Brexit News Archive: 07 Oct 2016

Business leaders plead against 'hard' Brexit

A group of major business lobby groups have written an open letter urging the government to preserve barrier free trade with Europe.
BBC   |   Fri, 7 Oct 2016 20:42:09

Dimon, Corbat and Gorman talk Brexit

The topic of Brexit was never going to be far from the minds of delegates at the annual meetings of the International Monetary Fund and the Institute of International Finance, both being held this week in Washington, DC. And on Friday afternoon, delegates got a chance to hear the views ...
Euromoney   |   Fri, 7 Oct 2016 20:30:00

UK Accused Of Barring Non-Citizens From Advising On Brexit

LONDON (AP) - The London School of Economics says some of its academics will no longer be allowed to advise the U.K. government on Britain's exit from the European Union because they are not British citizens. Read More
TPM   |   Fri, 7 Oct 2016 20:22:33

Brexit: LSE foreign experts 'should not advise ministers'

A government contact told the head of a Brexit-related project at the London School of Economics that foreign academics should not be involved in some areas, the university says.
BBC   |   Fri, 7 Oct 2016 19:44:41

PM warned on 'hard Brexit' as pound slides

Corporate leaders to flag up concern after sterling plunges 6%
FT   |   Fri, 7 Oct 2016 18:51:46

Brexit: Pounding home the message

Theresa May laid out an aggressive timetable for leaving the EU, catching investors off guard
FT   |   Fri, 7 Oct 2016 18:19:13

LSE says UK bars expats from Brexit work

Foreign Office insists dispute over consulting project resulted from misunderstanding
FT   |   Fri, 7 Oct 2016 18:12:34

Reactions To Brexit

Britain Backs Brexit After a historic referendum, the British people decided to exit the EU with a vote of 52-48%. Here's how different politicians are reacting to the result--and who's suggesting the same for their own country. 2016 Getty Images British Prime Minister David Cameron "The British people have voted ...
Hugh McIntyre, Contributor / Forbes   |   Fri, 7 Oct 2016 18:06:00

Brexit must be enacted says Padoan

Washington, December 7 - Brexit must be enacted and there should be no "mixed" solutions allowing the UK to stay in the single market while opting out of free circulation of people, Economy Minister Pier Carlo Padoan told CNBC Friday. The word should not be part of the equation, he ...
Gazzetta Del Sud   |   Fri, 7 Oct 2016 17:13:00

U.K. to restart $4.5-billion Brexit-stalled sale of Lloyds stake

UK Financial Investments Limited said it would relaunch a trading plan led by Morgan Stanley to try to return Lloyds to full private ownership over the next 12 months
Andrew MacAskill and Sinead Cruise / Globe and Mail   |   Fri, 7 Oct 2016 17:12:43

UK accused of barring non-citizens from advising on Brexit

A London School of Economics academic says she and colleagues have been told they can no longer advise the U.K. government on Britain's exit from the European Union because they are not British citizens
U.S. News   |   Fri, 7 Oct 2016 17:09:53

UK assets tread Brexit tightwire in pivotal week

Sterling's 'flash crash' adds to concern over volatile outlook
FT   |   Fri, 7 Oct 2016 17:09:28

Brexit bliss suffers rude awakening

Markets offer their verdict after policy commitments issued at Tory conference strip away ambiguity
FT   |   Fri, 7 Oct 2016 17:08:02

UPDATE 2-UK to restart $4.5 bln Brexit-stalled sale of Lloyds stake

By Andrew MacAskill and Sinead Cruise. LONDON Oct 7- Britain will resume selling its residual 3.6 billion pound stake in Lloyds Banking Group after a break following the country's vote in June to quit the European Union. UK Financial Investments Limited, which manages the government's stake in the bailed-out bank, ...
CNBC   |   Fri, 7 Oct 2016 17:04:00

Flash crash: UK pound falls on Brexit concerns

Currency recovers after losing almost 10 percent of its value in a few minutes of trading, amid worries over Brexit.
Al Jazeera   |   Fri, 7 Oct 2016 16:41:09

