FTSE 100 opens up 1.6% and approaches pre-EU vote high as pound also rises again

Stock markets and the pound have risen again as the FTSE 100 approached its pre-Brexit vote high this morning.

London's benchmark business index jumped 1.6 percent - around 100 points - compared with Tuesday's close to open at 6,236 points.

On Thursday night, just before the Brexit vote was revealed, the FTSE was at a two-month high of 6,337 points.

The FTSE 250 - considered a barometer for the British economy - was also up 205 points to 15,709 this morning and back its year-low in February.

The gains come alongside a small boost for sterling, which is up 0.07% against the dollar at 1.33, just days after the pound hit its lowest level since 1985.

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http://www.dailymail.co.uk/news/article-3665436/Brexit-Brexit-FTSE-100-opens-1-6-approaches-pre-EU-vote-high-pound-rises-again.html

Reply 1

JoeyTr

So basically the UK economy has been nuked and then someone put a plaster on a 3rd/4th degree burns victim and says "all better"? The pound was $1.49, it dropped to $1.32 and is now $1.33. That's hardly a recovery, I understand the whole promote optimism point, but if that's the best glimmer of hope we've got then it's worse than I thought.

Reply 2

TheCryingRemain

Original post by JoeyTr

No the economy hasn't been nuked.

Reply 3

HanSoloLuck

I don't understand what any of these numbers mean, so we have 6,000 points and you say that's good. OK, I believe you.

Reply 4

nexttimeigetvpn

Original post by TheCryingRemain

No the economy hasn't been nuked.

um yes, trillions were lost, this 'recovery' was orchestrated in advanced by the Bank of England, without them, we would be done for

Reply 5

username1494226

Its been five days. Its just riskier investors getting in on the game. The damage will be seen when the next GDP figures come out, business confidence index etc.

Reply 6

M14B

Long term victories requires short term sacrifices

Reply 7

TheCryingRemain

Original post by nexttimeigetvpn

um yes, trillions were lost, this 'recovery' was orchestrated in advanced by the Bank of England, without them, we would be done for

Trillions were lost? When?

Reply 8

JoeyTr

Original post by TheCryingRemain

No the economy hasn't been nuked.

Two of the main banks, Barclays and RBS plummeted so badly (over 30%) that they had to physically remove their shares from the stock market. I get you're pro-daily-mail which was super pro-leave and this is the best they've got to justify themselves, but if you look at it all without the lense of media, the entire political and economic climate of the U.K. is a nuke-site. Look at all the main political parties, labour is ruined and no one knows what's going on with Corbyn or the rest of the shadow-ministers, conservatives haven't got a leader and were pro-remain, and the SNP will soon be their own country/government. The honest truth is that this vote has been a catastrophe, it's literally been 5 days and look at the outcome. Anyone still saying it was a good choice is a moron, the evidence is unequivocal.

FTSE 250 since 2011:

Original post by M14B

Long term victories requires short term sacrifices

Yep, the long term is looking peachy. Osbourne says a recession is on the way, taxes will rise and so will austerity, Scotland is on the way out, and the EU wants nothing to do with us in the future. The best long term victory would be if Trump becomes president as he's the only one that says nothing will change between UK-US trade deal. Our country, or soon to be "countries" will be fine, I'm not saying we're turning into Portugal or Greece, but we'd have been much better staying, but hey, that's democracy, uneducated citizens leads to uneducated decisions, can't argue with it, still better than form of dictatorship.

(edited 7 years ago)

Reply 11

nexttimeigetvpn

Original post by TheCryingRemain

Trillions were lost? When?

http://www.ft.com/cms/s/0/91dd01b6-3caf-11e6-8716-a4a71e8140b0.html

Reply 12

Kieran1996

It's been a week

Article 50 hasn't been triggered

it looks less and less likely we will even have a major change, especially if we join the EEA

do not try to say the economy is doing well because of Brexit when the truth is Brexit will fail it's supporters

unless you want to tell me how we will remove immigrants, how the £13 billion we spend on EU membership will save us so much money?

ffs HS2 costs £42 billion and all it does is make travel between Bham and London faster