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Stocks, sterling inch up as Brexit vote looms

Wednesday, June 22, 2016 - 01:21

Stocks and sterling rise while traditional safe-haven assets gold and bonds slip, as investors are guardedly optimistic about a ''Remain'' vote in Britain's European Union referendum. Sara Hemrajani reports.

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The final push before polls open on Thursday morning. Global stocks inching higher as investors bet on Britain voting to stay in the European Union. SOUNDBITE: Matthew Beesley, Head of Global Equities, Henderson Global Investors, saying (English): "I think markets have moved beyond being nervous three or four days ago to now being a little bit more complacent perhaps. Let's back track three or four days when markets were factoring in a 60% chance of 'Remain', today would suggest we're probably near 80% of 'Remain', certainly when you look at individual stocks, the FTSE 100 in aggregate but also sterling." Sterling is up around 0.5 percent against the dollar, nearing a six-month high. And with risk appetite kicking in, demand for traditional safe assets has weakened. Both gold and bonds slipping. But the mood is still cautious, not confident, as surveys suggest the Brexit outcome is murky. SOUNDBITE: Oliver Roth, Capital Markets analyst, saying (German): "There's a clear head-to-head race between the two camps. There's certainly the possibility of a negative surprise, which would currently catch the markets off guard because they're counting on the British remaining in the EU." Most traders warn of a volatile session while Britons have their say at the ballot box. Some are taking comfort from the U.S., where Fed chief Janet Yellen virtually ruled out a rate hike next month.

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Stocks, sterling inch up as Brexit vote looms

Wednesday, June 22, 2016 - 01:21