Wednesday, 22 June 2016

Stocks gain as UK vote approaches

Most stock markets rose on Tuesday as the UK’s referendum on whether to leave the European Union drew closer.

The S&P 500 rose 0.3 percent, the STOXX Europe 600 rose 0.7 percent and the Nikkei 225 rose 1.3 percent but the Shanghai Composite Index fell 0.4 percent.

The yield on the 10-year US Treasury note rose to 1.699 percent from 1.670 percent on Monday.

“Investors aren’t willing to commit to anything ahead of the referendum,” said Remi Olu-Pitan, multiasset fund manager at Schroders.

However, Dennis Gartman thinks that the uncertainty surrounding the UK vote makes the US stock market the "only place to go".

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