Brexit and the pound: How hard will battered sterling hit our economy? June 21, 2016 The pound has strengthened as the latest polls show public feeling has swung towards a remain vote this Thursday. Sterling rose 2.3 per cent to $1.4693, the biggest one day gain in over seven years. The last time it rose this sharply was 12 September 2008, days before Lehman Brothers filed for bankruptcy. “Three polls over [...]
EU referendum: Pound gets a lift from Remain lead June 21, 2016 Share prices and sterling both rallied yesterday after weekend polls swung in favour of voters opting to remain in the European Union. The FTSE 100 posted its biggest one day rise since early February, up three per cent by the close, tracking wider European markets higher. The German Dax rose by 3.4 per cent and the [...]
EU referendum: Economic scare stories are getting dangerous June 20, 2016 With just days to go until the country votes, and after a pause following the tragic and appalling events of last week, referendum campaigning has resumed. The Remain camp has been gaining ground, but its lead is not comfortable enough for David Cameron to sleep easily. Warnings about the potential impact of Brexit on the economy [...]
Week ahead: Volatile markets are forecast ahead of the referendum June 20, 2016 Recent wild swings in the FTSE 100 are expected to continue until the European Union referendum on Thursday as polls show the electorate evenly split on the decision. At last week’s close, the FTSE rose from a four-month low, up 1.2 per cent, to 6,021.09 points. It was, however, down 1.5 per cent for the week, [...]
Hold on to your hats: Markets brace for referendum turmoil June 20, 2016 Financial markets are braced for one of the most volatile weeks of trading since the height of the financial crisis in 2008. As referendum campaigning resumes following its suspension after the horrific murder of MP Jo Cox last Thursday, analysts said this week could unleash “chaos” on already volatile stock markets. Ranko Berich, head of analysis [...]
Nigeria finally drops dollar peg but will this revive the country’s fortunes? June 20, 2016 After several decades, Nigeria has finally abandoned its currency peg to the US dollar. Hampered by low global oil prices, the African economy has lost some lustre. But will a devaluation be enough to turn its fortunes around? The Central Bank of Nigeria’s decision to allow the naira to float freely has been welcomed by [...]
Too close to call: New polls reveal EU divide as campaigning resumes June 19, 2016 The latest polling indicates Britain's decisio on EU membership is too close to call as campaigning resumed for the first time since the murder of MP Jo Cox. With just four days left until the country heads to the ballot box, several polls put the two sides neck and neck while Remain clawed back some of the gains [...]
EU referendum: IMF says an acrimonious Brexit would spark recession and permanently knock UK economy June 18, 2016 The economy could be plunged into recession, unemployment would jump and wages tumble if the UK votes to leave the European Union, the International Monetary Fund (IMF) has warned today. In its latest assessment of the dangers of walking away from the EU, the IMF said the consequences would be “negative and substantial” while household incomes would [...]
IMF head Christine Lagarde says EU makes Britain richer, vibrant and more exciting June 17, 2016 Christine Lagarde has championed the UK's membership of the European Union, and called on Europe to counter the populist and insular mindset sweeping the continent. In a speech in Vienna this morning, the managing director of the International Monetary Fund (IMF) said there was a "clear case as to how the UK has benefited — and will continue [...]
Europe signs off on €7.5bn finance package for Greece June 17, 2016 European leaders have signed on the dotted line to unlock the latest tranche of Greece's bailout funds this morning. The beleaguered nation will get its hands on €7.5bn (£5.9bn) next week after technocrats from the European Stability Mechanism (ESM) – the body in charge of administering the Greek bailout, based in Luxembourg – approved the deal today. Finance [...]