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Pound surges as Brexit deal speculation heats up

The pound rallied Tuesday to five-month peaks amid optimism over a breakthrough in Brexit talks while Wall Street stocks rebounded following an upbeat start to earnings season. Sterling got an early boost from the European Union’s top Brexit negotiator flagging the possibility of reaching a divorce agreement this week, reviving hopes that Britain might yet…

Contenders vying for top job at Bank of England

Departing Bank of England governor Mark Carney insisted Tuesday that there is sufficient time to hand over to his successor, despite Brexit chaos. Canadian Carney, 54, leaves his role on January 31 having extended his tenure twice on turmoil over Britain’s looming exit from the European Union. “The commitment is to have an orderly transition…

IMF chief Georgieva tells women: Don’t accept less!

Women around the world take on far more unpaid work than men but what they should never do is agree to a lower wage in the workplace, IMF chief Kristalina Georgieva said Tuesday. She recounted her experience early in her career during the Soviet era, saying she did not know at the time she could…

The Daily Fix – a Brexit draft deal in the works,but–

We head into the Asia session long of risk, knowing this is a market that when everything seems to be too good to be true, reversals tend to happen. Our most substantial flow has centred on GBP, EUR and gold, although we’ve seen some interest in GBPJPY which has gained a punchy 1.8% – the…

CommSec Daily Report Wednesday

Latest News The Aussie market is extending its recent run of gains into a fifth day on Wednesday. The ASX 200 opened firmly higher and is trading near session highs at lunch. The benchmark index is climbing 55 points or 0.8 per cent to 6706. Local shares have been buoyed by the start of US…

EU, UK seen closing in on ‘possible’ Brexit text

Britain and the EU were seen to be closing in on a detailed draft Brexit deal on Tuesday, although officials voiced scepticism it would be ready in time for a key European summit this week. The pound jumped to its highest level in five months on cautious optimism voiced by both sides that an outline…

US stocks boosted by good earnings day

Wall Street stocks surged Tuesday following a batch of mostly good corporate earnings while investors shrugged off a downcast IMF forecast that emphasized the drag from trade wars. Shares of Dow components JPMorgan Chase, Johnson & Johnson and United Healthcare rocketed higher following strong earnings announcements. The strong reports more than made up for a…

German climate plan brings sharp air travel tax hike

Chancellor Angela Merkel’s cabinet will sign off draft laws on new green taxes and subsidies this week, including much harsher charges on short-haul flights, German government sources said Tuesday. As part of a broader “climate package” intended to bring Europe’s largest economy back on course towards emissions reduction targets, taxes on flights up to 2,500…

Thomas Cook bosses, MPs clash over travel group collapse

Thomas Cook bosses, grilled Tuesday by MPs, apologised for the bankruptcy of the travel company while defending performances, as the UK’s biggest union attacked the government over its role. “I’m deeply sorry about this failure and I’m deeply sorry for the distress we caused to millions of customers who booked holidays with us and who…

Going green, trade war challenge world auto industry: IMF

There is trouble on the horizon for the global auto industry, which faces new European anti-pollution standards, shrinking Chinese tax breaks and rising trade barriers, according to the International Monetary Fund. In a report published Tuesday on the global economy, the IMF casts a glance at this manufacturing sector, which is confronting a fundamental transition:…