The British pound and stock markets rose on Wednesday late morning after Prime Minister Theresa May said she would contest a no-confidence vote in the UK Parliament.
The pound rose from 1.2487 at midday to $1.2629 7pm UAE time recovering from a 20-month low it had touched after Conservative MP Sir Graham Brady said a no-confidence vote would be held Wednesday between 6pm and 8pm UK time.
"The development while not entirely unexpected delivers another negative blow for the pound and will raise Brexit uncertainty to another level," said Lee Hardman, a currency analyst at Japanese lender, MUFG. "Brace for higher pound volatility ahead."
The FTSE 100 index increased 1.08 per cent by close time while news of the no-confidence vote spiked the cost of insuring UK government debt against default, with credit default swaps, rising to their highest level since the June 2016 referendum on leaving the European Union.
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Five-year UK credit default swaps rose 40 basis points, up from 31 basis point at the start of December, according to data from Markit. The CDS level had risen 45 bps a day after the Brexit vote.
"A change in leadership at this late stage in the Brexit process will have significant ramifications, potentially delaying or even stopping the country's departure from the EU," said Mihir Kapadia, chief executive of Sun Global
Investments. "With the prospect of an orderly Brexit looking increasingly in question, the markets may be bracing themselves for further uncertainty for the remainder of
the year."
The UK’s economy, aligned with the EU for the past 46 years, faltered this year as uncertainty over the outcome of Brexit rattled markets, with the pound losing 16 per cent of its value against the US dollar since June 23, 2016.
“If Theresa May gets defeated, the prospect of a no deal Brexit from the European Union increases and this could push the UK into economic chaos,” said Vijay Valecha, chief market analyst, Century Financial Brokers.
A no-deal Brexit could lead to gross domestic product falling by as much as 8 per cent over five years as well as raise the unemployment rate to 7.5 per cent from 4.1 per cent, according to the Bank of England.
The UK’s economy, aligned with the EU for the past 46 years, faltered this year as uncertainty over the outcome of Brexit rattled markets, with the pound losing 16 per cent of its value against the US dollar since June 23, 2016.
“If Theresa May gets defeated, the prospect of a no deal Brexit from European Union increases and this could push UK into economic chaos,” said Vijay Valecha, chief market analyst, Century Financial Brokers.
A no deal on Brexit could lead to GDP fall by as much as 8 per cent over five years as well as raise the unemployment rate to 7.5 per cent from 4.1 per cent, according to the Bank of England.
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
THURSDAY'S ORDER OF PLAY
Centre Court
Starting at 10am:
Lucrezia Stefanini v Elena Rybakina (6)
Aryna Sabalenka (4) v Polona Hercog
Sofia Kenin (1) v Zhaoxuan Yan
Kristina Mladenovic v Garbine Muguruza (5)
Sorana Cirstea v Karolina Pliskova (3)
Jessica Pegula v Elina Svitolina (2)
Court 1
Starting at 10am:
Sara Sorribes Tormo v Nadia Podoroska
Marketa Vondrousova v Su-Wei Hsieh
Elise Mertens (7) v Alize Cornet
Tamara Zidansek v Jennifer Brady (11)
Heather Watson v Jodie Burrage
Vera Zvonareva v Amandine Hesse
Court 2
Starting at 10am:
Arantxa Rus v Xiyu Wang
Maria Kostyuk v Lucie Hradecka
Karolina Muchova v Danka Kovinic
Cori Gauff v Ulrikke Eikeri
Mona Barthel v Anastasia Gasanova
Court 3
Starting at 10am:
Kateryna Bondarenko v Yafan Wang
Aliaksandra Sasnovich v Anna Bondar
Bianca Turati v Yaroslava Shvedova
'The Predator'
Dir: Shane Black
Starring: Olivia Munn, Boyd Holbrook, Keegan-Michael Key
Two and a half stars
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Sri Lanka's T20I squad
Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
More from Neighbourhood Watch:
More from Rashmee Roshan Lall
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
Full list of brands available for Instagram Checkout
Adidas @adidaswomen
Anastasia Beverly Hills @anastasiabeverlyhills
Balmain @balmain
Burberry @burberry
ColourPop @colourpopcosmetics
Dior @dior
H&M @hm
Huda Beauty @hudabeautyshop
KKW @kkwbeauty
Kylie Cosmetics @kyliecosmetics
MAC Cosmetics @maccosmetics
Michael Kors @michaelkors
NARS @narsissist
Nike @niketraining & @nikewomen
NYX Cosmetics @nyxcosmetics
Oscar de la Renta @oscardelarenta
Ouai Hair @theouai
Outdoor Voices @outdoorvoices
Prada @prada
Revolve @revolve
Uniqlo @uniqlo
Warby Parker @warbyparker
Zara @zara
Opening day UAE Premiership fixtures, Friday, September 22:
- Dubai Sports City Eagles v Dubai Exiles
- Dubai Hurricanes v Abu Dhabi Saracens
- Jebel Ali Dragons v Abu Dhabi Harlequins
