two-thirds of her MPs.
  • So, the result highlights significant divisions within her party and fails to reduce Brexit uncertainty.
  • Nevertheless, her victory implies that there is still less support in the House of Commons for a ‘no deal’ Brexit than other Brexit scenarios.

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May confidence vote: Update

Chris Scicluna
  • Victory for May this evening won't represent a ringing endorsement for the PM, but will likely highlight the lack of support for a no-deal Brexit.

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