RTVE.es/AGENCIAS
After learning rejection Scottish independence from the United Kingdom, sterling has shot in the currency markets, although shortly after that excitement has relaxed and has moderate its ups . Meanwhile, the London Stock Exchange opened with a rise moderate and its main index, the FTSE, rebounded by 0.6% in the first exchanges. The rest of European trading floors have also logged with ups , the largest of which occurred in the Madrid Stock Exchange, where the IBEX has rebounded 1.55% and reached support 11,100 points.
The first reaction of the British currency produced in Asian markets, the only open when you have known the preliminary result. At that time, the pound has marked its up to the last two years against the euro changed-at 1.28 euros and the last two weeks against the dollar ($ 1.65).
But after seven in the morning (CET), with confirmation of the victory of the ‘no’, the British currency has stabilized its listing around $ 1.64 and 1,275 euros.
‘phlegmatic’ opening at the London Stock Exchange
At the time of opening European markets this euphoria was tempered and rises at the beginning of the session were moderate in almost all places of the continent.
London has reflected that temperance and selective FTSE reacted with a measured increase of 0.6% .
After opening the parquet The main banks and insurance interests in Scotland recorded as Standard Life important advances , after investors might receive relief the outcome of the Scottish referendum.
So, the actions of Royal Bank of Scotland (RBS) advanced 3.30%, while the Lloyds Banking Group rose 2.11%. Standard Life was up 1.28%, while the company Weir-a Glasgow-based engineering was up 1.67%.
Indeed, the Royal Bank of Scotland-entity in which the British government owns 82% – confirmed Friday in a statement that discarded its contingency plan to move to England its current registered office in Scotland. “The contingency plan is no longer necessary. Below result [of the referendum], the business will continue as usual for all our customers in the UK,” said the statement from the bank, which has about 12,000 employees in Scotland.
“The triumph of the ‘no’ eliminates the enormous political and economic uncertainty,” the political and economic uncertainty is removed “ on a union with 307 years old. Ha missing a great risk of falling growth in the UK, “concludes the HSBC in a statement Friday.
Last, to spread a survey of voting intentions for the first time giving the victory to “yes” to the separation, the British currency began a path of huge volatility which led to a fall week 1% many Scottish companies listed on the London Stock Exchange fell at the prospect of separation UK.
European economist at asset manager Schroders , Azad Zangana explains that “the prospect of months of arduous negotiations, uncertainty about the division of assets and the national debt, and agreements on the currency of an independent Scotland had weighed on investor confidence for recent weeks, especially as polls showed a tight result. “
however, indicates that the long-term investors have in mind the risk of secession ” and could demand a premium for fixed income investments in Scotland in the future. “
According to many analysts, the result of the query in Scotland also reduces the possibility of a departure from the UK European Union, a far more dangerous for the markets, which would have precipitated Scottish independence risk.
So, for Azad Zangana, “Scotland remains part of the United Kingdom also reduces risk that this country out of the European Union, although such remains considerable risk . Scottish residents are more in favor of staying in the EU, compared to the rest of the UK, where the majority is in favor of a solution. “
” In general, have been avoided severe and now can focus on return to work for a solid economic recovery underway disorders, “Zangana, who encourages all to join Scottish adds:” Scotland’s long been a world leader in sectors such as oil , gas, whiskey and investment area, and the question now is to grow the rest of the economy counting on strong support from politicians of all parties . Scotland faces a prosperous future, “highlighted.
Madrid, at the head of the stock rises
The most expressive was the Madrid Stock Exchange , who plays the Scottish result like a bucket of cold water to the aspirations of separatist movements in Catalonia and the Basque Country. thus selective IBEX-35 index started the session with a rise of 1.55%, with which has passed the psychological barrier of 11,100 points.
The Scottish result has also affected the secondary debt market, where Spanish bond yields to 10 years has fallen more than 3% to stand at around 2.21% . Such decline has caused the subsequent reducing the risk premium which measures the difference between the yield on Spanish bonds and German-term thereof, about 110 points are located.
Milan Stock Exchange has begun with a rally 1.14% , while the DAX Frankfurt has dawned with a modest increase of 0.52% and CAC Paris has gone a 0.49% .
Although already during the day on Thursday the markets discounted the permanence of Scotland in the United Kingdom, widespread relief to definitively dispelled the fears of the financial sector and any uncertainty about the use of the pound for an independent Scotland.
Apart from Scotland, volatility will be very present in session on Friday, in which the call occurs “ quadruple witching “, ie, monthly and quarterly maturities of futures and options on indices and stocks matching the third Friday of each quarter.
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