A number of global equities stumbled on Monday, December 10th, as the current leg of losses for Asian and European stocks extended. US stocks turned out to be positive and managed to grasp a slight again. European shares plunged perilously, as UK Prime Minister Theresa May delayed the Brexit vote, in the face of an imminent failure.
If the Brexit vote could have taken place, UK PM May’s Brexit draft would fail to pass through the House of Commons, prompting a no-Brexit as well as no-confidence vote for PM May. However, in the wake of a whacked global economic demand and Brexit delay, the European stocks took a tumble and the British Pound was battered heavily, as it was being traded just over 1.2505, losing over 250 pips on the news of Brexit delay.
A chief market strategist at Ameriprise Financial in Boston, David Joy said in response, “The news of the day is clearly the delay in the Brexit vote. That adds to the political confusion that’s weighing on the market globally.
” As weak economic data from the largest economies like China, Japan and Germany have recently disappointed the investors, market has been depicting the drained investor confidence over global stocks. Concomitantly, the US-China trade truce also remained tremulous, failed to indicate any decisive directions and altogether, the factors have been foundering the global stocks.