'We could likely expect a relief rally for equities'
World stock markets rose on Tuesday after British Prime Minister Theresa May secured an improved offer from the European Union, which might be enough to win the support of lawmakers in the critical Parliamentary vote tonight.
Under the new deal, the UK will have some authority to walk away if the EU doesn't do enough to replace the 'Irish backstop,' a temporary arrangement designed to prevent a hard Irish border, with a full trade deal in the future. Sterling climbed 1% to 1.32 against the US dollar on the news. The limited gains"really betray the doubts that remain," said Neil Wilson, the chief market analyst for Markets.com."If Theresa May gets her deal through we could likely expect a relief rally for equities more broadly."
"The pound currently trades in neutral ground ahead of the key vote tonight suggesting that the outcome is anyone's bet," said Simon Harvey, market analyst at Monex Europe.
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