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May’s opening Brexit bid to tie security to trade hits EU wall. U.K. Prime Minister Theresa May got a first taste of the high-wire act involved in European Union negotiations after her opening offer for a Brexit deal ran into immediate opposition from EU leaders who challenged her attempt to tie a free-trade deal to security cooperation.
Europe banks seen as `Risk Worth Taking’ in political upside. European banks are trading at attractive valuations compared with U.S. lenders because money managers are overestimating risks on the Continent, said Brian Nick of TIAA Investments.
U.S. stocks rise with oil, Pound falls on Brexit. U.S. stocks advanced as crude rallied on government data that eased concerns that supplies were bulging. Treasuries rose and the dollar slipped as the Trump administration battled to revive its legislative agenda, while the U.K. formally triggered the Brexit process.
China counters Trump trade bluster with Economic ties that bind. If President Donald Trump gets confrontational with Chinese President Xi Jinping over trade at their Mar-a-Lago summit in Florida in April, the Chinese leader will have potential allies in some surprising places — namely, Austin, Sacramento and Olympia.
Commodity currencies gain; crosses buoy JPY. AUD higher with base metals and energy-related commodities, as cross flows contribute to gains; cross flows also keeping JPY losses in check as traders exit long EUR positions in favor of the majority of the common currency’s G-10 peers.
Market in Details
The British pound fell 0.1 percent to $1.2441, while the euro weakened 0.4 percent to $1.0769.
The Bloomberg Dollar Spot Index slipped 0.1 percent after surging 0.5 percent Tuesday.
EUR/USD Probes Lows, Crosses Sell Off After Article 50 Triggered
The peso rallied as the prospects weakened for a border adjustment tax that would likely harm the U.S.’s southern neighbor.
Treasuries gained, with the yield on the benchmark note due in a decade falling four basis points to 2.38 percent. The yield advanced four basis points Tuesday.
The Treasury’s $28 billion seven-year note sale drew a yield of 2.215 percent, with indirect bidders buying 71.1 percent. That’s the third-highest since the government began offering the maturity in 2009,
European bonds advanced, with the yield on Germany’s 10-year bunds falling four basis points to 0.35 percent.
The S&P 500 added 0.1 percent to 2,361.15 as of 4 p.m. in New York. The index rallied 0.7 percent Tuesday, with banks surging. Energy producers added 1.1 percent Wednesday.
The equity benchmark is up 5.5 percent in the first three months of the year, on track for a sixth straight quarterly advance.
The Stoxx Europe 600 Index rose 0.3 percent to trade at the highest level since Dec. 2. The gauge is higher by 4.7 percent in the first quarter, the third straight advance.
The MSCI Emerging Market Index gained 0.2 percent, pushing its advance in March toward 4 percent. The measure has gained 13 percent in the quarter, its best in four years.
West-Texas Intermediate crude oil rose 2.3 percent to settle at $49.51 a barrel. Crude stockpiles climbed by a less-than-anticipated 867,000 barrels to 534 million, the highest in weekly data going back to 1982.
Gold futures slipped 0.2 percent to end near $1,255 an ounce. The metal is on pace for a 0.1 percent gain in the quarter, its best since March 2016.
Aluminum rose 0.8 percent to settle at $1,960 a ton on the London Metal Exchange after reaching $1,961, the highest since May 2015.
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