Sterling swings wildly, European shares surge on Brexit votes

Credit: Reuters Studio
Published on March 14, 2019 - Duration: 01:23s

Sterling swings wildly, European shares surge on Brexit votes

Sterling remains volatile but European shares hit a five month high in morning trading on Thursday after the British parliament voted to reject a disorderly Brexit.

Edward Baran reports.

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Sterling swings wildly, European shares surge on Brexit votes

The British parliament has voted to reject leaving the European Union without a deal.

But it's failed to deliver clear guidance on where the UK's relationship with the Europe is headed.

Uncertainty remains about just how Brexit will happen.

As a result, the pound is still volatile.

One analyst says it's trading on thin ice -- and departing the EU without a deal is still a worry for some in business.

(SOUNDBITE) (English) HAMISH MURESS, SENIOR CURRENCY STRATEGIST, OFX, SAYING: "Sterling I think does risk, in that no-deal Brexit scenario, dropping through 130 against the US Dollar which will be a big concern for a lot of UK businesses." European shares hit a five month high in morning trading.

Markets are now looking ahead to the NEXT vote later on Thursday.

That's when British lawmakers are expected to back a possible extension to Brexit negotiations.

And a DELAY to Britain's departure from the EU.

(SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "The mood is still relaxed here at the German stock exchange because there is a belief that there will at least be an extension of the deadline.

What the details may be no one knows." Meanwhile, a new survey shows house prices in Britain growing at their weakest pace in eight years.

The Royal Institute of Chartered Surveyors says that, here too, uncertainty over Brexit is the key factor for buyers and sellers.

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