UK's Hammond woos Wall Street, pound remains weak

Britain's finance minister Philip Hammond has been on Wall Street trying to reassure top US bankers that London is still the world's leading finance hub despite the Brexit
Forbes   |   Fri, 7 Oct 2016 16:19:49

AP Interview: ECB official plays down Brexit hit to eurozone

ATHENS, Greece (AP) - A European Central Bank official says that Britain's exit from the European Union's single market would hurt the bloc's eurozone economies less than first expected, and that Britain stands to suffer most.
Associated Press   |   Fri, 7 Oct 2016 15:57:33

WSJ City's Brexit Briefing: City Pores Over Sterling Flash Crash, May's Brexit Gamble, France Ratchets Up Warnings

Good afternoon from London. Here's essential reading for the City on today's Brexit developments from WSJ City. For updates throughout the day, you can download WSJ City for iPhone here or Android here. You'll need to open this email on your mobile device to do this. And you can sign ...
MoneyBeat   |   Fri, 7 Oct 2016 15:48:32

8 Political Dating Apps To Help You Escape Trump Or Bond Over Brexit

A range of new apps aim to pair singles with their political allies before the excrement really hits the air conditioning.
Janet Burns, Women@Forbes / Forbes   |   Fri, 7 Oct 2016 15:47:00

UK chancellor seeks to reassure market

Philip Hammond insists everything still 'negotiable' on Brexit
FT   |   Fri, 7 Oct 2016 15:39:02

Brexit: British expats sue EU's Juncker over talks

British expats sue EU Commission President Jean-Claude Juncker over his order to prevent informal Brexit discussions.
BBC   |   Fri, 7 Oct 2016 15:15:00

Pound under pressure following flash crash trade

The pound reels on the currency markets as traders react to Brexit concerns and a flash crash that saw the pound dive in Asian trading.
BBC   |   Fri, 7 Oct 2016 14:55:00

The British Pound Crashed Because of Robot Traders

The British pound has been losing value lately thanks to anxiety over Brexit. But things took a turn for the bizarre during early morning trading in Asia Friday, when the currency suddenly plunged 6.1 percent in about two minutes before recovering some of its losses. It was like the pound ...
Moneybox   |   Fri, 7 Oct 2016 14:39:47

Brexit negotiation will be a tough deal: Dijsselbloem

"The British government seems to think that they can take the goodies and leave the bad elements we say they don't like."
CNBC   |   Fri, 7 Oct 2016 14:24:00

'Flash Crash' Decimates Sterling Overnight Amid Fears Of 'Hard Brexit'

Sterling lost a tenth of its value in minutes on Friday, in what traders said was a "flash crash" driven by computer-initiated sell orders that left the pound at a fresh 31-year-low and heading for its worst week since January 2009. The pound has been under pressure for most of ...
HuffingtonPost   |   Fri, 7 Oct 2016 14:10:22

Business set to demand single-market access

Draft letter calls on Theresa May to communicate better and use expertise to secure best Brexit deal
FT   |   Fri, 7 Oct 2016 13:59:34

Oil fund raises UK property valuation

Investment group had previously written down holdings after Brexit vote
FT   |   Fri, 7 Oct 2016 13:07:26

François Hollande: UK must pay price for Brexit - video

The French president, François Hollande, says the European Union will 'be firm' with the UK after the government's signal that it will go for a 'hard' Brexit. Speaking at a symposium on Thursday, Hollande says it is not possible for the UK to leave without having to pay the price, ...
Guardian Staff / Guardian   |   Fri, 7 Oct 2016 13:06:03

European industry rebounds after Brexit blip

Industrial output surged in August in three of the eurozone's top economies, data released on Oct. 7 showed, providing evidence to of a rebound from the Brexit vote shock
Hurriyet   |   Fri, 7 Oct 2016 12:55:00

Hard Brexit expected to hurt east Europe

Cuts in exports, remittances and structural fund spending predicted in investment house analysis
FT   |   Fri, 7 Oct 2016 12:38:04

Why a weaker sterling isn't all that bad for London's Frieze art fairs

Fears over what Brexit could look like has cast a pall over the U.K., yet a weak pound could be a blessing in disguise for London's art scene.
CNBC   |   Fri, 7 Oct 2016 12:34:00

