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Author: kltrader   |   Latest post: Fri, 19 Apr 2019, 9:55 AM

 

Asian Markets Lower Amid Uncertainties Over Brexit

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The Asian markets mostly closed lower on Wednesday amid fresh global uncertainties after the UK lawmakers again rejected the terms of a deal for Britain to withdraw from the European Union (CNBC, 13 Mar).  Yesterday, both the Hang Seng Index and Shanghai Stock Exchange Composite Index retreated after two days of gain, falling 0.4% and 1.1% respectively.

Parliament Votes Against No-deal Brexit

It is almost three years since Britain voted to cancel its 40-year membership of the European Union (EU) and with just 16 days to go until exit day, the UK has failed to get an agreement that can win the support of Parliament. Recently, Britain’s Parliament voted to avoid an economically disastrous no-deal split from the EU, opening the door to delaying Brexit and radically re-writing the terms of the divorce.

According to a news article from Bloomberg (14 Mar), the UK Prime Minister Theresa May suffered a major rebellion from her own Conservatives, signaling that Brexit will be delayed for many months if there is no agreement in the next week. The House of Commons voted 321 to 278 to reject leaving the EU with no deal and is now expected to seek to postpone the UK’s departure.

Investors Closely Monitoring the Markets

While investors have been closely watching the developments in Britain, they are also still waiting for more details on any potential trade deal between the US and China. Costly tariffs have hurt both nations and investors hope a deal can be struck to at least take some pressure off the global economy, which has shown signs of cooling off.

Source: Macquarie Research - 14 Mar 2019

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