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Investors take cues from Brexit polls

Tuesday, June 21, 2016 - 01:12

Sterling has hit a seven-week high against the dollar on expectations Britons will vote to stay in the European Union. But as Sara Hemrajani reports, stocks failed to build on the previous day's gains as this week's referendum keeps many investors cautious.

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A big score for the "Remain" campaign. Football superstar David Beckham has joined the Brexit debate, saying he's voting to stay in Europe. But that endorsement isn't enough to calm nerves. With just two days to go to, investors are still cautious about the result. Global markets very much skewed by the latest opinion polls coming out of the UK. SOUNDBITE: Peter Dixon, Commerzbank, saying (English): "We've had some surveys which seem to suggest that 'Remain' has gained a little bit of ground. I mean it's by no means clear, it's still a very tight race. But I think that following the sharp momentum that the 'Leave' campaign generated last week, now there does seem to have been a bit of a turnaround in that trend." Asian markets took their cues from that, ending the day on a positive note. The picture in Europe is more uncertain with stocks failing to build on Monday's momentum. There's one clear winner though - sterling. The currency is rallying for a third day, hitting a seven-week high against the dollar. And Brexit is also a worry for the U.S. - the Fed's Janet Yellen calling it a major obstable for the global economy.

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Investors take cues from Brexit polls

Tuesday, June 21, 2016 - 01:12