Britain's tax backdown bounces stocks and sterling
Asian stocks bounced on Tuesday (Oct 4) after Britain scrapped bits of a controversial tax cut plan, tentatively improving global market sentiment and rallying bonds and the pound.
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In trade thinned by holidays in China and Hong Kong, MSCI's broadest index of Asia-Pacific shares outside Japan rose 1 per cent, led by a 2.5 per cent gain in Australia.
Japan's Nikkei rose 2.6 per cent. Sterling drifted up to an almost two-week high of US$1.13, making for a bounce now of almost 10 per cent from a record low hit last week after plans for unfunded tax cuts unleashed chaos on British assets.
"The about-face ... will not have a huge impact on the overall UK fiscal situation in our view," said NatWest Markets' head of economics and markets strategy John Briggs.
"(But) investors took it as a signal that the UK government could and is at least partially willing to walk back from its intentions that so disrupted markets over the past week."
Investors also took heart from stability at the long end of the gilt market, even though emergency purchases from the Bank of England were only relatively modest.
S&P 500 futures rose 0.6 per cent, following a 2.6 per cent bounce for the index overnight.
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