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| Version 0 | Version 1 |
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| Pound slides as City gets Brexit jitters - business live | Pound slides as City gets Brexit jitters - business live |
| (35 minutes later) | |
| 8.09am GMT | |
| 08:09 | |
| The pound is likely to keep falling in the run-up to June’s vote, City experts fear. | |
| Currency expert Kit Juckes of Société Générale, the French bank, warns: | |
| The EU ‘Brexit’ referendum is going to dominate media debate over the next 124 days. Opinon polls show a small lead for the ‘out’ camp, but a large body of ‘undecideds’ will decide the eventual outcome.... | |
| I think we are likely to see further sterling weakness ahead of the vote itself, as the debate rages and uncertainty undermines confidence. I can’t imagine the opinion polls moving decisively enough in either direction for clarity to emerge before June 23. | |
| 8.02am GMT | |
| 08:02 | |
| Sterling is also losing ground against the euro this morning. | |
| The pound has lost almost one eurocent, to €1.281, down from €1.29. | |
| That means one euro is worth 78.06p, up from 77.30p on Friday night - before David Cameron struck his EU deal. | |
| 7.53am GMT | |
| 07:53 | |
| This poll shows why City investors are taking the London Mayor’s move seriously: | |
| Updated | |
| at 8.04am GMT | |
| 7.52am GMT | |
| 07:52 | |
| Pound on track for biggest fall in 11 months | |
| The pound has hit a three week low against the US dollar thanks to Boris’s intervention. | |
| This makes sterling the worst performing major currency this morning. | |
| As things stand, the pound is on track for its biggest fall since March 19 2015, when it fell by 1.5% against the dollar. | |
| $GBP taking a beating in early European trade #BorisJohnson pic.twitter.com/2fXQVfvT3n | |
| Updated | |
| at 7.59am GMT | |
| 7.30am GMT | 7.30am GMT |
| 07:30 | 07:30 |
| Pound bashed by Boris's Brexit move | Pound bashed by Boris's Brexit move |
| Boris Johnson’s shock decision to back the Brexit campaign has sent the pound sliding, on track for its biggest fall in months. | Boris Johnson’s shock decision to back the Brexit campaign has sent the pound sliding, on track for its biggest fall in months. |
| Asian traders were swift to react to the sight of the London Mayor telling a media scrum yesterday that he would be supporting the Out campaign in June’s EU referendum | Asian traders were swift to react to the sight of the London Mayor telling a media scrum yesterday that he would be supporting the Out campaign in June’s EU referendum |
| And the selloff is accelerating right now -- wiping more than two cents off the pound. It has fallen from $1.44 to just $1.419, a drop of nearly 1.5%. | |
| That’s a very chunky move for a currency, suggesting investors are scrambling to react to Boris’s call for a “once-in-a-lifetime chance to vote for real change in Britain’s relations with Europe”. | That’s a very chunky move for a currency, suggesting investors are scrambling to react to Boris’s call for a “once-in-a-lifetime chance to vote for real change in Britain’s relations with Europe”. |
| Writing in the Telegraph, Johnson argues: | Writing in the Telegraph, Johnson argues: |
| This is the only opportunity we will ever have to show that we care about self-rule. A vote to Remain will be taken in Brussels as a green light for more federalism, and for the erosion of democracy. | This is the only opportunity we will ever have to show that we care about self-rule. A vote to Remain will be taken in Brussels as a green light for more federalism, and for the erosion of democracy. |
| And here’s the damage: | And here’s the damage: |
| Boris’s move has raised the stakes in the referendum battle, and prompted bookmakers to narrow the odds. But the In Campaign are still the favourite. | Boris’s move has raised the stakes in the referendum battle, and prompted bookmakers to narrow the odds. But the In Campaign are still the favourite. |
| Chris Weston of City firm IG explains: | Chris Weston of City firm IG explains: |
| Boris Johnson (BoJo) showing his hand does throw a spanner in the works, but the odds of a ‘Brexit’ are still around 35%. | Boris Johnson (BoJo) showing his hand does throw a spanner in the works, but the odds of a ‘Brexit’ are still around 35%. |
