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Britain's "In" campaign boost buoys markets

Monday, June 20, 2016 - 01:37

Global stocks have risen and sterling has strengthen broadly while safe-havens including the yen and gold retreat, after polls showed support for Britain staying in the EU regaining momentum before Thursday's referendum. Sara Hemrajani reports.

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Fears of a Brexit bombshell starting to fade, at least where markets are concerned. Global investors in a buying mood with stocks rallying and sterling strengthening. They're getting a boost from polls showing support for Britain staying in the European Union regaining momentum before Thursday's vote. SOUNDBITE: Jeremy Stretch, Head of FX Strategy, CIBC, saying (English): "The markets are just having a little bit of a relief rally to start the week on the assumption that perhaps, rather like in the Scottish referendum in September '14, that whilst a vote for change did have solid opinion poll support prior to the event, as we came closer to the poll itself, then some of that vote for change started to dissipate...Voters came back to the assumption of preferring status quo, and accordingly that's providing a little bit of a lift to risk appetite and sterling accordingly." That optimism also pushed the euro and oil prices higher, while safe assets like the yen and gold retreated. But there's still a note of caution with many preparing for both an "In" or "Out" scenario. SOUNDBITE: Robert Halver, Head of Capital Markets, Baader Bank, saying (German): "When we get up on Friday morning to find out the British will stay in the EU, there will be another massive boost on the market, clearly above the 10,000 point mark, maybe even above 10,500. If they leave, we definitely will have a very sad Friday, something like Friday the thirteenth, except that it's not the thirteenth." As the referendum approaches, more British executives have spoken out in favour of the "Remain" campaign. Those include Richard Branson, the Premier League boss and the UK directors at Toyota, Jaguar Land Rover and BMW.

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Britain's "In" campaign boost buoys markets

Monday, June 20, 2016 - 01:37