British pound finally shows signs of resilience after Brexit trauma

The pound showed early signs of stability on Tuesday and European markets are poised to open slightly higher, even as Brexit uncertainties remain.

Sterling finally showed signs of resilience, gaining around 0.6 per cent against the dollar in early morning trading, after having plummeted over 11 per cent since Thursday’s Brexit vote.

EU leaders meet today in Brussels for a two-day crisis summit to discuss the implications of Britain’s vote to leave the EU last week, which wiped nearly $4 trillion off the value of global equities in just two days.

European and US futures suggest markets will open higher, following more subdued trading in Asia.

Japan’s Nikkei closed up 0.09 per cent, even though Hong Kong’s Hang Seng fell for the third consecutive day.

UAE stocks were little changed in early trading. Dubai’s headline index opened around 0.1 per cent higher, while shares in the capital slipped around 0.35 per cent.

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