Asia stocks were largely up today, building on gains at the end of last week as polls suggest Britain&#39;s upcoming referendum vote will result in the country staying in the European Union. 
 
Markets across the region plunged last week amid concern about a possible &quot;Brexit&quot; -- or British decision to leave the EU -- but showed some improvement on Friday as the &#39;Remain&#39; camp gained ground. 
 
The average of the last six British EU referendum polls put the &#39;Remain&#39; and &#39;Leave&#39; camps level at 50-50, excluding undecided voters, according to the What UK Thinks website. 
 
The &#39;Leave&#39; camp had been a few percentage points ahead in recent polling, but fresh surveys brought the average back to neck-and-neck, after campaigning was suspended for three days following the murder of pro-EU British lawmaker Jo Cox on Thursday. 
 
A Survation poll conducted on Friday and Saturday put &#39;Remain&#39; at 45 per cent and &#39;Leave&#39; at 42 per cent -- the reverse of its previous findings on Thursday. 
 
Tokyo was up 2.2 per cent by the break today, adding to gains of 1.07 per cent at the end of last week, and Hong Kong rose 0.73 per cent in early morning trade. Singapore and Seoul were both up more than one per cent. 
 
But in China, the Shanghai Composite Index eased 0.46 per cent while the Shenzhen Composite Index, which tracks stocks on the country&#39;s second exchange, fell 0.30 per cent. 
 
Gold was down 1.12 per cent today, having hit a near two-year peak on Friday as investors sought the safe haven commodity on fears of the impact of a &#39;leave&#39; vote on the world economy. 
&#39;Risk-on move&#39; - 
The Yen eased slightly to 104.71 to the Dollar in early morning trade in Tokyo, from 104.19 Yen in New York late Friday. 
 
The Japanese currency, often seen as a safe haven, had also strengthened as concerns grew that the &quot;Leave&quot; camp was headed to victory. 
 
&quot;We are seeing a risk-on move after the latest Brexit poll,&quot; Niv Dagan, executive director at Peak Asset Management LLC in Melbourne, told Bloomberg. 
 
&quot;It may be short-lived and volatility is likely to remain high until Thursday&#39;s vote. This really could still go either way.&quot; 
 
Aside from the EU vote, eyes were on the Bombay stock exchange ahead of opening, after the popular Reserve Bank of India governor Raghuram Rajan announced on Friday that he would step down when his term ends in September. 
 
Oil prices extended gains on a weaker Dollar, driving up demand for the commodity. 
 
US benchmark West Texas Intermediate was up 45 cents, or 0.94 per cent, trading at $48.43 a barrel while North Sea Brent was up 35 cents, or 0.71 per cent, trading at $49.52 a barrel. 
 
&nbsp;Key figures around 0230 GMT - 
Tokyo - Nikkei 225: UP 2.2 per cent at 15,943.76 (break) 
 
Shanghai - Composite: DOWN 0.46 per cent at 2871.84 
 
Hong Kong - Hang Seng: UP 0.73 per cent at 20,316.31 
 
Euro/Dollar: UP at $1.1360 from $1.1280 late Friday 
 
Pound/Dollar: UP at $1.4585 from $1.4348 
 
Dollar/Yen: UP at 104.71 Yen from 104.19 yen 
 
New York - DOW: DOWN 0.33 per cent at 17,675.16 (close) 
 
London - FTSE 100: UP 1.19 per cent at 6,021.09 (close) 
(AFP)

Markets across the region had plunged last week amid concerns that the UK might leave the European Union

Asia stocks were largely up today, building on gains at the end of last week as polls suggest Britain's upcoming referendum vote will result in the country staying in the European Union. Markets across the region plunged last week amid concern about a possible "Brexit" -- or British decision to leave the EU -- but showed some improvement on Friday as the 'Remain' camp gained ground. The average of the last six British EU referendum polls put the 'Remain' and 'Leave' camps level at 50-50, excluding undecided voters, according to the What UK Thinks website. The 'Leave' camp had been a few percentage points ahead in recent polling, but fresh surveys brought the average back to neck-and-neck, after campaigning was suspended for three days following the murder of pro-EU British lawmaker Jo Cox on Thursday. A Survation poll conducted on Friday and Saturday put 'Remain' at 45 per cent and 'Leave' at 42 per cent -- the reverse of its previous findings on Thursday. Tokyo was up 2.2 per cent by the break today, adding to gains of 1.07 per cent at the end of last week, and Hong Kong rose 0.73 per cent in early morning trade. Singapore and Seoul were both up more than one per cent. But in China, the Shanghai Composite Index eased 0.46 per cent while the Shenzhen Composite Index, which tracks stocks on the country's second exchange, fell 0.30 per cent. Gold was down 1.12 per cent today, having hit a near two-year peak on Friday as investors sought the safe haven commodity on fears of the impact of a 'leave' vote on the world economy. 'Risk-on move' - The Yen eased slightly to 104.71 to the Dollar in early morning trade in Tokyo, from 104.19 Yen in New York late Friday. The Japanese currency, often seen as a safe haven, had also strengthened as concerns grew that the "Leave" camp was headed to victory. "We are seeing a risk-on move after the latest Brexit poll," Niv Dagan, executive director at Peak Asset Management LLC in Melbourne, told Bloomberg. "It may be short-lived and volatility is likely to remain high until Thursday's vote. This really could still go either way." Aside from the EU vote, eyes were on the Bombay stock exchange ahead of opening, after the popular Reserve Bank of India governor Raghuram Rajan announced on Friday that he would step down when his term ends in September. Oil prices extended gains on a weaker Dollar, driving up demand for the commodity. US benchmark West Texas Intermediate was up 45 cents, or 0.94 per cent, trading at $48.43 a barrel while North Sea Brent was up 35 cents, or 0.71 per cent, trading at $49.52 a barrel. Key figures around 0230 GMT - Tokyo - Nikkei 225: UP 2.2 per cent at 15,943.76 (break) Shanghai - Composite: DOWN 0.46 per cent at 2871.84 Hong Kong - Hang Seng: UP 0.73 per cent at 20,316.31 Euro/Dollar: UP at $1.1360 from $1.1280 late Friday Pound/Dollar: UP at $1.4585 from $1.4348 Dollar/Yen: UP at 104.71 Yen from 104.19 yen New York - DOW: DOWN 0.33 per cent at 17,675.16 (close) London - FTSE 100: UP 1.19 per cent at 6,021.09 (close) (AFP)

