Monday , October 23 2017
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FT Opening Quote

Summary:
They think it’s all over, but maybe not yet. Despite Brexit and England’s exit from the Euros, Redrow and Rolls-Royce are upbeat this morning and the pound has steadied. 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. England is out of Europe thanks to a flaxen-haired force of nature. Well, that was the football, with Icelandic goal-scorer Kolbeinn Sigthorssonsealing the fate of Roy Hodgson’s side in Nice last night. As for Brexit, a couple of big listed companies are this morning telling investors to calm down, dear. Redrow, whose shares have been battered alongside those of other housebuilders, says the “chronic shortage of housing leaves market fundamentals unchanged”. The company reports there were long queues at sites launched last weekend. Full year pre-tax profits are now expected to beat analysts’ estimates of £240m. Rolls-Royce says the Brexit vote will have no immediate impact on its day-to-day business, with the longer-term picture taking years to emerge. Perhaps the banks should make statements of their own? Barclays fell 17.3 per cent and RBS dropped 15 per cent on Monday. The sell-off looks overdone, given the hefty capital buffers banks are now required to maintain. The pound stabilised in early trading at .3291, 1.3 per cent higher than its low on Monday.

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They think it’s all over, but maybe not yet. Despite Brexit and England’s exit from the...

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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