Asian Stocks Fall as Bond Yields Surge Ahead of Trump-Xi Summit 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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The United Kingdom’s gilts took a downturn during Monday’s afternoon session ahead of the Bank of England (BoE) Governor Mark Carney’s speech, scheduled to be held later today and amid Brexit uncertainties still making headlines.
The yield on the benchmark 10-year gilts, jumped nearly 2 basis points to 1.399 percent, the super-long 30-year bond yields also climbed 2 basis points to 1.954 percent and the yield on the short-term 2-year too traded 2 basis points higher at 0.757 percent by 11:50GMT.
After EU leaders approved the Brexit Withdrawal Agreement and associated Political Declaration yesterday, the ‘meaningful vote’ in the House of Commons now seems likely to be held on December. But following an earlier ruling by Scotland’s highest court, tomorrow the European Court of Justice will hold an emergency hearing on a case to determine whether the UK is legally able to revoke Article 50 unilaterally, Daiwa Capital Markets reported.
Further, on Wednesday this week, the central bank will release its Financial Stability Report and bank stress test results. In response to the request from the Treasury Select Committee, they will also publish an analysis of how the draft Brexit Withdrawal Agreement will affect the Bank’s ability to deliver its monetary and financial stability objectives.
And Thursday will see it publish an assessment of the macroeconomic impact of the Brexit deal – expect it to suggest a modest acceleration in GDP, thanks particularly to a pickup in business investment on the back of the greater near-term certainty afforded by the transition period post-March 2019, but an implied step up in monetary tightening due to the increase in domestically-generated inflation that would arise from the stronger growth, the report added.
Meanwhile, the FTSE 100 traded 0.86 percent higher at 7,011.92 by 11:55GMT, while at 11:00GMT, the FxWirePro's Hourly Pound Strength Index remained highly bullish at 135.97 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
