By: Jake Cordell

I'm City A.M.'s economics reporter, looking at the news, stories and data that move markets in the UK, Europe and around the globe. I also cover broader developments in the business and political worlds at home and abroad.

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At the close: Er, what? FTSE 100 rallies after sharp morning losses and despite banking bloodbath

June 24, 2016

The FTSE 100 has staged a recovery almost as remarkable – and less expected – as its dramatic plunge at the start of the day. The blue-chip index proved remarkably resilient to the shock vote for the UK to leave the European Union and ended the day at 6,162.97 points, down 2.76 per cent or 175 points. After tumbling more [...]
Barack Obama: UK and EU will remain “indispensable” allies of the US after Brexit

June 24, 2016

Barack Obama has committed the United States to work closely with both the United Kingdom and the European Union in the wake of the the historic vote for Brexit. The President of the US, who said the UK could be sent to the "back of the queue" for trade negotiations if it decided to leave, said [...]
EU referendum: IMF calls on UK and EU to play nicely during divorce proceedings

June 24, 2016

The head of the International Monetary Fund (IMF) has urged the UK and the EU to reach an amicable divorce, as the fallout from the vote for Brexit ripples across the world. Christine Lagarde, who warned Brexit could trigger a recession, called on both sides to work together to reach a new settlement which helps [...]
European Union leaders tell the UK they expect it to leave “as soon as possible”

June 24, 2016

European leaders have told the United Kingdom they expect Article 50, the clause under which the formal process of leaving the EU takes pace, to be triggered immediately so negotiations over the terms of the UK's exit can begin. This puts Europe's top politicians at odds with the UK just hours after the results of the referendum [...]
EU referendum: FTSE 100 in partial recovery as billions wiped off bank shares

June 24, 2016

More than £100bn was wiped off the FTSE 100 this morning as the bluechip index suffered a near record fall following the UK's decision to leave the European Union. The index dropped eight per cent in the first minutes of trading as stock markets looked on course for their worst day since the financial crisis. After 90 minutes of [...]
EU referendum: Nicola Sturgeon says second independence vote “highly likely” after UK votes for Brexit

June 24, 2016

Scotland's first minister Nicola Sturgeon has begun preparations to hold a second referendum on Scottish independence before the end of 2018, she confirmed this morning after the UK voted to leave the European Union. Sturgeon said that the result of yesterday's vote represented a "significant and material change" in the relationship between Scotland and the rest of [...]
EU referendum: UK set to lose gold standard AAA credit rating

June 24, 2016

The UK's gold standard credit rating is set to be slashed following the decision to leave the European Union, leading ratings agencies warned today. All three of the leading ratings agencies – Standard and Poor's (S&P), Moody's and Fitch, said the UK's AAA rating on its sovereign debt was likely to be cut. In theory, that would [...]
EU referendum: Markets expect Bank of England to cut interest rates after vote for Brexit

June 24, 2016

Leading economists have predicted the Bank of England will need to cut interest rates this summer to prop up the UK economy in the wake of the vote to leave the European Union. This morning, governor of the Bank of England Mark Carney told markets the Bank stood ready to do whatever is needed to support financial stability [...]
EU referendum: Bank of England offers banks £250bn in emergency funds

June 24, 2016

The Bank of England has made £250bn available to UK banks to try to mitigate the market turmoil in the fallout from the UK's vote to Leave the European Union. Mark Carney said this morning the significant "backstop" would be put in place to "support a functioning market", adding that the Bank would not "hesitate [...]
EU referendum: Bank of England to take “all necessary steps” in wake of Brexit vote

June 24, 2016

The Bank of England will take "all necessary steps" to protect the financial markets in the wake of the vote to leave the European Union, it confirmed this morning, in its first intervention since the result of the referendum became clear. In a statement issued at 7am this morning, Threadneedle Street said: The Bank of England [...]

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By: Jake Cordell

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