Daily Briefing: - UK parliament takes control of Brexit today, seeking solutions to deadlock - Some hard Brexiters drop hints they could back UK PM May's deal - ECB's Draghi to deliver speech amid concerns about euro zone economy
opening speech at the ECB Watchers event in Frankfurt today will be closely watched in the light of persistent evidence of weakness in the euro zone economy.
Euro/dollar was also lower ahead of Draghi’s speech, trading as low as $1.1245 first thing. Asia’s stock markets were mixed, with Shanghai and HK outperforming and bouncing back despite news of the worst drop in industrial profits since 2011 as traders bet new slowdown signs would encourage more domestic stimulus from the government.
Sterling was a fraction lower against the dollar too, slipping below $1.32 ahead of tonight’s so-called ‘indicative votes’ in the UK parliament on how to break the Brexit impasse. In emerging markets, Turkey’s lira slipped again on Wednesday after authorities engineered a squeeze in the offshore lira market on Tuesday that has seen overnight swap rates spike as high as 470 percent this morning and had, temporarily yesterday at least, shored up the currency.are being watched closely by markets and there are rising concerns about the recent rundown in Turkey’s foreign exchange reserves.
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