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Brexit: Stocks, Pound Surge Pending Referendum Vote


Stocks have gained and the British pound strengthened to its highest levels this year as the nation awaits today's referendum on its EU membership.

Oil has advanced, Bloomberg reports, and banks have led the S&P 500 Index to 1.2% of its all-time high.

Investors have been glued to the Brexit debit for weeks as governments and central banks discuss the possible implications of the UK’s exit on the global marketplace.  

Thomas Thygesen, SEB AB’s head of cross-asset strategy in Copenhagen, said it’s still too early to rule anything out.

“The issue will be how the outcome is perceived and how the biggest stakeholders react. Even just the absence of bad news may be the start of a risk rally, and markets have been rising in the anticipation of this.”

Voting started this morning at 7am and closes at 10pm. A complete account of the results will be announced Friday morning.  [Bloomberg]