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Pound jumps after Obama's Brexit intervention; BHS future in doubt - business live

Discussion in 'Market News' started by Lily, Apr 25, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    All the day’s economic and financial news, as the pound hits a five-week high following US president Obama’s visit to Britain

    7.41am BST

    One of Britain’s longest-running retail chains is on the brink of collapse.

    BHS has failed to secure emergency funding that it needed to pay wages and its rent. The restructuring firm Duff & Phelps is set to be appointed as administrators on Monday, unless £60m can be found to keep BHS afloat in the short term.

    Darren Topp, the chief executive of BHS, said: “What was on the table wasn’t sufficient and we have been working in the last few days to fill the gap.”

    Related: BHS seeks Sports Direct lifeline as it heads for collapse

    Related: BHS seeks Sports Direct lifeline as it heads for collapse

    7.33am BST

    The pound has hit its highest level since early March this morning, after President Barack Obama made his dramatic intervention into the EU referendum debate.

    The Obama effect...£ rallies as US President tells UK to stick in EU & warns of decade to renegotiate a trade deal pic.twitter.com/Y0QlF08mJY

    Related: Hillary Clinton urges Britain to remain in the European Union

    The pound was among one of the best performing currencies last week and has continued to rally this morning against the US dollar and euro as markets perceive that the recent intervention by US President Obama, as well as his possible successor Hillary Clinton has shifted the odds towards the “Stay “ camp in the latest polling indicators, dealing a blow to “Brexit” campaigners.

    7.17am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    Traders are bracing for a busy week, with new growth data from Britain (on Wednesday), the US (Thursday) and the eurozone (on Friday).

    Our European opening calls:$FTSE 6305 down 6
    $DAX 10381 up 8
    $CAC 4572 up 2$IBEX 9249 up 16$MIB 18701 up 14

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