Brexit buffeting: Why the pound is crashing

Read full story for latest details.
CNN   |   Fri, 7 Oct 2016 12:06:29

Mystery as UK pound plunges in flash crash

CNN   |   Fri, 7 Oct 2016 11:49:37

Juncker says EU must be firm over UK's Brexit manoeuvring

Our Foreign Staff / Telegraph   |   Fri, 7 Oct 2016 11:22:22

Global Stocks, US Futures Fall Pressured By Pound "Flash Crash" Ahead Of Payrolls

U.S. equity index futures fell, with European, Asian stocks also declining before the September payrolls data, following the stunning 2-minute "flash crash" meltdown in sterling which plunged as much as 6.1%, the most since Brexit and is set for its biggest weekly loss since 2009. Sterling tumbled 2.1% to $1.2346, ...
Zero Hedge   |   Fri, 7 Oct 2016 10:52:17

Currency markets price in 'hard' Brexit. Will stocks follow suit?

In overnight trading, a flash crash sent the pound down more than 6 per cent against the dollar
ERIC REGULY / Globe and Mail   |   Fri, 7 Oct 2016 10:06:46

UK must pay price for Brexit, says François Hollande

Lack of consequences risks other countries wanting to leave EU 'to enjoy supposed benefits without downsides' François Hollande has sent one of the strongest warnings yet that Britain will have to pay a heavy price for leaving the European Union, adding to deep concern in financial markets. "There must be ...
Angelique Chrisafis in Paris and Agence France-Presse / Guardian   |   Fri, 7 Oct 2016 10:04:16

'Megaphone diplomacy' in Brexit negotiations: Strategist

Jeremy Stretch, head of G10 FX strategy at CIBC, speaks about the potential tone of upcoming Brexit negotiations following this week's Conservative party conference.
CNBC   |   Fri, 7 Oct 2016 09:42:00

British pound at historic lows

Kenneth Rogoff, Harvard University, weighs in on the plunge in the British pound after comments about a hard Brexit.
CNBC   |   Fri, 7 Oct 2016 09:35:00

Flash crash scythes 6% off pound

TOKYO - The pound suffered a "flash crash" in Asia on Friday on a computer-generated sell-off in the beleaguered currency, as tough talk from French President Francois Hollande underscored the perils ahead for Brexit-bound Britain.
Bangkok Post   |   Fri, 7 Oct 2016 09:27:00

GLOBAL MARKETS-Sterling recoups some losses after 10 percent plunge; stocks slip

* Sterling plummets 10 percent then bounces Traders cite "hard" Brexit worries but see no clear trigger
Reuters   |   Fri, 7 Oct 2016 09:22:34

Sterling 'flash crashes' to 31-year low before recovering

Traders said plunge driven by computer-initiated sell orders that left the currency on track for its worst week since the Brexit vote in June
Anirban Nag / Globe and Mail   |   Fri, 7 Oct 2016 09:22:14

GBP/USD finds support once again near 1.2420 post-UK data

The recovery in the GBP/USD pair remains capped near 1.2470 region, with the bears retaining control amid poor UK data and hard-Brexit fears. GBP/USD
Dhwani Mehta / FX Street   |   Fri, 7 Oct 2016 08:48:33

What caused the pound's flash crash?

'Fat finger' trade, François Hollande's Brexit remarks or technical glitch among possible causes of sterling's fall in early trading Traders were baffled by the overnight flash crash in the pound, with theories emerging about what happened to send sterling over the edge. The pound fell by 6% to $1.1378, having ...
Rob Davies / Guardian   |   Fri, 7 Oct 2016 08:13:28

Pound Drops Sharply in Asian Trading Amid Brexit Fears

Though the currency quickly gained back much of its ground, the mysterious plunge comes amid broad nervousness over Britain’s economic prospects.
CARLOS TEJADA / NY Times   |   Fri, 7 Oct 2016 08:03:30

Flash crash: Pound plunges to $1.18 and FTSE 100 heads for record high as fears over hard Brexit intensify

Telegraph   |   Fri, 7 Oct 2016 07:27:22

Everything has become too political: Strategist

Manish Singh, strategist & head of investments at Crossbridge Capital, talks about the U.K.'s Brexit negotiations and how those will affect markets.
CNBC   |   Fri, 7 Oct 2016 07:27:00

