Stocks advanced as a broad easing of risks across the globe gave investors a reprieve. The US Dollar fell the most since June, while Treasuries were mixed. The S&P 500 rebounded from Tuesday’s losses along with European and Asian shares as political tensions appeared to subside in Hong Kong, Italy and the U.K., while indicators in China and Europe hinted global economic growth may not be as bad as some expected. Technology shares, which led yesterday’s decline that was the first in four sessions, paced the advance. The 10-year Treasury yield traded around 1.45%, while the US Dollar gained versus the yen. Equities in Hong Kong rose the most since 2018 after embattled leader Carrie Lam said she formally withdrew legislation to allow extraditions to China, the detonator for three months of often-violent protests. In the U.K., the Pound held gains after a law that would block a no-deal Brexit passed a key Vote in Parliament. The Euro advanced after Purchasing Managers Indexes for the region beat expectations, while the onshore Chinese Yuan gained following another stronger-than-forecast currency fixing. Meanwhile, British Prime Minister Boris Johnson’s premiership was thrown into crisis after Parliament dealt a triple blow to his radical plan for breaking away from the European Union whatever the cost. In a dramatic series of votes on Wednesday, members of Parliament moved to stop Johnson forcing the U.K. out of the bloc without a deal next month, effectively wrecking his mission to deliver Brexit by Oct. 31. When he responded with a desperate appeal for a snap general election, Parliament rejected that, too. It was the third major defeat for Britain’s new leader in 24 hours. The Pound rose more than 1% during the day as the prospects of a damaging no-deal Brexit receded.
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