Markets on edge ahead of Tuesday’s crucial Brexit vote
INVESTORS and currency traders are bracing for a markets showdown this week as UK Prime Minister Theresa May looks set to lose the crunch vote on her Brexit deal.
Failure to get the deal across the line will create a wave of uncertainty for world stock markets, with sterling likely to come under severe pressure.
Ireland’s main stock market index – the ISEQ Overall Index – rose by 1%c on Friday, recouping just some of the previous day’s 3.1% drop that wiped €2.5bn off the value of Irish stocks.
The ISEQ has slumped more than 20% over the past year, knocking €19.2bn off the value of stocks on the Irish market.
Last week alone €3.4bn was sliced from the value of stocks on the index.