Saturday 22 October 2016

Markets fall back as Brexit fears expressed

Sean Duffy/Reuters

Published 12/10/2016 | 02:30

A Samsung Galaxy Note 7
A Samsung Galaxy Note 7

Shares in Korean mobile phone giant Samsung plummeted by more than 8pc by later afternoon yesterday as markets reacted to the news that the company is to scrap its Note 7 series just a couple of months after the product was launched.

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Meanwhile, top bankers in London warned they could start moving staff by the beginning of next year if there is no clarity on whether Britain will retain access to the European Single Market when it leaves the EU.

Senior executives from European divisions of some of the world's biggest financial institutions told a conference in London they felt the government's tougher rhetoric on immigration risked harming the economy.

James Bardrick, the UK head of US bank Citibank, said the main dilemma facing the finance industry was how urgently it needed to act on contingency plans aimed at protecting their businesses.

"How do we and when do we start making decisions... knowing the plan is ready to go... it could be in the first quarter of 2017," he told a conference in London.

In Europe, markets fell back after initial gains.

The French CAC was down by 0.2pc, while Germany's DAX was down almost 0.1pc.

London's FTSE100 was down by 0.14pc.

The Iseq overall index of Irish shares was up in late afternoon trading yesterday at 5895.88, a rise of 0.43pc.

Shares in Paddypower Betfair and Ryanair were both up more than 2pc having shed value on Monday. Bank of Ireland shares retreated by 2.2pc, while hotel group Dalata lost 1.7pc.

On commodities exchanges, oil slid back by 0.52pc after strong gains on Monday.

There are hopes a deal on curbing production will be announced this week.

Irish Independent

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