Spreadex Market Update
Boris blights pound as Brexit fears increase, whilst European indices near 3 week highs
A positive Asian session, with the Shanghai Composite hitting highs not seen since the end of January, and a $34 per barrel-approaching rise from Brent Crude helped the FTSE to some healthy gains this Monday morning, lifting 85 points to re-cross 6000 and near new 3 week peak in the process. The pound, on the other hand, started the day with its worst sell-off in 11 months as floppy-haired Tory mayor Boris Johnson announced his ‘agonised’ decision to back the Brexit campaign ahead of the recently announced June 23rd referendum.
As the most recognisable Tory bar the PM himself, Johnson’s freshly revealed, and long-gestated, position immeasurably complicates matters for Cameron, the relatively off-putting out-campaign cabal of Ian Duncan Smith, Michael Gove and Nigel Farage gifted a media-friendly mascot in the shape of ol’ Boris.
Whilst sterling suffered things were fairly jovial over on the continent, the Eurozone indices, like their UK peer, ignoring any Brexit noise to focus on continuing last week’s sporadic rebound. Already boosted by a stronger than forecast French flash manufacturing PMI (an increase slightly measured by a contraction-level performance from the country’s services PMI) the CAC rose by around 75 points, with the DAX rising just shy of 200 points.
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