Britain’s tax backdown bounces stocks and sterling

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1%, led by a 2.5% gain in Australia. Sterling drifted up to an almost two-week high of $1.1343, making for a bounce of almost 10% from a record low hit last week. South Korea’s Kospi bounced 2.3%, lifting away from last week’s two-year low, despite North Korea firing a missile over Japan for the first time in five years. The Reserve Bank of Australia meets on Tuesday to set interest rates with markets leaning toward expecting a 50 basis point hike. The CBOE Volatility Index (.VIX) remains elevated and above 30.S&P 500 futures rose 0.6%, following a 2 . . .