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Market reaction to Britain's leave vote: it could have been worse

Discussion in 'Market News' started by Lily, Jun 24, 2016.

  1. Lily

    Lily Forum Member

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    Do not read too much into the City’s initial response, divorce negotiations with the EU are now the main event

    The FTSE 100 index is down about 300 points, or 4.5%, at 10am. Sterling is 7% weaker against the dollar. And 10-year gilt yields have fallen from 1.3% to close to 1%, the biggest one-day drop since 2009. These are big moves but – versus expectations – you’d call it a par score. Share prices and the pound had rallied strongly in the days before on the expectation of a vote for remain. A victory for leave – a 10% chance, according to the bookmakers, as the polls closed – couldn’t fail to provoke a strong market reaction.

    Related: Bank of England promises £250bn to calm markets after Brexit vote - live updates

    Related: FTSE 100 and sterling plunge on Brexit vote

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