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Business

May in focus as global relief rally rolls on

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Opening sequence

Business

May in focus as global relief rally rolls on

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COMING UP:May in focus as global relief rally rolls on

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00:00:01
>> About 550.>> Global markets seem to have got over their Brexit blues. Equities around the world staying strong Tuesday. Big gains in Asia overnight followed by an up day across Europe. The FTSE 100 Index of major UK shares later giving back a little but holding near 11 month highs.
00:00:19
Reuters Chief Financial Markets correspondent, Jamie Mcdieva.>> Some of the political uncertainty has been removed with the news over the last 24 hours that Theresa May will become the new Prime Minister as early as this week. Not September as had been expected. So some of that uncertainly has been removed, as we all know.
00:00:36
We keep saying, we keep telling ourselves markets don't like uncertainty. So there's an element of relief rally there.>> Germany doing even better. The benchmark DAX index up around 1.5%. Strong results from car maker Daimler helping the positive mood there. Meanwhile, Sterling continues it's recovery from post Brexit lows, though it's still down around 10% since the vote.
00:00:58
All eyes again on Bank of England governor Mark Carney, who was grilled by MPs on Tuesday. Some analysts saying the rally against the dollar won't last.>> BlackRock, the world's largest asset manager said today that markets are probably underpricing in the extent to which Carney and the Bank of England will loosen monetary policy further.
00:01:18
So they see, along with others, they see the Pound going even lower maybe down to 120. Some people expect it to go below that.>> Are you looking forward to your new role?>> By Wednesday evening, Britain will have a new prime minister. Theresa May likely to have a big say in whether the relief rally can last.