British pound plunges amid fat-finger speculation, 'hard Brexit' fears

The pound took a dive in Asian trade on Friday amid speculation of a fat-finger trade and a FT report that resurfaced fears of a "hard Brexit."
CNBC   |   Fri, 7 Oct 2016 07:00:00

The forces acting on sterling are to the downside: Economist

Elizabeth Martins, UK economist at HSBC, discusses the factors, such as Brexit, which are leading the pound lower against other currencies.
CNBC   |   Fri, 7 Oct 2016 06:54:00

'Less Brexit, more housebuilding': young voters on Theresa May

After May's first Tory conference as leader, we asked whether she had impressed younger voters. Here's what you said Following the Conservative party conference this week, we asked younger readers whether Theresa May's politics spoke to them, and what issues they felt mattered to their generation. Here is a selection ...
Sarah Marsh and Guardian readers / Guardian   |   Fri, 7 Oct 2016 06:21:54

Why Europe wants a hard Brexit to hurt | Charles Grant

British ministers are being overly optimistic about the chances of a decent trade deal if they reject the single market Britain's European partners are uniting around a very tough position on the forthcoming Brexit negotiations. At the same time, Theresa May is starting to rule out options that could leave ...
Charles Grant / Guardian   |   Fri, 7 Oct 2016 06:00:06

FirstFT - Pound plunges 6% in 2 minutes, the danger of demagogues and what yawning says about your brain

The British pound fell more than 6 per cent to below $1.20 amid Brexit concerns Continue reading: FirstFT - Pound plunges 6% in 2 minutes, the danger of demagogues and what yawning says about your brain
FT Alphaville   |   Fri, 7 Oct 2016 04:48:50

British pound crashes to three-decade low amid fat-finger speculation, hard Brexit fears

The pound took a dive in Asian trade on Friday amid speculation of a fat-finger trade and a FT report that resurfaced fears of a "hard Brexit."
Here Is The City   |   Fri, 7 Oct 2016 04:44:33

Labour reshuffle: Diane Abbott made shadow home secretary

Diane Abbott becomes shadow home secretary, Shami Chakrabarti shadow attorney general and Keir Starmer shadow Brexit secretary as a Labour reshuffle begins.
BBC   |   Fri, 7 Oct 2016 04:22:26

UK assets tread Brexit tightwire in pivotal week

Concern grows among analysts about the rally on UK equities markets even as the pound continues to sink
FT   |   Fri, 7 Oct 2016 04:06:34

Brexit buffeting: Why the pound is still falling

The British hit a fresh 31-year low on Thursday at $1.26 as traders worry about the future of the U.K. economy in the wake of the nation's Brexit vote.
CNN   |   Fri, 7 Oct 2016 03:39:25

UK pound plunges in mystery flash crash

CNN   |   Fri, 7 Oct 2016 03:25:42

WRAPUP 3-Sterling recoups some losses after near 10 percent plunge; stocks slip

* Traders cite "hard" Brexit worries but see no clear trigger
Reuters   |   Fri, 7 Oct 2016 03:07:26

France's Hollande says Britain must suffer consequences of Brexit: FT

French president Francois Hollande said the U.K. had to suffer the repercussions of its decision to leave the EU, the FT reported.
CNBC   |   Fri, 7 Oct 2016 02:48:00

Japan's Asakawa: Must monitor Brexit impact from medium, long-term perspective

Japan's senior Ministry of Finance (MOF) official, Mr. Asakawa is now crossing the wires, via Reuters, responding to the latest collapse in the GBP.
Dhwani Mehta / FX Street   |   Fri, 7 Oct 2016 02:37:45

Risk-off grips Asia amid GBP flash crash, NFP ahead

The stocks on the Asian bourses trade in the red zone, mainly driven by a fresh bout of risk-aversion, in wake of the GBP flash crash on Brexit hard-l
Dhwani Mehta / FX Street   |   Fri, 7 Oct 2016 02:28:08