Asian stocks up, opinion polls show Britain may remain in EU

The European Union&#39;s banking watchdog will move from London to another European capital if Britain decides to quit the bloc in a referendum this week, its chairman said in an interview published on Sunday. 
 
Britain votes on June 23 on whether to stay in the 28-member bloc, a choice with far-reaching consequences for politics, the economy, defence and diplomacy on the continent. 
 
The London-based European Banking Authority (EBA), founded in 2011 as a reaction to the global financial crisis, operates as a pan-EU regulator, writing and coordinating banking rules across the bloc. 
 
&quot;If the British should decide to leave the EU, we actually would have to move to another European capital,&quot; Andrea Enria, head of the EBA, told the German newspaper Welt am Sonntag. 
 
While betting odds have consistently indicated a vote to remain in the EU, opinion pollsters have so far painted contradictory pictures of how Britons will vote. 
 
The EBA is currently working on an EU single rulebook aimed at ensuring a level playing field for all banks across the 28-country bloc&#39;s capital market. 
 
&quot;This work needs to be completed irrespective of the result of the referendum,&quot; said Enria, an Italian national. &quot;We must ensure that there are no different rules between the countries that have the euro and those that do not have it.&quot; 
 
Enria said the European banking sector was more stable now than five years ago, but there was still need for consolidation. 
 
&quot;If you look at the balance sheets of banks, you could actually ask yourself whether such low profitability and such low return on investment are sustainable in the long term,&quot; he said. 
 
Banks should speed up their efforts to deal with non-performing loans and change their internal business culture in order to avoid future scandals and fines, Enria said. 
 
That banks have hardly made any progress in these two areas is the reason why the European Central Bank (ECB) is struggling to boost lending and generate more growth despite its bond-purchase programme, he added. 
(Reuters)

European Banking Authority is making arrangements to shift head office in case Britain opts out of the European union, says EBA's chairman

The European Union's banking watchdog will move from London to another European capital if Britain decides to quit the bloc in a referendum this week, its chairman said in an interview published on Sunday. Britain votes on June 23 on whether to stay in the 28-member bloc, a choice with far-reaching consequences for politics, the economy, defence and diplomacy on the continent. The London-based European Banking Authority (EBA), founded in 2011 as a reaction to the global financial crisis, operates as a pan-EU regulator, writing and coordinating banking rules across the bloc. "If the British should decide to leave the EU, we actually would have to move to another European capital," Andrea Enria, head of the EBA, told the German newspaper Welt am Sonntag. While betting odds have consistently indicated a vote to remain in the EU, opinion pollsters have so far painted contradictory pictures of how Britons will vote. The EBA is currently working on an EU single rulebook aimed at ensuring a level playing field for all banks across the 28-country bloc's capital market. "This work needs to be completed irrespective of the result of the referendum," said Enria, an Italian national. "We must ensure that there are no different rules between the countries that have the euro and those that do not have it." Enria said the European banking sector was more stable now than five years ago, but there was still need for consolidation. "If you look at the balance sheets of banks, you could actually ask yourself whether such low profitability and such low return on investment are sustainable in the long term," he said. Banks should speed up their efforts to deal with non-performing loans and change their internal business culture in order to avoid future scandals and fines, Enria said. That banks have hardly made any progress in these two areas is the reason why the European Central Bank (ECB) is struggling to boost lending and generate more growth despite its bond-purchase programme, he added. (Reuters)

EU banking watchdog to leave London in case of Brexit

<div style="text-align: justify;">If Britons vote to take their country out of the European Union on June 23, no corner of the global financial market complex will emerge unscathed. 
The invisible thread that links assets as diverse as gold, bank stocks, the Japanese Yen and government bonds would be yanked sharply by Brexit, an event the Bank of England said on Thursday risks &quot;adverse spill-overs to the global economy&quot;. 
With global interest rates and bond yields the lowest on record, central banks running low on crisis-fighting tools and the post-2008 economic recovery flagging, that thread could quickly unravel, with serious consequences for all markets.&nbsp; 
So why will the will of one country&#39;s people in one referendum have such a profound impact on global markets? 
The answer is partly how inter-connected global markets are, and partly timing - the world economic cycle is already very long in the tooth and central banks have far fewer options open to them after nearly a decade of extraordinary policy support. 
Interest rates, yields 
 
Global interest rates are their lowest for 5,000 years, according to Bank of America, but central banks could still cut them further. That could mean the US&nbsp;Federal Reserve reversing its slow-starting tightening cycle, and European Central Bank and Bank of Japan rates going deeper into negative territory. 
Lower rates would also depress bond yields even further, tightening the screw on central and commercial banks. 
 
