Sterling leapt 1.4% today as markets welcomed the restoration of some stability in British politics following the referendum on European Union membership. With Theresa May installed as prime minister, investor confidence in the pound was lifted and it hit $1.31 halfway through Tuesday after languishing in the high twenties before the news. Equities markets, particularly the
The FTSE 100 opened down 0.8% in the second day of trading following the Brexit vote decision while 10-year gilt yields have fallen to an historic 1%, as Chancellor Osborne moved to reassure markets with an early morning statement saying the UK was “open for business”. The FTSE 100 was trading at 6,090 this morning,
Renminbi hits five-year low – China’s entire equity market was suspended within half an hour of trading overnight as the region’s blue chip index fell 7%, bringing total losses to 12% in the first four days of 2016. In a repeat of Monday’s suspension, a circuit breaker introduced to curb volatility after last August’s Black
The FTSE 100 rebounded 1.1% in early trading this morning, following its worst New Year opening in 16 years, as Chinese indices managed to stem falling share prices seen on Monday. The UK’s blue-chip index was up to around 6,160 points by 8.30am this morning, led by supermarket giant Tesco, which was up 4.6% to 148.8p,
Update: Shell and BP have tumbled to the bottom of the FTSE 100, wiping out the index’s gains, as the oil price dived to near seven-year lows amid the fallout from OPEC’s decision not to cut production. The price of Brent crude has tumbled 3.3% to $41.58, the lowest level since the early months of 2009, amid fears