Pound falls 10% in 'insane' Asian trading mystery

Steep plunge may have been 'fat finger' error or automated selling in response to French president saying Britain should be 'punished' for Brexit A "fat finger" error by a trader or computerised chain reaction was thought responsible as the pound plunged to a new three-decade low during "insane" early trading ...
Justin McCurry in Tokyo and agencies / Guardian   |   Fri, 7 Oct 2016 02:10:33

Why the U.K. pound is still crashing

The British hit a fresh 31-year low on Thursday at $1.26 as traders worry about the future of the U.K. economy in the wake of the nation's Brexit vote.
CNN   |   Fri, 7 Oct 2016 01:28:12

British pound crashes to fresh three-decade low

The pound plunged in Asian trade on Friday amid fat-finger trade speculation and an FT report that resurfaced "hard Brexit" fears.
CNBC   |   Fri, 7 Oct 2016 00:33:00

'Markets must calm down as Brexit continues'

Britain's exit process from the European Union will be a long one so markets must learn to cool down, said Charles Schwab's Jeffrey Kleintop.
CNBC   |   Fri, 7 Oct 2016 00:20:00

Hollande prefers 'Hard Brexit' to avoid contagion

Tough words from French President Francois Hollande saw Pound plunege more than 6% at Asia open. Britain must suffer the consequences of leaving the
Omkar Godbole / FX Street   |   Fri, 7 Oct 2016 00:15:41

UPDATE 1-Europe risks, rate hike fears prompt U.S. fund outflows

NEW YORK, Oct 6- Investors pulled $9.1 billion from U.S.-based stock funds in the latest week, Lipper data showed on Thursday, on growing anxiety about Brexit, the stability of Deutsche Bank AG and the timing of the next U.S. interest rate hike. This week UK Prime Minister Theresa May said ...
CNBC   |   Thu, 6 Oct 2016 23:34:00

Hollande demands tough talks on Brexit

French president seeks to avoid contagion and protect fundamental principles of single market
FT   |   Thu, 6 Oct 2016 23:07:13

Labour defence brief goes to anti-Trident MP

Nia Griffith is fourth holder of job this year; Starmer to face Davis on Brexit
FT   |   Thu, 6 Oct 2016 22:08:31

World leaders get it: The public doesn't trust us

A panel of economic leaders admitted that public trust in government leaders has fallen, paving the way for the rise of Brexit and Donald Trump.
CNN   |   Thu, 6 Oct 2016 21:59:16

Hammond acts to reassure City and Wall Street on Brexit

Chancellor tells financial sector, worried about foreign investment, that lower level jobs and migrant labour are the problem The chancellor, Philip Hammond, has attempted to reassure bankers and big employers that Theresa May's government is not adopting a new anti-business stance. Speaking in New York where he was meeting representatives ...
Jill Treanor / Guardian   |   Thu, 6 Oct 2016 19:27:45

Brexit: buy sterling opportunities on the way - Nomura

Analysts at Nomura noted further GBP pain, ECB taper rumours and yen weakness. Key Quotes: "GBP has come into the spotlight once again this week, wi
Ross J Burland / FX Street   |   Thu, 6 Oct 2016 19:12:07

Hammond tries to reassure Wall St on Brexit

UK chancellor concedes potential impact of defaulting to WTO rules on financial sector
FT   |   Thu, 6 Oct 2016 18:58:37

Will British businesses flee after Brexit?

Although only a handful have publicly discussed post-Brexit escape plans, many British executives seem to be mulling relocation in secret. An anonymous survey of 100 CEOs in the U.K. found that 76 of them are considering moving their corporate headquarters or parts of their business out of Britain in the ...
The Week   |   Thu, 6 Oct 2016 18:44:05

Heathrow launches PR drive for third runway pegged to Brexit

Airport also presents plans to support UK's steel industry ahead of imminent decision on new runway capacity for London Heathrow is hoping an 11th-hour push pegged to Brexit will secure approval to build a third runway, with a final verdict from the government expected within a fortnight. A government committee ...
Rob Davies / Guardian   |   Thu, 6 Oct 2016 18:25:01

Why the U.K. pound is still crashing

The British hit a fresh 31-year low on Thursday at $1.26 as traders worry about the future of the U.K. economy in the wake of the nation's Brexit vote.
CNN   |   Thu, 6 Oct 2016 18:10:50

How One UK City Might Benefit Long-Term From Brexit

BY RICHIE SANTOSDIAZ--The UK deciding to leave the European Union (EU) via a public referendum back in June is still making headings. The world is still uncertain about how the UK will look like in a post-Brexit world and how that will affect them.
Capital Flows, Contributor / Forbes   |   Thu, 6 Oct 2016 18:10:00

EUR/GBP: time for supply below 0.8820?

