Central Bank Clarity Desired, Sterling Breaks Barrier
Speaking during an interview with "On the Move" hosts Guy Johnson in London and Caroline Hyde in Frankfurt, Robert Feldman, chief economist at Morgan Stanley Mufg Securities in Tokyo, said clarity from central banks as they shift policy regimes is important to avoid market turbulence. Feldman noted that even a hint of tapering in the Bank of Japan’s monetary stimulus caused the yen to move. A three-day decline in the pound after U.K. Prime Minister Theresa May set a date to start the process of leaving the European Union has left sterling trading at its weakest level versus the euro since 2011. The pound reached a 31-year low versus the dollar amid concern Britain is headed for a so-called hard Brexit. A weaker currency may help support parts of the economy as the terms of the EU exit are negotiated.
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UBS' Haefele Says Stay Overweight Global Equities
52:02 - Mark Haefele, global chief investment officer at UBS, discusses the impact of geopolitical tensions on markets, the yen, and global equities. He speaks on "Bloomberg Daybreak: Europe." (Source: Bloomberg)