- Volatility picked up after a quiet-ish Asian session overnight ahead of the FOMC later today.
- GBP slumped after UK PM May officially asked the EU for an extension to Brexit to June 30 and despite the release of positive UK data. However, reports suggest that the EU will only offer a “binary” choice of a short Article 50 extension before May 23, or a much longer delay to at least the end of 2019.
- Stocks traded lower for most part of European session with Germany’s DAX falling noticeably on BMW which issued a profit warning (expecting 2019 profits down 10% vs 2018), while a weaker pound kept the UK’s FTSE 100 elevated. Indices were bouncing off lows as we went to press.
- Crude oil prices recovered from being sharply lower to turn green on the day after a huge drawdown was reported by the EIA in US oil inventories (-9.59 mm vs, +1.75 mm barrels expected).
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