Pound Stands Firm After May Loss, Asian Equity Markets Rise

The pound edged down Wednesday after the record defeat of British Prime Minister Theresa May's Brexit plan but mostly held its ground as investors consider the next likely developments in the long-running saga

Hong Kong, (UrduPoint / Pakistan Point News - 16th Jan, 2019 ) :The pound edged down Wednesday after the record defeat of British Prime Minister Theresa May's Brexit plan but mostly held its ground as investors consider the next likely developments in the long-running saga.

The sterling tanked to a near two-year low soon after the government's proposal on leaving the European Union was soundly beaten Tuesday evening, but it soon bounced back as traders bet there would not be a "no-deal" exit.

And while it was slightly lower in Asia, the pound managed to avoid the sort of pummelling many had predicted, and analysts say the positive news is that the options for the future are narrowing.

With May expected to win a vote of no confidence called by the opposition Labour Party onWednesday, talk will move to what happens next.