Top 6 – October 2016
“Given the pound weakness right now, for U.S. investors, it’s really only a win if you are a new investor and you’re bullish…If you already own FTSE 100 companies, you’ve seen your investments depreciate.” – Ken Odeluga, London-based market analyst at brokerage City Index, Bloomberg Markets
- Brexit turning out to be a mixed bag.
- The pound has pushed the FTSE 100 Index of U.K. megacaps above 7,000 for the first time in 16 months.
- FTSE 100 is still below the level it was at before the decision, which is bad news for those overseas investors.
- The FTSE 250 Index of mid-cap shares rose for a fifth straight day, reaching an all-time high.
- It seems it’s really the dollar that’s suffering.
- Since the day of the referendum, the FTSE 100 has gained 12 percent in local currency, versus a slide of almost 4 percent in dollar terms.