World Stock Markets rally ahead of Brexit Vote
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LONDON: (APP) World stock markets surged Monday, led by rallying banking shares, on growing expectations that Britain will vote to remain part of the European Union in a hard fought referendum this week.
The British pound also rose sharply higher against the euro and dollar as the Brexit battle enters its final days, with latest polls showing the "Remain" camp gaining ground.
"The Brexit referendum is the only thing which counts on the markets and that should be the case until Friday's result," said Frederic Rozier, of Meeschaert Private Banking.
Traders on Wall Street also appeared to welcome the prospect of a status quo, with stocks 1.2 percent higher at around midday.
Europe's main bourses all shot up, closing at least 3.0 percent higher, with Paris' CAC 40 leading its Frankfurt and London counterpart
Stock markets in Britain's European peers have their own reasons for warily awaiting the outcome of Thursday's vote, Russ Mould, investment director at brokerage AJ Bell, said.
"Markets in the UK and Europe seem to prefer the relative certainty offered by a 'Remain' vote," he told AFP.
"Were the UK to vote 'Leave' then the EU would face some potentially serious existential questions, as other countries may see eurosceptic parties pressing for their own votes on whether to stay or go."
