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As if this week’s triggering of Article 50 to begin the UK’s departure from from the EU wasn’t enough, the Scottish parliament is set to vote today on whether to hold another independence referendum – just one day after Theresa May’s meeting with first minister Nicola Sturgeon.
It would appear the prime minister’s sojourn to Glasgow did nothing to resolve the two governments’ differences over Brexit and independence, thrown into stark contrast when Mrs May rejected a call from the Scottish National party leader for a second independence referendum, which she wants held by spring 2019.
The Asia Pacific trading day has been relatively kind after Monday’s tumult, with stocks and the US dollar regaining some composure after a jolt caused by the Trump administration’s failure last week to push through promised US healthcare reforms.
Resources-related stocks were leading a broad regional relief rally despite a mixed performance by commodity prices. Sydney’s S&P/ASX 200 index was up 1.2 per cent in late afternoon trading, while in Hong Kong the Hang Seng benchmark was up 0.5 per cent and Tokyo’s Topix index had risen 1.1 per cent.
Corporate earnings reports out today include AG Barr, Carnival, IHS Markit, Ladbrokes Coral, Thomas Cook, Moss Bros, Card Factory and Wolseley.
The economic calendar for Tuesday is lightly scented with just a hint of lutefisk (all times London):
- 08.05: Riksbank governor Stefan Ingves speaks in Stockholm
- 08.15: Nordea bank presents forecasts for Nordic economies
- 08.30: Sweden producer price inflation, retail sales and trade balance
- 09.00: Italy industrial orders and sales
- 10.00: Iceland consumer and producer price inflation
- 11.00: Ireland retail sales volume
- 13.00: Hungary central bank interest rates decision