Pound rebounds

29/06/2016 01:50 AST

European stocks rose sharply on Tuesday, making their first gains since Britain’s shock vote to quit the EU, and the pound rebounded as investors returned to jittery markets. Trading floors appeared to have put the initial panic of Brexit behind them, with investors snapping up bargains after two days of heavy losses.

“It’s been a welcome respite for European equity markets as investors start to absorb the impact of last week’s seismic miscalculation on the part of investors to the UK EU referendum outcome...” said Michael Hewson, chief market analyst at CMC Markets.

“Concerns remain around UK company access to the single market, and there is an element of repricing risk going on in that regard, but for now it appears markets are starting to settle into their new equilibrium,” he added.

London’s benchmark FTSE 100 surged 2.6 percent, as did the CAC 40 in Paris, while the DAX 30 in Frankfurt rose 1.9 percent. Wall Street followed European markets higher, with the Dow climbing 0.7 percent in late morning trading.

A day after sliding to a three-decade low, the pound began a rebound in Asia trading and stood at $1.3309 in late European trading. “The panic is behind us,” said Christopher Dembik, a Saxo Banque economist.


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