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...