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Stocks climb on muted trade hopes, sterling yo-yos as PM May quits

Credit: Reuters - Business (Amazon FireT
Published on May 24, 2019 - Duration: 01:42s

Stocks climb on muted trade hopes, sterling yo-yos as PM May quits

Shares recovered some ground on Friday after a bruising session a day earlier.

And sterling bounced - briefly - on news of Theresa May's impending departure from her job as UK prime minister.

David Pollard reports.

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Stocks climb on muted trade hopes, sterling yo-yos as PM May quits

Theresa May sets an exit date .... Quitting as the leader who's failed to secure Britain's exit from the EU.

It could mean another dose of UK political and economic uncertainty ahead - though the news was pound positive - just.

Sterling briefly popped up nearly half a percent against the dollar after the announcement .... Then fell back towards the day's lows.

(SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "She has achieved nothing and what's terrible is, that this will kill any kind of Brexit deal.

We are back at the beginning again.

We don't know what will happen next." Donald Trump proved a rare positive for Europe's shares.

After a serious bruising on Thursday, they recovered to post early gains of over half a per cent .... On his prediction of a swift end to the US/China trade war.

But: in a double-sided set of comments, the US president also described China's tech giant Huawei - last week blacklisted by the US - as 'very dangerous' ... And fears of ongoing trade tensions are weighing on the euro - it slumped to a two-year low on weak business activity data on Thursday .... And on oil which - despite a gentle lift on Friday - was still on track to its biggest weekly drop this year - amid extra concerns over rising stock levels.

Stock market levels, meanwhile, still look vulnerable: despite Friday's gains, the pan-European STOXX 600 remained on track to post its first monthly fall since a steep sell-off at the end of last year.

Yields on 10-year US Treasury notes hit their lowest level since late 2017 overnight .... as traders continued to make their exit from risk assets - towards safe havens.

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