Sterling plummets to a new 31-year low against the dollar June 27, 2016 Sterling has crashed to a new 31-year low against the dollar as markets continue to digest the implications of the UK's vote to leave the European Union. The pound dropped by 3.3 per cent this morning to $1.3180 – lower than during the chaos that engulfed the currency markets on Friday morning. As the polls closed [...]
Trading suspended in Barclays and RBS as European bank shares crash June 27, 2016 Trading in bank shares was temporarily suspended on multiple occasions today as the value of European lenders tumbled in response to the vote to leave the EU. Financial giants Barclays and Royal Bank of Scotland (RBS) both fell more than 18 per cent by lunchtime as markets increasingly turned on stocks perceived to be most at risk from prolonged uncertainty [...]
Gold gains for second day as nervous investors rush into the safe-haven June 27, 2016 Gold surged for a second day as nervous investors sought refuge from a storm rippling through financial markets following the UK's vote to leave the European Union. Spot gold swelled 0.76 per cent to $1,325.70 an ounce this morning, while US gold added 0.55 per cent to $1,329.70. The precious metal has risen nearly 25 per cent [...]
Stock markets calm at the open but sterling still suffering June 27, 2016 Stock markets have opened relatively calmly this morning as traders hold their nerve over the fallout from the EU referendum. The FTSE 100 was down just 0.5 per cent at 6,111.36. Just one hour before trading started the index was expected to tumble by around three per cent. The FTSE 250, generally considered a better indicator of [...]
Hold onto your hats: Banks in for a bumpy ride following the Brexit vote June 26, 2016 The banking sector is most likely bracing itself for a beating following last Friday's EU referendum result. The UK's decision to leave the EU places the passporting rules – which essentially allow UK banks to operate throughout the European Economic Area without restrictions – in doubt, which could ultimately result in fewer bankers on the streets [...]
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 [...]
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 [...]
Banking stocks have fallen sharply at the open in London June 24, 2016 Banking shares have tanked in London following the 8am market open. A vote for the UK to leave the European Union last night, largely catching the financial markets off-guard, has led to panic selling across Europe. Lloyds shares opened down 29 per cent, while Barclays is 30 per cent lower, RBS has lost 34 per [...]
War bunkers, pizza and lots of caffeine – how the City is preparing for referendum night June 23, 2016 Brexit "war bunkers" are being opened, extra staff brought in and sleep-deprived workers plied with pizzas, sweets and coffee to keep them going throughout the night as the City beds in for expected high levels of pre- and post-referendum trading. Barclays, HSBC, Lloyds, Societe Generale, Deutsche Bank, Royal Bank of Scotland and JP Morgan will all have heightened [...]
EU referendum: Barclays puts a stop on new stop loss orders June 23, 2016 Barclays put a block on new stop loss orders this morning, just as the EU membership vote got underway. The move could be the bank's way of shielding itself from any wild swings in exchange rates that could happen shortly after the results of the vote are announced. City A.M. understands that the restriction on [...]