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Shares, sterling fight back after Brexit beating

Tuesday, June 28, 2016 - 01:31

World stocks rose for the first time in three days and sterling and the euro climbed on Tuesday. Investors have made a rush for Brexit-bashed assets hammered by some of the biggest falls since the 2008 collapse of Lehman Brothers. Laura Frykberg reports.

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Markets have felt the full force of Brexit blues. A little let up then, no doubt relief for investors. Shares in Europe climbed by just over 2 percent, their first rise in three days. Although, it could be too early to celebrate. (SOUNDBITE) (English) ETX CAPITAL, HEAD OF TRADING, JOE RUNDLE SAYING: "I think firmly it's a dead cat bounce. I think probably we will see more selling pressure today." Leading the fight back is British and European banking stocks. Including Unicredit, Barclays and Detusche Bank. The battered sterling has also increased by 0.8 percent. On Monday it plummeted to a 31-year low. (SOUNDBITE) (English) ETX CAPITAL, HEAD OF TRADING, JOE RUNDLE SAYING: "I'm a firm believer that sterling will continue to fall, I think we are probably going to see 1.20 against the dollar this year. Obviously in the short term that makes exports good for the UK, it makes us competitive. But I think people will be moving deals away from the UK." For the moment, the pound's pause is good news in Asia. Japan's Nikkei ended 0.1 percent higher. Asia-Pacific shares edged up too - ending 0.5 percent overnight. There could be further falls though, Britain's Prime Minister is in Brussels talking to colleagues for the first time since Britain voted to leave the EU. No solutions are expected, just more uncertainty.

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Shares, sterling fight back after Brexit beating

Tuesday, June 28, 2016 - 01:31