Sturgeon’s Mad Dash Plea to EU Leaders

Wednesday, 29th June: The fallout of the “Brexit” continues. UK markets have had their second day of bounce backs, with a late surge before European closing bringing the FTSE 100 to recover all losses it suffered from the “leave” vote. The pound has also regained some of its losses, rising to $1.35 (+1.13%) at the time of writing, albeit still more than 6% lower month-to-date and more than 8% lower since last Wednesday.

David Cameron sat down with EU leaders yesterday to discuss the UK’s decision to leave the EU. However, today, the Scottish First Minister Nicola Sturgeon rushed to the Belgium capital to fight her case that Scotland wanted to remain in the EU. Results from last Thursday showed that Scotland voted 62%/38% to remain in the EU and the Scottish leader is hoping to find a way for Scotland to remain in the EU once the UK has officially excited. Scotland only voted to remain within the UK in a referendum held in 2014 and EU officials have stressed that Scotland could not apply to, let alone join the EU until it had become a sovereign state. The question of whether Scotland could take over the UK’s “empty chair” at the European Council table has been quashed.

Back in UK markets TUI was one of only 3 stocks to end the day in the red. Geo-political events overnight weighed on the stock. 41people (13 of which are foreign nationals) have died as a result of suicide bombers at Istanbul’s Ataturk airport. The news sent Thomas Cook and International Consolidated Airlines lower at the open but they recovered over the course of the day to end +4.29% and +0.59% respectively. TUI ended the day lower by 3.82%, remaining at the foot of the FTSE 100, as the Turkish tourist industry suffered another devastating blow.

European markets ended the day in the green with the FTSE 100 making the biggest gains, ending +3.58%. The DAX and CAC ended +1.75% and 2.45% respectively. Markets in the US are benefitting from a second day of rallying – the Down Jones and S&P 500 are both up c.1.3% (at the time of writing). Brent oil is edging closer to $50bbl again, up 4.31% as we speak.