Thursday , August 17 2017
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FT Opening Quote

Summary:
Tesco sales are gaining momentum, the pound has hit a high for the year as voting begins in the UK’s EU referendum. FT Opening Quote, with commentary by City Editor Jonathan Guthrie, is your early Square Mile briefing. You can sign up for the full newsletter here. The moment of truth will come on Friday morning – a verdict with big implications for business that could change the lives of millions (roll of drums). Yes, tomorrow the Competition and Markets Authority will decide whether to set up a database of “disengaged customers” who can’t be bothered to switch energy supplier. That aside, there’s the small matter of the Brexit vote. Sterling hit a year high of .4844 in Asia earlier this morning in response to a couple of polls. Analysts believe risks are clustered on the downside, with sterling and stocks forecast to fall 10-20 per cent following a Leave victory. A gloomy outlook is supported by the comments of Standard & Poor’s chief sovereign ratings officer Moritz Kraemer in the German daily Bild. He said the UK could swiftly lose its AAA credit rating if Britons decide to quit the UK. The verdict will show whether we are a “nation of xenophobes or cowards”, according to one FT colleague. That’s a cynical view, but not a bad characterisation of the Leave and Remain campaigns. Tonight will be a night of coffee and pizza for many Forex and rates traders.

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Tesco sales are gaining momentum, the pound has hit a high for the year as voting begins in...

Chris Nuttall
Award-winning journalist with more than 35 years' experience in newspapers, magazines, radio, TV and the internet at local, national and international levels. At the BBC for 17 years and has spent the past 15 with the Financial Times. Served as a foreign correspondent in Sri Lanka, Washington and Turkey as well as in a roving role for the BBC. Turned a late 1980s geeky interest into a professional focus on the internet and technology and was founding World Editor of the BBC News website and the BBC 's first Internet Correspondent.

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