Credit Suisse plans to cut FTSE 100 forecast if 'Brexit' camp wins

Credit Suisse, a Swiss-based investment bank, said Wednesday it would cut its year-end forecast for the European benchmark equity index, FTSE 100, if the ongoing campaign in favor of 'Brexit' wins votes on Thursday, marking the end of Britain’s membership in the European Union.

Equity strategist at the Swiss IB said that they would prefer slashing their year-end target for the FTSE down to 6,200 points from 6,600 if a Brexit occurred, marking a reduction of around 6 percent.

The FTSE 100 equity index rose 0.36 percent to 6,226.55 at the close of trade Wednesday on the London Stock Exchange.

The strategists said they would cut their United States S&P 500 (SPX) year-end target to 2,000 points from 2,150, and their target on the euro zone's Euro Stoxx 50 (STOXX50E) to 2,950 points from 3,350, Reuters reported.

At 7:10AM GMT, S&P 500 futures rose 0.11 percent to 2,082.75 on the New York Stock Exchange. On the other hand, Euro Stoxx 50 rose 0.83 percent to 2,967.34 at the close of trade on the London Stock Exchange.

Meanwhile, betting odds have reversed, with the market recovering this week on hopes on ‘Bremain’ gaining momentum in the race to the EU referendum on Thursday. However, latest opinion polls indicate a close call over both the campaigns. Markets will wait to watch the results on Thursday, as Britain faces a historic election on its membership in the European Union.