| If the referendum can be won by the media then a scan of the headlines would say the odds of a ‘Brexit’ is modestly higher, but clearly the ‘Leave’ camp would certainly have liked a longer lead time. | If the referendum can be won by the media then a scan of the headlines would say the odds of a ‘Brexit’ is modestly higher, but clearly the ‘Leave’ camp would certainly have liked a longer lead time. |
| A weaker pound will be welcomed by British exporters, and the tourism industry. But it won’t particularly please the big banks in the City, who like sterling to be strong. | A weaker pound will be welcomed by British exporters, and the tourism industry. But it won’t particularly please the big banks in the City, who like sterling to be strong. |
| Updated | Updated |
| at 7.43am GMT | |
| 6.54am GMT | 6.54am GMT |
| 06:54 | 06:54 |
| Introduction: Brexit talk and eurozone PMIs | Introduction: Brexit talk and eurozone PMIs |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| Today could be dominated by talk about Europe. | Today could be dominated by talk about Europe. |
| With Britain’s new arrangement with the EU agreed, but not yet approved by the people, the City is considering the implications of David Cameron’s deal. Could the polls be right (for once), when they say the Remain side holds a healthy lead. Or could the London Mayor’s decision to back the Out campaign reshape the whole campaign? | With Britain’s new arrangement with the EU agreed, but not yet approved by the people, the City is considering the implications of David Cameron’s deal. Could the polls be right (for once), when they say the Remain side holds a healthy lead. Or could the London Mayor’s decision to back the Out campaign reshape the whole campaign? |
| Guardian front page, Monday 22 February 2016: Johnson comes out for Brexit pic.twitter.com/zxFcEI0ser | Guardian front page, Monday 22 February 2016: Johnson comes out for Brexit pic.twitter.com/zxFcEI0ser |
| Boris’s bombshell has already put sterling under pressure in Asian trading, and we’ll see today how the City digests his move. It could be a lively four months, with the referendum due on 23rd June. | Boris’s bombshell has already put sterling under pressure in Asian trading, and we’ll see today how the City digests his move. It could be a lively four months, with the referendum due on 23rd June. |
| Oh boy... reading that we're 124 days from #Brexit referendum (thanks @kitjuckes). 💭 must not mix up my countdown clocks 💭 | Oh boy... reading that we're 124 days from #Brexit referendum (thanks @kitjuckes). 💭 must not mix up my countdown clocks 💭 |
| But how strong is the European economy anyway? We get fresh clues this morning, when purchasing manager index data (PMIs) from the eurozone are released. That will will show how fast, or slow, the euro economy is growing: | But how strong is the European economy anyway? We get fresh clues this morning, when purchasing manager index data (PMIs) from the eurozone are released. That will will show how fast, or slow, the euro economy is growing: |
| We’re expecting a gentle start to trading in London, with the main indices tipped to rise a little. Here’s IG’s opening calls: | We’re expecting a gentle start to trading in London, with the main indices tipped to rise a little. Here’s IG’s opening calls: |
| Our European opening calls:$FTSE 5982 up 32$DAX 9441 up 53$CAC 4253 up 30$IBEX 8248 up 54$MIB 17000 up 91 | Our European opening calls:$FTSE 5982 up 32$DAX 9441 up 53$CAC 4253 up 30$IBEX 8248 up 54$MIB 17000 up 91 |
| In the corporate world, HSBC will be under scrutiny after reporting profits of £13.2bn ($18.8bn) for the last year, and revealing its boss has taken a pay cut: | In the corporate world, HSBC will be under scrutiny after reporting profits of £13.2bn ($18.8bn) for the last year, and revealing its boss has taken a pay cut: |
| Related: HSBC full-year profits edge up to £13.2bn as chief Stuart Gulliver takes pay cut | Related: HSBC full-year profits edge up to £13.2bn as chief Stuart Gulliver takes pay cut |
| And Associated British Foods, which owns discount clothing chain Primark, is announcing results this morning. | And Associated British Foods, which owns discount clothing chain Primark, is announcing results this morning. |
| We’ll be tracking all the main events through the day.... | We’ll be tracking all the main events through the day.... |
| Updated | Updated |
| at 7.33am GMT | at 7.33am GMT |