Weekly Market Update

News this past week

  • UK’s In/Out EU referendum set for 23 June
  • Chinese yuan appreciates most since 2005
  • Draghi states that ECB “will not hesitate to act”
  • Oil price remains volatile
  • Record daily gain for Japan equities

James Klempster, CFA shares his view:

The headlines over the weekend were dominated with the deal for Britain that David Cameron secured with Brussels and the divisions that the deal is causing, not only within his own party, but even within the cabinet.  The Prime Minister believes he has secured a “special status” for Britain within the 28 country bloc and as a consequence he believes that Britain should vote to remain in the EU when faced with an in-out referendum on Thursday 23 June.  Boris Johnson caused a stir yesterday as he has come out in favour of a British exit (Brexit) from the Union.  He is arguably the biggest political name to do so and seemingly has one eye on replacing David Cameron as PM should the UK vote to leave the EU.

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