EUR/GBP offers appeared at 0.8850, but overall, pound's slide continues as hard Brexit concerns remain in focus. However, whether the euro can contin
Ross J Burland / FX Street   |   Thu, 6 Oct 2016 17:56:11

Pound skids to fresh 31-year low and FTSE 100 closes below 7,000 on fears of hard Brexit

Telegraph   |   Thu, 6 Oct 2016 17:06:05

Pound hits another 31-year low as Hammond launches Wall Street charm offensive -as it happened

Sterling has hit $1.2634, lowest since 1985, as Philip Hammond flies to New York to reassure US banks about Brexit Hammond's Bloomberg interview Sterling slides again Expert: Here comes the sterling crisis El-Erian: I'd hate to be Hammond today Introduction: Chancellor heads to Wall Street 6.05pm BST With investors cautious ...
until 2.30 / Guardian   |   Thu, 6 Oct 2016 17:05:44

UK's Hammond woos Wall Street, pound remains weak

UK finance minister Philip Hammond is trying to reassure top US bankers that London remains the world's leading finance hub despite the Brexit vote.
euronews   |   Thu, 6 Oct 2016 16:55:22

Pound hits 31-year low on Brexit fears

The pound falls to a 31-year low as fears over Brexit continue to spook investors.
BBC   |   Thu, 6 Oct 2016 16:49:39

IMF and World Bank launch defence of open markets and free trade

Institutions react to concern that Brexit vote and calls for protectionism in US are part of a backlash against globalisation The leaders of the International Monetary Fund and the World Bank have launched a strong defence of open markets and free trade, as concern grows that the Brexit vote and ...
Larry Elliott Economics editor / Guardian   |   Thu, 6 Oct 2016 16:34:23

Greenspan: Still worried about Brexit

The former Fed chairman tells CNBC he's surprised Brexit is not being felt more in the world economy.
CNBC   |   Thu, 6 Oct 2016 15:12:00

Greenspan: Worried about 1970s style 'stagflation'

Alan Greenspan, Former Fed Chair talks to CNBC's Sara Eisen about how he's still concerned about the Brexit spillover and how it is too soon to determine the impact of Brexit.
CNBC   |   Thu, 6 Oct 2016 15:10:00

GBP/USD - Pound Slide Resumes on 'Hard Brexit' Jitters

GBP/USD has resumed its downward slide on Thursday, following an uneventful Wednesday session. The pair has dropped over 100 points and is trading at 1.2640 in the North American session. On the release front, British Housing Equity Withdrawal came in at GBP -12.6 billion, much weaker than the estimate of ...
OANDA   |   Thu, 6 Oct 2016 15:00:29

Spanish flag will fly in Gibraltar "sooner than chief minister thinks"

Acting minister José Manuel believes the Rock will negotiate sovereignty after Brexit
Agencias / EL PAÍS   |   Thu, 6 Oct 2016 14:45:32

No 'comfortable' UK trade deals - Merkel

German leader tells business not to undercut EU principles after Brexit
FT   |   Thu, 6 Oct 2016 14:35:29

Merkel hangs tough on Britain's access to EU single market post Brexit

German Chancellor Angela Merkel has warned Britain cannot be given any special treatment to EU markets if it limits immigration.
euronews   |   Thu, 6 Oct 2016 13:08:12

Business freedoms take priority warns Merkel

German leader toughens rhetoric on UK Brexit negotiations
FT   |   Thu, 6 Oct 2016 12:19:46

Brexit Likely to Alter EU's Sanctions Policy

Britain's pending exit from the EU poses big political and legal challenges to the sanctions policies the bloc has deployed to rein in Iran's nuclear ambitions and respond to Russia's actions in Ukraine, policy makers say.
WSJ   |   Thu, 6 Oct 2016 12:11:04