Reuters Insider - Reuters Today: Global markets fight off Brexit fears

Union

29/06/2016 10:01

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        Global stocks rise a second day as Brexit concerns 
                     eased. Greene King warns the Brexit uncertainty   
                     will hurt consumer sentiment, but Dixons Carphone 
                     says it won't stop it from growing.               
 
 
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Transcript (May be auto-generated)

                 Good morning and welcome to Reuters Today. I am Angeline Ong. A post brexit 
global relief rally is underway for a second day. Here in Europe, the FTSE 100 
is up around 2% while in Europe the FTSEurofirst 300 is up around 1.5%. Behind 
the strength? Well, rebounding banking and financial stocks, also all this talk 
about more stimulus under way. If you can look at the databoard in front of you,
Royal Bank of Scotland, Prudential, Deutsche Bank, and Barclays are all higher 
today. These moves also coming in Asia. Their markets are also stabilizing. 

Japan's Nikkei, China's CSI, and Singapore's Straits Times are all higher as 
well. European leaders have now told Britain to act quickly - they want the 
political and economic confusion unleashed by its vote to leave the European 
Union last week to be resolved as soon as possible. The International Monetary 
Fund has said the uncertainty could put pressure on global economic growth. Now,
at an EU summit in Brussels on Tuesday, Cameron said he hoped the UK would 
maintain a tight economic and political relationship with the EU. The other 27 
EU leaders will today discuss how to deal with Britain on its way out of the 
bloc and how to take the Union forward without it. 

Mixed reactions to Brexit from corporates this morning. Dixons Carphone says the
uncertainty will not stop it from growing. The British consumer electricals and 
mobile phone retailer grew its full-year profit by 17%, meeting expectations. 
Still, its shares are down 1.7%. On the other hand, Greene King has warned that 
the turmoil brought on by the UK's decision to leave the EU will hurt consumer 
sentiment and put further pressure on pubs. The company, which brews ales such 
as Old Speckled Hen and owns Spirit Pub company, says it's trying to hedge its 
currency exposure. Like-for-like sales rose 1.5% in its full-year, putting it 
ahead of the wider market. Shares are up around 0.5%. Meanwhile, UK house prices
grew 5.1% in June, according to Nationwide. The mortgage lender said home prices
on an annual basis hit a three-month high. It's too early to tell though what 
kind of impact the Brexit will have on demand for houses, says Nationwide 
economist but the lack of supply and high employment rates would probably keep 
upward pressure on prices. And that's it for now. I'm Angeline Ong and this is 
Reuters