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The Latest: Central banks weighing on global stocks The Latest: British pound hit by renewed EU exit fears
(35 minutes later)
LONDON — The Latest on developments across financial markets (all times local):LONDON — The Latest on developments across financial markets (all times local):
12:05 p.m.
After a couple of weeks of relative calm, the British pound is under pressure again from fears that the country may vote to leave the European Union in a referendum in June.
The latest jitters were stoked by a survey in The Daily Telegraph that the “leave” campaign has the edge in terms of people’s inclination to vote. In a tight contest, that could matter and swing the outcome.
Kit Juckes, a global strategist at Societe Generale, says the pound will face intense pressure right through to the June 23 referendum given the uncertainty about the credibility of polls. He says he’s “not going to be bullish” on the pound as long as the vote remains a concern.
The pound was down 0.8 percent of $1.4175. Last month it fell to 7-year lows of $1.3783.
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11:45 a.m.
Oil prices, like stocks, have enjoyed solid gains over the past couple of weeks. And like stocks, they’re in retreat on Tuesday.
Waning expectations of a production freeze from the world’s major oil producers are largely behind the drop, though worries over the global economy, stoked further by the Bank of Japan’s gloomy outlook, are also a factor.
A barrel of benchmark U.S. crude is down 2.4 percent at $36.29, while the international standard, Brent, is 2.5 percent lower at $38.56 a barrel.
Despite the recent pullback, Neil MacKinnon, global macro strategist at VTB Capital, says “at this stage, it seems unlikely that it presages a more meaningful decline in the oil price.”
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11:20 a.m.11:20 a.m.
A downbeat economic assessment from the Bank of Japan and unease over what the Federal Reserve will decide at its policy meeting on Wednesday are weighing on global stock markets.A downbeat economic assessment from the Bank of Japan and unease over what the Federal Reserve will decide at its policy meeting on Wednesday are weighing on global stock markets.
Following a dispiriting session in Asia, European markets are recording broad-based declines. The Stoxx 600 index of European shares is down 0.9 percent at 341.4.Following a dispiriting session in Asia, European markets are recording broad-based declines. The Stoxx 600 index of European shares is down 0.9 percent at 341.4.
Central banks are the main driver in markets.Central banks are the main driver in markets.
Now that Japan’s central bank has opted to keep policy unchanged, investors are turning their attention to the Fed, which begins its two-day meeting Tuesday.Now that Japan’s central bank has opted to keep policy unchanged, investors are turning their attention to the Fed, which begins its two-day meeting Tuesday.
Michael Hewson, chief market analyst at CMC Markets, says investors “will be looking for signs that Fed officials are worried enough about the recent global slowdown” to have revised down predictions of the future path of interest rate rises, which at the beginning of the year raised the prospect of at least four rate rises this year.Michael Hewson, chief market analyst at CMC Markets, says investors “will be looking for signs that Fed officials are worried enough about the recent global slowdown” to have revised down predictions of the future path of interest rate rises, which at the beginning of the year raised the prospect of at least four rate rises this year.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.