zerohedge.com / by Tyler Durden / Oct 3, 2016
With China, German and South Korea closed for holiday, it has been a relatively quiet day in overnight equity trading, especially in the one stock everyone is keeping a close eye on, Deutsche Bank, whose ADRs are trading fractionally lower, down under 1% in premarket trading. The British pound dropped 0.8% to $1.2872 in early trading, touching the weakest level since July 6, on concern Britain may face a so-called hard Brexit after British Prime Minister Theresa May pledged to start pulling the U.K. out of the European Union by March. As a result the FTSE 100 Index added 1.1% rising to a fresh 16 month high as the “fear of Brexit” once again proves quite generous for UK stock markets. The yield on 10-year gilts slipped one basis point to 0.74% as the BOJ’s efforts to fix the benchmark paper to 0% continue to struggle.
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