Over $8 trillion worth of sovereign bonds already carry a negative yield, according to JP Morgan. This means holders of Japanese, German and Swiss debt are paying these governments for the privilege of lending to them, in some cases out to 20 years. 
 
They are willing to accept they will not get all their money back. Even deeper negative yields would increase these losses, raising further doubt that these are truly &quot;safe haven&quot; assets. 
 
But the immediate economic and political uncertainty after a Brexit vote would likely be so great that demand for these bonds would rise anyway, pulling yields even lower. Yield curves, the difference between short- and longer-dated bond borrowing costs, would flatten further. 
 
They are already their flattest for years around the developed world, meaning the premium investors expect for holding longer-dated bonds is shrinking. This is often an ominous signal of low inflation or deflation, and slowing economic growth or possibly recession. 
 
If &quot;core&quot; bond yields would likely fall, yields on lower-rated and riskier bonds would likely rise, widening the spread between the two. This would increase the financing pressure on a wide range of companies around the world and governments in euro zone &quot;periphery&quot; countries like Greece, Italy and Spain. 
 
Banks - Central and Commercial 
 
Flat yield curves are bad news for banks, who make money from borrowing short-term at low rates and lending longer-term at higher rates. Financial stocks have been hit hard this year as the curve flattening has accelerated. 
 
Euro zone banks are down 30 per cent this year, Japanese banks 35 per cent, UK banks 20 per cent, and US banks 10 per cent. 
 
Banks are also being squeezed by negative deposit rates. The ECB, Bank of Japan and Swiss National Bank all charge banks for depositing cash. 
 
It may even become cheaper for banks to put billions of yen, Euros or Francs of their customers&#39; cash in vaults- a possibility German lender Commerzbank is examining. 
 
As for central banks, any move deeper into the uncharted world of negative interest rates would be taken reluctantly. 
 
In the case of the ECB, declining yields would further cut the amount of bonds eligible for purchase as part of its quantitative easing stimulus programme. That would make its inflation target of just under 2 per cent much harder to achieve, in turn putting its credibility under even greater scrutiny. 
 
Financial Planning 
 
Just as the 2007-08 financial crisis was caused by unprecedented stress in the banking system, analysts fear Brexit fallout could again threaten to block the global financial system&#39;s plumbing. 
 
Banks have recovered from 2007-08, but stresses are already appearing in more obscure pockets of dollar-based FX and rates markets that are hitting levels more associated with periods of crisis. The premium for Dollars over Yen in the cross currency basis market is its highest in years. 
 
Spreads between Libor rates and overnight index swap (OIS) rates, broadly a measure of investors&#39; perception of credit risk in the banking system, are also widening. In normal conditions, Libor/OIS spreads should be virtually zero. 
 
Stocks 
 
World stocks are in their longest bull run in history that began on March 9, 2009. But Wall Street&#39;s peak was reached over a year ago, profit growth has slumped, and companies are reluctant to reinvest their record cash piles. 
 
European stocks are down 13 per cent this year, Japan down 20 per cent, and Wall Street is flat. Would they be able to withstand the political, economic and investment shock a Brexit would likely deliver, especially with risk appetite so fragile? 
 
Currencies 
 
Like 2008, a vote for Brexit would almost certainly increase demand for the pre-eminent currency in global trade, banking and financial market trading: the Dollar. 
 
Dollar credit to non-US banks stands at almost $10 trillion, according to the Bank for International Settlements, of which $3.3 trillion is in emerging markets. A stronger Dollar will increase the overall debt burden for these companies, and many emerging market countries, who would be forced to draw down their FX reserves to counter the expected capital outflow and downward pressure on their currencies. 
 
Japan&#39;s Yen, another safe-haven currency, would probably rise too, perhaps as much as 14 per cent, according to Goldman Sachs. This would not be welcome in Tokyo, where policymakers are struggling to kill off deflation once and for all, stoke inflation, reflate the economy and heal the banking system. A higher exchange rate would be damaging on all those fronts. 
 
(Reuters)</div>

World stocks are in their longest bull run in history that began on 9 March, 2009

