- GBP weakened by risk of a Conservative revolt against PM May: Hardy
- Chinese optimism is spurring equities; Watch Alibaba: Garnry
- Oil remains bid on persistent Saudi tensions: Hansen
- Opec's monthly oil market report due today; demand growth seen revised up
- Opec secretariat sees extension of production cut as only viable option
- Near record speculative bets on
rising prices a short-term risk for oil
- Gold remains stuck, with risk of
long liquidation below $1,280/oz
- Yields a touch higher on a rebound in equities; "old correlation is back": Fasdal
By John Acher
Sterling has come under pressure from reports that up to 40 Tory MPs could be ready to back a vote of no confidence in prime minister Theresa May, says Saxo Bank's head of FX strategy John J Hardy.
May’s opponents are just eight MPs short of what would be needed for a leadership challenge, according to The Times
China's opening up to foreign ownership is a major positive factor for the Chinese and global economy, says Saxo Bank's head of equjities strategy Peter Garnry.
"Watch Alibaba," says Garnry, noting that this past weekend's Singles' Day generating a record-smashing $25 billion
in sales for the Chinese e-commerce giant, up nearly 40% from last year.
In the commodities markets, oil remains bid on persistent tensions surrounding Saudi Arabia, and markets will be closely eyeing Opec's monthly oil market report later today, says Saxo Bank's head of commodities strategy Ole Hansen.
Brent crude remains bid
Source: Saxo Bank
Gold remains stuck, and a lack of upside momentum carries the risk of
long liquidation below $1,280/oz, Hansen says.
And in the bond markets, yields are a touch higher in line with a rebound in equities. "The old correlation is back," says Saxo Bank's head of fixed-income strategy Simon Fasdal.
Her Brexit troubles keep growing. British prime minister Theresa May now faces a
potential revolt from Tory backbenchers. Photo: Shutterstock