Global Stocks, Pound Slide Amid More Brexit Jitters

Tuesday, July 5, 2016

 

 

TOKYO (AP) — Global stock markets and the pound turned lower on Tuesday amid more concerns about the fallout from Britain's decision to leave the European Union.

 

KEEPING SCORE: France's CAC 40 fell 1.6 percent to 4,168 and Germany's DAX dropped 1.5 percent to 9,562. Britain's FTSE 100 lost a more moderate 0.2 percent to 6,512, but the pound dropped a heavy 1.1 percent to $1.3150, its lowest since the vote to leave the EU. U.S. shares were set to drift lower after the long holiday weekend, with Dow futures slipping 0.5 percent and S&P 500 futures down 0.6 percent.

 

UK JITTERS: The renewed concerns over Britain were triggered by a report that a financial services company had to suspend one of its property investment funds after investors were rushing to pull money out. That saw a sharp drop in real estate stocks in Britain and reawakened concerns that the exit from the EU could destabilize the country's financial system or economy. The Bank of England later said it had eased bank rules to allow them to lend up to 150 billion pounds ($200 billion) more to households and businesses.

 

 

 

 

ASIA'S DAY: Earlie

r, Japan's benchmark Nikkei 225 slipped 0.7 percent to finish at 15,669.33, while South Korea's Kospi fell 0.3 percent to 1,989.85. Hong Kong's Hang Seng dipped 1.4 percent to 20,759.64, and the Shanghai Composite added 0.6 percent to 3,006.39.

 

ENERGY: Benchmark U.S. crude dropped $1.32 to $47.67 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, fell $1.13 to $48.97 in London.

CURRENCY: The dollar edged down to 101.66 yen from 102.51 yen late Monday in Asia. The euro rose slightly to $1.1151 from $1.1146.

 

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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