Daily Briefing – Wednesday, March 29, 2017
Brexit was launched today when UK PM Theresa May officially informed the EU that her nation would be leaving the union. European shares actually rose and currencies remained more or less stable, values already being priced in over the past several months since the referendum that polled the British public on the matter. Meanwhile, German retail surprised to the upside and UK mortgage approvals came in less than expected.
Consumer confidence today came in better than expected and hopes for further interest rate hikes are subject to tomorrow’s GDP reading. Indexes are struggling to emerge from their recent downtrend.
A falling yen reflects mixed Asian markets, with the Nikkei beginning the day down after Japanese retail figures disappointed.
Oil was slightly up during today’s session after both the EIA and API inventories readings came in better than expected. And gold, though retreating from recent highs, is trading sideways.