Asia markets...

Eyes were on the pound after it dropped like a stone Thursday in response to the resignation of Dominic Raab, the man in charge of Britain’s Brexit negotiations, who quit saying he did not agree with Prime Minister Theresa May’s draft deal. His resignation came with those of another key cabinet member and several ministers just hours after May squeezed her hard-fought agreement through the cabinet.

Sterling dropped from a high of US$1.3072 Thursday to as low as US$1.2724, and has struggled to break back. And while May has said she will fight on, speculation is swirling that she could be ousted after leading Brexiteer MP Jacob Rees-mogg formally called for a vote of no confidence. “Not surprising that in this fast-changing environment, sterling volatility is the highest since the 2016 Brexit referendum,” said National Australia Bank economist David de Garis.

Oil prices edged up for a third day, having been hammered by oversupply and weak demand concerns earlier this week.

Despite data showing another jump in US stockpiles the commodity is enjoying some much-needed buying interest after kingpin Saudi Arabia and OPEC said they are planning to cut output by more than the one million barrels earlier flagged.

Adding to the upward pressure are simmering tensions between Riyadh and Washington over the death of journalist Jamal Khashoggi, with the US imposing sanctions on several senior officials in the Saudi government.