Spreadex Market Update
Anti-Brexit rebound gathers pace as FTSE grazes 6200
Widening its gains to over 3% the FTSE is now at a 10 day high, the index at points grazing 6200; the pound, meanwhile, has taken 2% back off the dollar, leaving cable at a level not seen since the end of May. Given the doom and gloom of the past fortnight these are truly remarkable scenes, revealing the extent of the market’s wish to remain in the EU, and in turn its hostility towards any potential Brexit.
What is interesting is how little it has taken to inspire this aggressive rebound. The recent polls didn’t necessarily show Vote Remain romping ahead, but rather drawing level with Vote Leave after weeks of gained-ground for Boris Johnson and his Brexiters. Nevertheless momentum seems to be on the side of the status quo, aided by an increasingly high profile schism in the Leave camp, prompted by the vile propaganda of Nigel Farage’s ‘breaking point’ immigration poster which, among others things, has caused Baroness Warsi to switch from Vote Leave to Vote Remain.
Over in the Eurozone the DAX and CAC continued to barrel ahead with their own gains, the German and French indices both rising by 3.6%. The Dow Jones is set to join in with the fun this afternoon, the futures pointing to a near 200 point jump after the bell.
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