Markets positive ahead of referendum

Asian stocks and oil rose during Asian trade on Thursday, ahead of the Brexit vote, with Sterling holding steady.

The pound climbed to a six-month high against the dollar, improving on its 6 percent rise of last week as the markets bet on a Remain vote.

Both the Nikkei and the Hang Seng index ended the day on a positive note, up 1.07 and 0.32 percent respectively. The FTSE opened higher on Thursday, currently up 0.72 percent.

S&P likely to downgrade UK after Brexit – Bild

Credit ratings agency Standard & Poor’s are likely to downgrade Britain’s AAA rating relatively quickly should a the country vote to leave the European Union today, S&P chief sovereign ratings officer Moritz Kraemer told German daily Bild.

Both political and economic instability would lead to a less certain environment, especially combined with the lack of post-Brexit plan.

Kraemer told Bild, “If Great Britain decides for a Brexit in the EU referendum on Thursday, then the AAA credit rating would come due and would be downgraded within a short period of time”.

Bidding begins for McDonald’s franchise

A bid has been confirmed for McDonald’s restaurants in China and Hong Kong, as the American company look towards franchising its outlets.

According to the BBC both Sanpower and the Beijing Tourist Group have entered a joint bid for the franchise, just months after McDonald’s announced its plan in March.

The US company have reportedly received several bids, which could total more than $3 billion.

 

23/06/2016