Pound plummets as Britain prepares to pull Brexit trigger

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3 Things you need to know about today’s Markets:

Pound plummets ahead of Article 50

EU Markets head higher

US Consumer Confidence Surges

 

 

1. Pound plummets as Britain prepares to pull Brexit trigger

The sterling took a battering on Wednesday morning as the British government sent a letter to Brussels formally starting the country’s exit from the European Union, according to Bloomberg. Theresa May has signed the letter that will formally begin UK’s departure from the European Union this morning, giving official notice under Article 50 of the Lisbon Treaty, according to BBC. The letter will be delivered to European Council president Donald Tusk later in the day; this in turn will officially trigger the Brexit proceedings. Meanwhile British Prime Minister Theresa May will address the House of Commons at the same time. It is worth noting that May’s comment may also have an effect on the value of the sterling which was last seen trading 0.3 percent lower against the euro as of 7:40 GMT.

 

2. EU Markets heads higher

European markets started the day on a bullish note on Wednesday as investors look to London and Brussels and the start of Britain’s much-anticipated Brexit proceedings. This marks a second day of winnings according to CNBC, since European shares rose yesterday, boosted by strong results and deal-making across the union and recovered from a Monday’s sentiment-fuelled dip.

 

3. Consumer confidence surges pushing U.S. equities higher

U.S. equities closed in positive territory yesterday, as investors digested strong consumer confidence data, with financials leading according to CNBC. U.S. futures point to another bullish open today after strong consumer confidence data gave the markets a significant boost, hitting 125.6, up from 116.1 in February, according to the Consumer Board Consumer Confidence Index.

 

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