If Britons vote to take their country out of the European Union on June 23, no corner of the global financial market complex will emerge unscathed. The invisible thread that links assets as diverse as gold, bank stocks, the Japanese Yen and government bonds would be yanked sharply by Brexit, an event the Bank of England said on Thursday risks "adverse spill-overs to the global economy". With global interest rates and bond yields the lowest on record, central banks running low on crisis-fighting tools and the post-2008 economic recovery flagging, that thread could quickly unravel, with serious consequences for all markets. So why will the will of one country's people in one referendum have such a profound impact on global markets? The answer is partly how inter-connected global markets are, and partly timing - the world economic cycle is already very long in the tooth and central banks have far fewer options open to them after nearly a decade of extraordinary policy support. Interest rates, yields Global interest rates are their lowest for 5,000 years, according to Bank of America, but central banks could still cut them further. That could mean the US Federal Reserve reversing its slow-starting tightening cycle, and European Central Bank and Bank of Japan rates going deeper into negative territory. Lower rates would also depress bond yields even further, tightening the screw on central and commercial banks. Over $8 trillion worth of sovereign bonds already carry a negative yield, according to JP Morgan. This means holders of Japanese, German and Swiss debt are paying these governments for the privilege of lending to them, in some cases out to 20 years. They are willing to accept they will not get all their money back. Even deeper negative yields would increase these losses, raising further doubt that these are truly "safe haven" assets. But the immediate economic and political uncertainty after a Brexit vote would likely be so great that demand for these bonds would rise anyway, pulling yields even lower. Yield curves, the difference between short- and longer-dated bond borrowing costs, would flatten further. They are already their flattest for years around the developed world, meaning the premium investors expect for holding longer-dated bonds is shrinking. This is often an ominous signal of low inflation or deflation, and slowing economic growth or possibly recession. If "core" bond yields would likely fall, yields on lower-rated and riskier bonds would likely rise, widening the spread between the two. This would increase the financing pressure on a wide range of companies around the world and governments in euro zone "periphery" countries like Greece, Italy and Spain. Banks - Central and Commercial Flat yield curves are bad news for banks, who make money from borrowing short-term at low rates and lending longer-term at higher rates. Financial stocks have been hit hard this year as the curve flattening has accelerated. Euro zone banks are down 30 per cent this year, Japanese banks 35 per cent, UK banks 20 per cent, and US banks 10 per cent. Banks are also being squeezed by negative deposit rates. The ECB, Bank of Japan and Swiss National Bank all charge banks for depositing cash. It may even become cheaper for banks to put billions of yen, Euros or Francs of their customers' cash in vaults- a possibility German lender Commerzbank is examining. As for central banks, any move deeper into the uncharted world of negative interest rates would be taken reluctantly. In the case of the ECB, declining yields would further cut the amount of bonds eligible for purchase as part of its quantitative easing stimulus programme. That would make its inflation target of just under 2 per cent much harder to achieve, in turn putting its credibility under even greater scrutiny. Financial Planning Just as the 2007-08 financial crisis was caused by unprecedented stress in the banking system, analysts fear Brexit fallout could again threaten to block the global financial system's plumbing. Banks have recovered from 2007-08, but stresses are already appearing in more obscure pockets of dollar-based FX and rates markets that are hitting levels more associated with periods of crisis. The premium for Dollars over Yen in the cross currency basis market is its highest in years. Spreads between Libor rates and overnight index swap (OIS) rates, broadly a measure of investors' perception of credit risk in the banking system, are also widening. In normal conditions, Libor/OIS spreads should be virtually zero. Stocks World stocks are in their longest bull run in history that began on March 9, 2009. But Wall Street's peak was reached over a year ago, profit growth has slumped, and companies are reluctant to reinvest their record cash piles. European stocks are down 13 per cent this year, Japan down 20 per cent, and Wall Street is flat. Would they be able to withstand the political, economic and investment shock a Brexit would likely deliver, especially with risk appetite so fragile? Currencies Like 2008, a vote for Brexit would almost certainly increase demand for the pre-eminent currency in global trade, banking and financial market trading: the Dollar. Dollar credit to non-US banks stands at almost $10 trillion, according to the Bank for International Settlements, of which $3.3 trillion is in emerging markets. A stronger Dollar will increase the overall debt burden for these companies, and many emerging market countries, who would be forced to draw down their FX reserves to counter the expected capital outflow and downward pressure on their currencies. Japan's Yen, another safe-haven currency, would probably rise too, perhaps as much as 14 per cent, according to Goldman Sachs. This would not be welcome in Tokyo, where policymakers are struggling to kill off deflation once and for all, stoke inflation, reflate the economy and heal the banking system. A higher exchange rate would be damaging on all those fronts. (Reuters)

Tracing global market thread that could be unraveled by Brexit

<div style="text-align: justify;">Reeling from the murder of Labour MP Jo Cox, the EU referendum campaign&nbsp;resumed on Sunday, with just four days to go until the critical vote that will shape Britain&#39;s future. 
 
The Remain and Leave camps suspended campaign&nbsp;for three days after the killing of Cox on Thursday. A 52-year-old man has appeared in court charged with her murder. 
 
The polls too close to call, leaders were to hit the television studios on Sunday to begin their final push for votes. 
 
Prime Minister David Cameron, who wants Britain to stay in the European Union, said the country was facing an &quot;an existential choice&quot; from which there would be &quot;no turning back&quot;. 
 
Meanwhile Britain&#39;s Sunday newspapers picked sides in their final editions before the referendum. 
 
The Mail on Sunday and The Observer gave their support to the Remain camp, while The Sunday Times and The Sunday Telegraph broadsheets backed quitting the EU. 
 
Resuming the campaign, Cameron said the British economy &quot;hangs in the balance&quot;, with trade and investment set to suffer in the event of a Leave vote and a &quot;probable recession&quot; that would leave the UK &quot;permanently poorer&quot;. 
 
&quot;If you&#39;re not sure, don&#39;t take the risk of leaving. If you don&#39;t know, don&#39;t go,&quot; he wrote in The Sunday Telegraph. 
 
&quot;If we were to leave and it quickly turned out to be a big mistake, there wouldn&#39;t be a way of changing our minds and having another go. This is it.&quot; 
 
Cameron, finance minister George Osborne and opposition Labour leader Jeremy Corbyn, from the Remain camp, were all set for major TV appearances on Sunday. 
 
Meanwhile Nigel Farage, leader of the UK Independence Party, was set to do the same for the Leave camp. 
 
Remain poll rise after murder 
 
The What UK Thinks website&#39;s average of the last six polls, conducted between June 10 and Saturday, put the Remain and Leave camps absolutely level on 50-50, excluding undecided voters. 
 
The Leave camp had been a few percentage points ahead in recent polling, but fresh surveys showing a rise in support for remaining brought the average neck-and-neck. 
 
They included the first carried out since Cox&#39;s murder: a Survation poll on Friday and Saturday that put the Remain on 45 per cent and Leave on 42 per cent. 
 
The results were the reverse on Survation&#39;s Thursday poll, which had Leave ahead by 45 to 42. 
 
Labour MP Cox had campaigned for Britain to stay in the EU. 
 
