Overseas Trading: Global Markets Rise on Deutsche Bank Relief, Brexit Action

Global markets are broadly higher, with financial stocks up on hopes for relief for Deutsche Bank

by Kirra Fedyszyn

Published on Oct 3, 2016 at 8:42 AM

It's been a relatively quiet day for overseas markets, with several exchanges closed for national holidays. A relief rally in financial stocks -- triggered by encouraging reports about Deutsche Bank -- bled over into Asia, with Japan's Nikkei adding 0.9% despite the Bank of Japan's (BoJ) business sentiment survey remaining unchanged from last quarter. Elsewhere, Hong Kong's Hang Seng tacked on 1.2%. South Korea's Kospi was closed for a public holiday, and China's Shanghai Composite is shuttered for Golden Week.

European markets are broadly higher, as well, while traders digest news embattled Deutsche Bank may be nearing a settlement with the U.S. Justice Department, which could reduce its fine to $5.4 billion from $14 billion. However, the stock will not trade in its home country, as the German DAX is closed for a national holiday.

Elsewhere in the region, investors are responding to news U.K. Prime Minister Theresa May is pulling the trigger on the "Brexit" process. May said she would begin the process by the end of March, and wants to make it a clean break. "We are going to be a fully independent, sovereign country -- a country that is no longer part of a political union with supranational institutions that can override national parliaments and courts," noted May. London's FTSE 100 was last spotted 1.4% higher, as the pound drops, while France's CAC has added 0.1%.

overseas stocks october 3

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