Spreadex Market Update
Brexit fears fails to relinquish grip on European market as FTSE and pound fall at open
Surprisingly the FTSE was the most restrained of the European indices this morning, falling 0.5% to drop below 6100, now sitting only a smidge above lows not seen in around 3 months. The commodity stocks provided the main downward thrust as the session got underway, with a healthy dose of drag also coming from the Brexit-fearing banking stocks (especially Barclays and Lloyds).
With the referendum growing ever closer the pound is all set for an ugly week and a half, something immediately in evidence this morning. Cable collapsed by another half a percent, leaving sterling at its lowest point against the dollar in 2 months, with a similar pattern occurring against the euro and a whole basket of currencies.
Like the tail end of last week the Eurozone indices saw the most dramatic decline this Monday, the DAX and CAC both falling around 1%. It appears that the Brexit fears that have, for most of the past few months, plagued the pound are beginning to really take hold of European trading as a whole, leading to the dire scenes the markets have seen since the middle of last week.
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