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WSJ City: Low-Profile May Takes Spotlight, Brexit Plunges Santander's UK Unit Into Uncertainty

July 12,2016 10:13

Good morning from London. Here's essential reading today from WSJ City: MUST READS FROM WSJ CITY. Sober, circumspect, analytical. The UK's presumptive PM is a Remainer who now says Brexit means Brexit. Some certainty is emerging in UK politics.and more »



By

Philip Georgiadis

Good morning from London. Here’s essential reading today from WSJ City:
MUST READS FROM WSJ CITY
Sober, circumspect, analytical. The UK’s presumptive PM is a Remainer who now says Brexit means Brexit.
Some certainty is emerging in UK politics. But the details of Brexit still remain as unclear as ever.
The Brexit vote has plunged Santander’s UK unit into the sort of uncertainty the bank usually finds in developing markets.
Some money managers are demanding compensation after property funds suspended trading.
A trade body head calls for a review after £18 billion of property funds locked in investors last week.
Oil investors have cut their bullish bets on concern about Brexit, the strong dollar and oversupply.
Investors have been clamouring for change at Burberry. But will a dual leadership structure work out?
City Talk: Daimler tops estimates; ASOS raises guidance; Hotel Chocolat posts stronger sales.
Hear WSJ journalist David Enrich discuss his award-winning series, ‘The Unravelling of Tom Hayes.
IN THE PAPERS
Tata Steel has offered no assurances about the long-term future of its Port Talbot plant after halting a sale process. The Telegraph
The question of Tory party unity will be central to Theresa May’s decision making as she forms her first Cabinet as Prime Minister. FT
Bank of England governor Mark Carney faces MPs today for the first time since Brexit, where he is expected to justify his suggestion that he would raise interest rates in the event of a Leave vote before contradicting himself days after the result. The Times (£)
UK retail sales figures fell last month, underlining the challenges the high street faces following the EU vote. Sky News
The collapse in UK savings account interest rates ahead of the expected Bank of England cut this Thursday has put Islamic and savvy European banks at the top of the savings table. FT(£)
German industrial giant Siemens has committed itself to the UK “for the long-term”, but has called on new PM Theresa May to bring clarity to the UK’s trade plans as soon as possible. The Telegraph
A new smartphone game that has fans chasing Pokémon characters through real-life city streets has become an unexpected craze. Nintendo’s market value has leaped $9 billion in just a few days. WSJ
Private equity firm Terra Firma is understood to be negotiating the sale of the cinema chain Odeon to AMC Entertainment for £1 billion. The Telegraph 
MARKETS TODAY
London’s benchmark FTSE 100 is expected to open slightly lower, after a record close in the US markets and surging stocks in Japan. The S&P 500 hit its first record in more than a year Monday, a reflection of investors’ bets that the US economy remains a pocket of solidity in a troubled world.
“The record is a reasonable response to the fact that the world looks a little better than it did a week ago,” said Russ Koesterich at BlackRock.
The Dow closed 0.4% higher while the Nasdaq added 0.6%. Japanese markets gained on the positive moves in the US, extending Monday’s 4% gain.
Stocks to Watch: Belgian Finance Minister ‘deeply concerned’ about Deutsche Börse-LSE merger;  Daimler results tops analysts’ estimates; Delhaize, Ahold expect merger to complete before end July.
COMING UP
FPC minutes released, Carney faces MPs
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