She was shot and stabbed in the street in what police called a &quot;targeted&quot; daylight attack in her constituency. 
 
Cox&#39;s alleged killer Thomas Mair said &quot;Death to traitors, freedom for Britain&quot; when asked to give his name at Westminster Magistrates Court in London on Saturday. 
 
He was remanded in custody until his next court appearance on Monday at England&#39;s central criminal court, and a psychiatric report has been requested. 
 
Cox, 41, is survived by her husband Brendan and their children Lejla, five, and three-year-old Cuillin. 
 
The murder, the first of a sitting British member of parliament since 1990, sent shockwaves around the world, drawing tributes from leaders including US President Barack Obama. 
 
A fund created in Cox&#39;s memory by her friends and family has raised more than $820,000&nbsp;for charities close to her heart. 
 
Weekly newspapers split 
 
In making their decisions, Britain&#39;s Sunday newspapers tried to sway their readers in how to vote. 
 
The Mail On Sunday warned it was &quot;not the time to risk the peace and prosperity&quot; of the UK. 
 
&quot;Our deepest desires must somehow be moderated to suit the increasingly tough reality of a competitive world,&quot; the tabloid said. 
 
&quot;Those who would have you believe in the plucky Little England of the past are selling a dangerous illusion.&quot; 
 
The Observer said: &quot;For an international, liberal and open Britain, we need to be part of the EU.&quot; 
 
The choice was between &quot;going it alone&quot; or a &quot;messy, imperfect collective&quot;, but &quot;outside the EU, our role in the world would be diminished.&quot; 
 
The Sunday Telegraph, meanwhile, backed Brexit, declaring that the EU &quot;belongs to the past&quot;. 
 
&quot;The Leave campaign has articulated an ambitious vision for Britain as an independent nation, once again free to make its own decisions,&quot; it said. 
 
The Sunday Times said &quot;Yes, we must be prepared for difficulties, but we should hold our nerve&quot; in voting Leave. 
 
&quot;This vote may be the only opportunity we shall ever have to call a halt to the onward march of the centralising European project. 
 
&quot;We can help our friends face a better future.&quot; 
(AFP)</div>

Sunday newspapers picked sides in their final editions before the referendum. 'Plucky Little England' no longer the way ahead, said The Mail

Reeling from the murder of Labour MP Jo Cox, the EU referendum campaign resumed on Sunday, with just four days to go until the critical vote that will shape Britain's future. The Remain and Leave camps suspended campaign for three days after the killing of Cox on Thursday. A 52-year-old man has appeared in court charged with her murder. The polls too close to call, leaders were to hit the television studios on Sunday to begin their final push for votes. Prime Minister David Cameron, who wants Britain to stay in the European Union, said the country was facing an "an existential choice" from which there would be "no turning back". Meanwhile Britain's Sunday newspapers picked sides in their final editions before the referendum. The Mail on Sunday and The Observer gave their support to the Remain camp, while The Sunday Times and The Sunday Telegraph broadsheets backed quitting the EU. Resuming the campaign, Cameron said the British economy "hangs in the balance", with trade and investment set to suffer in the event of a Leave vote and a "probable recession" that would leave the UK "permanently poorer". "If you're not sure, don't take the risk of leaving. If you don't know, don't go," he wrote in The Sunday Telegraph. "If we were to leave and it quickly turned out to be a big mistake, there wouldn't be a way of changing our minds and having another go. This is it." Cameron, finance minister George Osborne and opposition Labour leader Jeremy Corbyn, from the Remain camp, were all set for major TV appearances on Sunday. Meanwhile Nigel Farage, leader of the UK Independence Party, was set to do the same for the Leave camp. Remain poll rise after murder The What UK Thinks website's average of the last six polls, conducted between June 10 and Saturday, put the Remain and Leave camps absolutely level on 50-50, excluding undecided voters. The Leave camp had been a few percentage points ahead in recent polling, but fresh surveys showing a rise in support for remaining brought the average neck-and-neck. They included the first carried out since Cox's murder: a Survation poll on Friday and Saturday that put the Remain on 45 per cent and Leave on 42 per cent. The results were the reverse on Survation's Thursday poll, which had Leave ahead by 45 to 42. Labour MP Cox had campaigned for Britain to stay in the EU. She was shot and stabbed in the street in what police called a "targeted" daylight attack in her constituency. Cox's alleged killer Thomas Mair said "Death to traitors, freedom for Britain" when asked to give his name at Westminster Magistrates Court in London on Saturday. He was remanded in custody until his next court appearance on Monday at England's central criminal court, and a psychiatric report has been requested. Cox, 41, is survived by her husband Brendan and their children Lejla, five, and three-year-old Cuillin. The murder, the first of a sitting British member of parliament since 1990, sent shockwaves around the world, drawing tributes from leaders including US President Barack Obama. A fund created in Cox's memory by her friends and family has raised more than $820,000 for charities close to her heart. Weekly newspapers split In making their decisions, Britain's Sunday newspapers tried to sway their readers in how to vote. The Mail On Sunday warned it was "not the time to risk the peace and prosperity" of the UK. "Our deepest desires must somehow be moderated to suit the increasingly tough reality of a competitive world," the tabloid said. "Those who would have you believe in the plucky Little England of the past are selling a dangerous illusion." The Observer said: "For an international, liberal and open Britain, we need to be part of the EU." The choice was between "going it alone" or a "messy, imperfect collective", but "outside the EU, our role in the world would be diminished." The Sunday Telegraph, meanwhile, backed Brexit, declaring that the EU "belongs to the past". "The Leave campaign has articulated an ambitious vision for Britain as an independent nation, once again free to make its own decisions," it said. The Sunday Times said "Yes, we must be prepared for difficulties, but we should hold our nerve" in voting Leave. "This vote may be the only opportunity we shall ever have to call a halt to the onward march of the centralising European project. "We can help our friends face a better future." (AFP)

'If you don't know, don't go,' Cameron says as Brexit campaign resumes

French economy minister Emmanuel Macron said on Saturday the European Union should act quickly and firmly if Britain votes next week to leave the European Union. 
 
