Hot Features
Premium
Register to chat with like-minded investors on our interactive forums.
London open: Stocks rise as Turkish military coup fails
London stocks rose on Monday as investors breathed a sigh of relief that the Turkish government has taken back control following an attempted military coup.
CMC Markets’ Jasper Lawler said: “The failure of the coup and a reassertion of Turkish government control appear to have allayed concerns of rising geopolitical risk on Europe’s border.
“The British pound is rising early on Monday ahead of a talk from the Bank of England’s Martin Weale on Brexit and a meeting of EU foreign ministers. Sterling had fallen the most in two weeks on Friday after BOE chief economist Andy Haldane added to speculation the central bank would add stimulus at its August policy meeting after holding fire in July. Nonetheless, the Bank of England on hold, even with hints of action at its next meeting in August could deter more speculative shorts for the time being.”
Bank of England Monetary Policy Committee member Martin Weale will make a speech at 0915 BST.
In corporate news, ARM Holdings’ shares jumped as its directors agreed a £23.4bn takeover offer by Japan’s Softbank, in what could be the first major move sparked by the post-Brexit collapse in the value of the pound.
AstraZeneca was sitting higher as it announced on Monday that the Phase III AURA3 trial has met its primary endpoint, demonstrating superior progression-free survival (PFS) compared to standard platinum-based doublet chemotherapy.
British Land climbed as it said it was too early to properly assess the impact of the referendum result on its markets but it did expect some occupiers and investors to take a more cautious approach.
