U.S. Stocks Drop With Crude as Pound Advances Before U.K. Vote
- While odds favor ‘Remain,’ polls show ‘Leave’ camp in lead
- Asian index futures mixed as traders shift to the sidelines
The Impact of Brexit on the World Economy
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U.S. equities slipped with crude oil, while Treasuries advanced with the pound before Thursday’s vote on whether the U.K. will leave or remain in the European Union.
The S&P 500 finished lower after swinging from gains to losses throughout the session, while European shares edged higher as fresh polls showed British voters may elect to leave the EU even as bookmakers’ odds imply a one-in-four chance of that happening. Sterling rallied as 10-year Treasury yields fell from a two-week high after investors bought $46 billion of debt at auction. Crude retreated after U.S. inventories declined less than forecast.