Britain`s EU referendum will be held on Thursday, with an EU summit set for a few days later on June 28 at which Macron said EU leaders should take a firm stand with regard to the UK. 
 
&quot;You are in or out... The European Council should give the British an ultimatum about their intentions, and France`s president will be very clear about that,&quot; Macron said in an interview with Le Monde published Saturday. 
 
&quot;We cannot, in the interests of the EU, leave any ambiguity to linger and to let too much time pass,&quot; Macron said. 
 
If Britain leaves the bloc, &quot;the day after the exit, there will no longer be a financial passport for British establishments,&quot; he added. 
 
Macron said in his view if the British want to maintain access to the European market, they should contribute to the EU budget, just like non-members Norway and Switzerland. 
 
If London refuses, &quot;then that would be a total exit,&quot; said the economy minister, a strong EU advocate. 
 
Campaigning in Britain on the EU referendum was suspended Saturday for a third day following the killing of a pro-Europe lawmaker and amid calls for a less acrimonious political debate. 
 
The WhatUKThinks average of the last six opinion polls currently shows 52 percent of voters in favour of &quot;Leave&quot; and 48 percent for &quot;Remain&quot;, excluding undecided voters. 
(AFP)

The day after the exit, there will be no financial passport for British establishments, says French economy minister Emmanuel Macron

French economy minister Emmanuel Macron said on Saturday the European Union should act quickly and firmly if Britain votes next week to leave the European Union. Britain`s EU referendum will be held on Thursday, with an EU summit set for a few days later on June 28 at which Macron said EU leaders should take a firm stand with regard to the UK. "You are in or out... The European Council should give the British an ultimatum about their intentions, and France`s president will be very clear about that," Macron said in an interview with Le Monde published Saturday. "We cannot, in the interests of the EU, leave any ambiguity to linger and to let too much time pass," Macron said. If Britain leaves the bloc, "the day after the exit, there will no longer be a financial passport for British establishments," he added. Macron said in his view if the British want to maintain access to the European market, they should contribute to the EU budget, just like non-members Norway and Switzerland. If London refuses, "then that would be a total exit," said the economy minister, a strong EU advocate. Campaigning in Britain on the EU referendum was suspended Saturday for a third day following the killing of a pro-Europe lawmaker and amid calls for a less acrimonious political debate. The WhatUKThinks average of the last six opinion polls currently shows 52 percent of voters in favour of "Leave" and 48 percent for "Remain", excluding undecided voters. (AFP)

France warns Britain of Brexit consequences

The IMF has warned Brexit could deal the British economy a &quot;negative and substantial&quot; blow as Vladimir Putin suggested David Cameron was trying to &quot;blackmail&quot; Europe with the EU referendum. 
 
Meanwhile The Times newspaper came out&nbsp;Saturday&nbsp;in favour of Britain staying in the European Union, five days ahead of the vote on whether the UK should stay in the bloc or leave. 
 
The pound rallied as investors leaned towards a Remain outcome from&nbsp;Thursday&#39;s&nbsp;closely-contested referendum. 
 
IMF warns of contagion&nbsp; 
 
With less than a week until the referendum, the International Monetary Fund warned that a so-called Brexit would harm the British economy while &quot;contagion effects&quot; could hit markets worldwide. 
 
In the worst-case scenario, the UK economy would sink into recession next year and overall economic output would be 5.6 per cent lower than otherwise forecast by 2019, with unemployment rising back above six per cent, it said today. 
 
&quot;While there is much uncertainty about the precise economic effects of an exit from the EU, they are likely negative and substantial,&quot; the Washington-based global crisis lender revealed in its annual British economic check-up. 
 
&quot;An exit would precipitate a protracted period of heightened uncertainty that could weigh on confidence and investment and increase financial market volatility.&quot; 
 
In addition, &quot;contagion effects could result in spillovers to regional and global markets, although the primary impact would be felt domestically&quot;. 
 
While in a &quot;limited impact&quot; scenario the IMF said the economy would only lose 1.4 per cent from the current outlook by 2019, the report gave one of the starkest pictures yet of the impact of Brexit. 
 
Putin wades in&nbsp; 
 
Meanwhile Russian President Vladimir Putin suggested British Prime Minister David Cameron had called the referendum to &quot;blackmail&quot; and &quot;scare&quot; Europe. 
 
&quot;Why has he set up this referendum? To blackmail Europe? Or to scare it? What is the purpose if he himself is against Britain leaving the EU,&quot; Putin said today during a meeting with representatives of news agencies. 
 
&quot;Some experts say a Brexit will be to the detriment of Europe. But others say that the EU will be more stable,&quot; Putin said, pointing to the example of British fishermen. 
 
&quot;They explain how hard it is to live with the restrictions on fishing. But there are advantages in other sectors.&nbsp;If you consider all these things, it&#39;s very complicated to choose,&quot; he added. 
 
The What UK Thinks average of the last six opinion polls puts the Remain camp on 52 per cent to 48 per cent for the Leave campaign, excluding undecided voters. 
 
