In European Equity Markets stocks ended higher on Tuesday, after stronger-than-anticipated factory activity surveys from the U.S. and China eased concerns over the global economy. The pan-European Stoxx 600 index gained 0.36 percent. Europe’s banking, auto and insurance sectors led the gains, lifted in part by Swedbank raising to the top of the European benchmark. Shares of the bank gained 6 percent on Tuesday after it was announced Swedish authorities would not investigate money-laundering claims made by investor Bill Browder.
In Currency Markets the pound fell on Tuesday as British Prime Minister Theresa May came under pressure to resolve the Brexit crisis by either calling an election or leaving the European Union without a deal. Lawmakers’ failure to agree on an alternative plan to May’s withdrawal agreement has pushed Britain closer to a no-deal Brexit, the worst case scenario for sterling. Sterling extended losses to touch $1.3025, down 0.6 percent on the day. Against the euro, it fell half a percent to 85.92 pence.
In Commodities Markets oil prices hit their highest of 2019 on Tuesday, with Brent crude approaching $70 a barrel, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut. Brent futures reached a session peak at $69.50 a barrel, the highest since Nov. 13. The global benchmark was 13 cents, or 0.2 percent, higher at $69.14. U.S. West Texas Intermediate (WTI) crude gained 50 cents, or 0.8 percent, at $62.09 a barrel. The contract earlier hit $62.38, the highest since Nov. 8
In US Equity Markets stocks pulled back on Tuesday after a three-day gain, as a profit warning from drugstore chain Walgreens Boots hit the pharma sector, while investors looked for more signs of strength in the economy in the wake of growth worries. The S&P 500 was down 0.02%, at 2,866.63 and the Nasdaq Composite rose 0.01%, at 7,830.06. Airline stocks got a lift from Delta Air Lines Inc’s better-than-expected first-quarter profit forecast. Its shares jumped 5.2%, while the Dow Jones US Airlines index was up 2.6%.
In Bond Markets U.S. Treasury yields fell on Tuesday with benchmark yields pulling back from one-week highs as a result of buying from bargain-minded investors and safe-haven demand on renewed worries about Brexit. The yields on benchmark 10-year Treasury notes were 2.483%, down 1.4 basis points on the day. On Monday, it reached 2.5080%, the highest since March 22. Treasury yields retreated after posting their biggest single-day jump in three months on Monday, prompted by upbeat factory data in China and the United States.