Robust Earnings See US Stocks Rally

The British Pound tumbled to an 11-month low against the US Dollar on Monday, dented by renewed fears of a hard “Brexit” in March 2019. Sterling cemented its position as the world’s worst performing major currency after UK Trade Minister Liam Fox warned there was a 60-40 likelihood of Britain exiting the European Union next March without a concrete deal in place. The Pound has now lost 2.50% against the greenback over the past one month. The latest bout of weakness comes just days after the Bank of England hiked interest rates for only the second time since the 2008 financial crisis.

Copper prices fell 1.20% on Monday, hurt by demand concerns in China amidst its escalating trade dispute with the United States. China is the world’s biggest industrial metals consumer, accounting for approximately 48.00% of global refined copper consumption. Futures for September delivery slumped to as low as $2.7065 a pound in the previous session, before plotting a modest recovery. Sentiment was somewhat restored as the union at BHP’s Escondida copper mine in Chile postponed the start of a proposed strike after the company formally appealed for a period of government mediation.