Times&#39; &#39;pragmatic&#39; Remain case 
&nbsp; 
The Times swung behind the Remain camp&nbsp;on Saturday, in opposition to its stablemate The Sun, Britain&#39;s biggest-selling newspaper, which is backing a Leave vote. 
 
&quot;The best outcome of next week&#39;s referendum would be a new alliance of sovereign EU nations dedicated to free trade and reform, led by Britain,&quot; it said in a 2,000-word editorial. 
 
The Times said voting to stay was a &quot;pragmatic rather than enthusiastic choice&quot;. 
 
&quot;Brexit is unquestionably economically riskier than a vote to remain,&quot; the daily said. 
 
&quot;On balance we believe Britain would be better off leading a renewed drive for reform within the EU rather than starting afresh outside it.&quot; 
 
The pound rallied&nbsp;Friday&nbsp;as investors swung their bets towards Britain voting to stay in the EU, in part due to the three-day suspension of campaigning over Cox&#39;s murder. 
 
&quot;The shocking news was seen, at least on the margin, as hurting public sentiment toward the Brexit move,&quot; said Omer Esiner of Commonwealth Foreign Exchange. 
 
Long-running fears of a pro-Brexit vote had been hammering the pound, and they were heightened in recent weeks as the &quot;Leave&quot; campaign pulled ahead in the polls. 
 
The pound surged about one per cent against the dollar to $1.4348. It was up 0.5 per cent against the euro at 78.62 pence. 
 
Meanwhile French National Front leader Marine Le Pen, enthused by the British referendum, addressed a 2,000-strong Vienna rally of far-right European &quot;patriots&quot;. 
 
The elites of Europe &quot;are scared that the United Kingdom is regaining its liberty, its freedom to trade with whom it pleases,&quot; she said. 
(AFP)

'While there is much uncertainty about the precise economic effects of an exit from the EU, they are likely negative and substantial'

The IMF has warned Brexit could deal the British economy a "negative and substantial" blow as Vladimir Putin suggested David Cameron was trying to "blackmail" Europe with the EU referendum. Meanwhile The Times newspaper came out Saturday in favour of Britain staying in the European Union, five days ahead of the vote on whether the UK should stay in the bloc or leave. The pound rallied as investors leaned towards a Remain outcome from Thursday's closely-contested referendum. IMF warns of contagion With less than a week until the referendum, the International Monetary Fund warned that a so-called Brexit would harm the British economy while "contagion effects" could hit markets worldwide. In the worst-case scenario, the UK economy would sink into recession next year and overall economic output would be 5.6 per cent lower than otherwise forecast by 2019, with unemployment rising back above six per cent, it said today. "While there is much uncertainty about the precise economic effects of an exit from the EU, they are likely negative and substantial," the Washington-based global crisis lender revealed in its annual British economic check-up. "An exit would precipitate a protracted period of heightened uncertainty that could weigh on confidence and investment and increase financial market volatility." In addition, "contagion effects could result in spillovers to regional and global markets, although the primary impact would be felt domestically". While in a "limited impact" scenario the IMF said the economy would only lose 1.4 per cent from the current outlook by 2019, the report gave one of the starkest pictures yet of the impact of Brexit. Putin wades in Meanwhile Russian President Vladimir Putin suggested British Prime Minister David Cameron had called the referendum to "blackmail" and "scare" Europe. "Why has he set up this referendum? To blackmail Europe? Or to scare it? What is the purpose if he himself is against Britain leaving the EU," Putin said today during a meeting with representatives of news agencies. "Some experts say a Brexit will be to the detriment of Europe. But others say that the EU will be more stable," Putin said, pointing to the example of British fishermen. "They explain how hard it is to live with the restrictions on fishing. But there are advantages in other sectors. If you consider all these things, it's very complicated to choose," he added. The What UK Thinks average of the last six opinion polls puts the Remain camp on 52 per cent to 48 per cent for the Leave campaign, excluding undecided voters. Times' 'pragmatic' Remain case The Times swung behind the Remain camp on Saturday, in opposition to its stablemate The Sun, Britain's biggest-selling newspaper, which is backing a Leave vote. "The best outcome of next week's referendum would be a new alliance of sovereign EU nations dedicated to free trade and reform, led by Britain," it said in a 2,000-word editorial. The Times said voting to stay was a "pragmatic rather than enthusiastic choice". "Brexit is unquestionably economically riskier than a vote to remain," the daily said. "On balance we believe Britain would be better off leading a renewed drive for reform within the EU rather than starting afresh outside it." The pound rallied Friday as investors swung their bets towards Britain voting to stay in the EU, in part due to the three-day suspension of campaigning over Cox's murder. "The shocking news was seen, at least on the margin, as hurting public sentiment toward the Brexit move," said Omer Esiner of Commonwealth Foreign Exchange. Long-running fears of a pro-Brexit vote had been hammering the pound, and they were heightened in recent weeks as the "Leave" campaign pulled ahead in the polls. The pound surged about one per cent against the dollar to $1.4348. It was up 0.5 per cent against the euro at 78.62 pence. Meanwhile French National Front leader Marine Le Pen, enthused by the British referendum, addressed a 2,000-strong Vienna rally of far-right European "patriots". The elites of Europe "are scared that the United Kingdom is regaining its liberty, its freedom to trade with whom it pleases," she said. (AFP)

Brexit could harm British economy and hit markets worldwide, IMF warns

Crude oil prices rose today for the first time in seven days as markets took a breather from concerns about the impact of Britain&#39;s possible exit from the European Union. 
 
Brent crude futures were up 59 cents, or 1.3 per cent, at $47.78 a barrel around 0650 GMT after slumping 3.6 per cent in the previous session. The contract is on track to fall nearly 5.5 per cent next week. 
 
