SYDNEY/TOKYO (Reuters) – Asian shares inched higher while sterling came off five-month highs in volatile trade on Wednesday as investors looked to whether Britain can secure a deal to avoid a disorderly exit from the European Union.
Officials and diplomats involved in negotiations over the acrimonious divorce between the world’s fifth-largest economy and its biggest trading bloc said that differences over the terms of the split had narrowed significantly.
The news lit a fire under European and U.S. equities, which jumped about 1% on Tuesday. The British pound GBP=D3 rocketed to $1.28, a level not seen since May 21.
The pound has strengthened nearly 5% over the past week as investors rushed to reprice the prospect of a last-minute Brexit deal before the end-October deadline.
Still, the pound lost steam in Asia, falling 0.3% to $1.2752, as uncertainties remained on whether a deal will be sealed at a make-or-break EU summit on Thursday and Friday and if Britain’s minority…
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