Asia markets Oct. 23: Brexit, oil and currencies

Australian markets dipped in early trade, while Japan’s shares look set to be heading for a higher open. It comes as developments on Brexit overnight meant the deadline for the U.K. to leave the EU would likely be delayed again.Australia’s S&P/ASX 200 was down 0.31% in the morning. Japan’s markets will reopen after a holiday on Tuesday, and the Nikkei 225 looks set for a higher open compared to its last close.Elsewhere, in South Korea, major Apple supplier LG Display is set to report its third-quarter earnings on Wednesday at 2:30 p.m. HK/SIN.Thailand’s markets are closed for a holiday.Overnight, the sterling was hit by Brexit developments. U.K. lawmakers voted to reject a limited time frame for reviewing legislation related to Britain’s withdrawal from the European Union. It now means that the U.K. is almost certainly not going to leave the U.K. on October 31— the current deadline, and the EU may provide an extension to prevent a no-deal Brexit occurring.In reaction, the British pound fell 0.1% versus the dollar. It fell further throughout the day — last at 1.2866, below the 1.29 level where it had been holding.”Ahead of the Brexit votes markets were essentially marking time, but reaction to the vote news now sees the pound as the big underperformer, down 0.69% relative to levels this time yesterday. But at 1.2899, is probably fair to say the market remains relatively upbeat on GBP fortunes,” said Rodrigo Catril, a senior currency strategist at the National Australia Bank, in a morning note.On Wall Street, stocks fell as investors digested earnings reports. More than 19% of S&P 500 companies have reported quarterly numbers and of those, nearly 80% have beaten expectations.The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.526, sliding from an earlier high of 97.573.The Japanese yen traded at 108.46, a touch stronger than 108.51 seen earlier. The Australian dollar changed hands at $0.6859 following a low of $0.6849 seen earlier.What’s on tap:Here’s the economic calendar for Wednesday (all times in HK/SIN):1:00 p.m.: Singapore consumer price index2:30 p.m.: LG Display third-quarter earnings

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