Global equity markets rallied with commodities yesterday, on speculation that Hillary Clinton’s chances of victory have increased after the FBI stood by its view that no criminal charges were warranted. Demand for haven assets waned, with high-quality government bonds, the yen and gold retreating. Speculation about Clinton’s chances also helped boost odds of a Federal Reserve interest-rate increase in December. Markets shifted toward riskier assets, as Clinton is seen as a ‘continuity’ candidate, while her Republican rival Donald Trump is viewed as less predictable.
With election day upon us, and some form of early voting in place in the majority of states across the US, most polls are still very tight with Clinton showing a slight lead.
Brexit minister David Davis said yesterday that Britain's plans to leave the European Union will include a vote by parliament on legislation to translate EU law into British law.
"European Union law will be transposed into UK law at the time we leave, providing certainty for workers, businesses and consumers," Davis said. "This will be an act of parliament which we intend to have in place before the end of the Article 50 process."
Davis defended his government's determination to maintain a "certain level of confidentiality" before starting talks for Britain to leave the European Union.
Davis maintained that Government still intends trigger Article 50 by the end of March next year and also appeal a case on the matter to the highest court in the country. Last week, a trio of high court judges decided that government must consult parliament before the Article 50 process can be started.
The Brexit minister added it was still government's legal position that it was "proper and lawful for government to trigger Article 50 using prerogative powers".
09:30 – GBP : Manufacturing Production m/m , forecast at 0.5% against a previous of 0.2%
All day – USD : Presidential Election