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From the Floor: GBP hit by risk of Tory revolt — #SaxoStrats

  • 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.

(Read also Hardy's latest FX Update here on TradingFloor.)

May’s opponents are just eight MPs short of what would be needed for a leadership challenge, according to The Times of London.

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
Brent crude oil
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.

Theresa May
 Her Brexit troubles keep growing. British prime minister Theresa May now faces a 
potential revolt from Tory backbenchers. Photo: Shutterstock

John Acher is a consulting editor at TradingFloor

AlexF AlexF
MATT is one of the Morningstar saxo holding, also bought some seperatly any target to sell today or hold ? Peter Garny...??

** Hasbro Inc has made an approach to acquire rival Mattel Inc, a source familiar with the matter said, the latest attempt to combine the two biggest U.S. toymakers in more than two decades.
AlexF AlexF
24.2%....what could be the TP on this. I will sell today from my side. Short squeeze ...


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