The pound clawed back more of the ground lost following the referendum on European Union membership this morning after the release of strong services sector data. Markit’s Business Activity Index rebounded to 52.9 in August, from 47.4 in July, sending sterling up 0.3% to $1.333. “Today’s improvements are in line with the string of robust
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 has slumped by 8.3% following the UK’s vote to leave the European Union in yesterday’s referendum, while government bond yields have fallen to record low levels. Markets will also now be digesting the news Prime Minister David Cameron has announced his resignation. He said this morning he hopes a new leader will
