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The British pound sterling curved a new 31 year low against the dollar today during the Asian trading hours as the pound dropped to 1.278, a low not seen since 1985. Investors are increasingly becoming nervous as post-referendum cracks have started appearing.
- Property stocks and share prices of Real Estate Investment Trusts (REITs) have declined sharply post-referendum and their recovery compared to the broader market have been bleak. Three major property trusts, Standard Life, M&A, and Aviva have halted withdrawal of clients’ money due to liquidity pressures.
- Reports from Markit economics show that PMIs for construction, manufacturing, and services have declined to multi-year low in June.
- Today another report shows that new car registrations in the UK declined in June as it dropped to -0.8 percent from a year back. This is first such decline since October.
- According to YouGov and Center for Economics and Business Research, business pessimism has almost doubled since the referendum.
- BRC shop price index declined 2 percent from a year back. Food prices suffered biggest decline in at least a year.
We expect, major impact of the referendum will be visible in July as the referendum was held in late June.
