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FTSE soars as Pound tanks

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The FTSE surged to 7067p at the open in London. All sectors opened in the green, following a positive close in the Asian markets.

Yet, the high volatility in the global equity markets hint that the post-Deutsche (LON:0H7D) panic may not be over. Although we have seen an aggressive rally in most of the FTSE sectors at the open, a part of these gains could be short-lived.

The UK’s financials (+1.37%) are better bid this morning, in contradiction with the new perspective posterior to the UK PM May’s announcement that the City of London will not benefit from any favour during the Brexit procedures. London Stock Exchange (-0.52%)diverges negatively on concerns that a significant part of the financial business could leave the UK. Citi Bank’s UK Head warned that jobs in London’s financial sector would move to European Union countries ‘regardless of what deal is struck on access to the EU financial services market’.

Industrials and energy stocks are top performers.

Paul

The author Paul