US West Texas Intermediate crude futures rose 37 cents, or 0.8 per cent, to $46.58. The contract fell 3.8 per cent in the previous session and prices are down around 5 per cent so far this week. 
 
The British pound rose from a two-month low after campaigning for next week&#39;s so-called Brexit vote next week was suspended following the murder on Thursday of UK member of parliament Jo Cox, who was a vocal advocate for Britain to stay in the European Union. 
 
Commodities across the board also posted gains, while equity benchmarks including Japan&#39;s Nikkei stock average rose. 
 
&quot;We need to brace ourselves for further volatility,&quot; said Ben Le Brun, market analyst at OptionsXpress in Sydney. 
 
&quot;We are seeing a bit of a recovery now with maybe some short positions being unwound. It is certainly going to be a wild ride for investors and traders going into the June 23 decision,&quot; he said. 
 
Still, global oil majors Chevron Corp and Royal Dutch Shell Plc are putting small refineries on the auction block as they look to trim lower-margin assets in the face of headwinds from rising crude oil prices. 
 
Chevron, the second largest US oil company, is soliciting interest in its Burnaby, British Columbia, refinery and gasoline stations, the company told Reuters. 
 
Shell is looking for buyers for its Martinez, California, refinery, two people familiar with the situation told Reuters. Shell declined to comment. 
(Reuters)

Market takes breather from concerns about the impact of Britain's possible exit from the EU

Crude oil prices rose today for the first time in seven days as markets took a breather from concerns about the impact of Britain's possible exit from the European Union. Brent crude futures were up 59 cents, or 1.3 per cent, at $47.78 a barrel around 0650 GMT after slumping 3.6 per cent in the previous session. The contract is on track to fall nearly 5.5 per cent next week. US West Texas Intermediate crude futures rose 37 cents, or 0.8 per cent, to $46.58. The contract fell 3.8 per cent in the previous session and prices are down around 5 per cent so far this week. The British pound rose from a two-month low after campaigning for next week's so-called Brexit vote next week was suspended following the murder on Thursday of UK member of parliament Jo Cox, who was a vocal advocate for Britain to stay in the European Union. Commodities across the board also posted gains, while equity benchmarks including Japan's Nikkei stock average rose. "We need to brace ourselves for further volatility," said Ben Le Brun, market analyst at OptionsXpress in Sydney. "We are seeing a bit of a recovery now with maybe some short positions being unwound. It is certainly going to be a wild ride for investors and traders going into the June 23 decision," he said. Still, global oil majors Chevron Corp and Royal Dutch Shell Plc are putting small refineries on the auction block as they look to trim lower-margin assets in the face of headwinds from rising crude oil prices. Chevron, the second largest US oil company, is soliciting interest in its Burnaby, British Columbia, refinery and gasoline stations, the company told Reuters. Shell is looking for buyers for its Martinez, California, refinery, two people familiar with the situation told Reuters. Shell declined to comment. (Reuters)

Crude oil price rises for first time in 7 days

Former European Commission President Jacques Delors, the father of modern European integration, said in a statement on Thursday that British membership is positive both for the United Kingdom and for the European Union. 
 
Delors, 89, who clashed frequently with former British Prime Minister Margaret Thatcher during his decade at the head of the EU executive from 1985 to 1994, said he would respect the British voters&#39; decision in next week&#39;s referendum on whether to remain in the EU. 
 
&quot;I consider the UK&#39;s participation in the European Union to be a positive element both for the British and for the Union,&quot; Delors said. 
 
His statement was emailed to dispel what &nbsp;the Jacques&nbsp;Delors&nbsp;Institute&nbsp;called inaccurate rumours that he favoured a Brexit to enable the remaining EU members to move ahead with deeper integration. 
(Reuters)

The statement was issued to dispel rumours that he supported Brexit to allow other members to continue with better integration

Former European Commission President Jacques Delors, the father of modern European integration, said in a statement on Thursday that British membership is positive both for the United Kingdom and for the European Union. Delors, 89, who clashed frequently with former British Prime Minister Margaret Thatcher during his decade at the head of the EU executive from 1985 to 1994, said he would respect the British voters' decision in next week's referendum on whether to remain in the EU. "I consider the UK's participation in the European Union to be a positive element both for the British and for the Union," Delors said. His statement was emailed to dispel what the Jacques Delors Institute called inaccurate rumours that he favoured a Brexit to enable the remaining EU members to move ahead with deeper integration. (Reuters)

British membership positive for EU, says former chief Delors

The anti-Brexit front swells its ranks with Germany Foreign Affairs Minister, Frank-Walter Steinmeier, and its French counterpart, Jean-Marc Ayrault, openly warning against UK leaving the European Union (EU). 
 
&quot;We can both say that we want the majority in Britain to make the right decision, and the right decision from our point of view can only be to remain in Europe,&quot; said Steinmeier during a joint press conference in Brandenburg, close to Berlin. 
 
Addressing eruosceptics&#39; worries, French Foreign Affair Minister promised that the union would keep evolving in time. &quot;Europe can&#39;t be static, it must keep moving,&quot; he said. &quot;Today it faces contradictions, slow-downs, difficulties, anxieties and fears, but we want to give Europe a new dynamism.&rdquo; 
 
Berlin&#39;s representative went as far as saying that the 23 June referendum could eventually lead to the &quot;disintegration&quot; of the EU. &quot;It would be a shock that would require mutual assurances that the European Union continues to stick together,&quot; he said. 
 
Euroscepticism has played a significant role in the history of&nbsp;UK politics. Since the end&nbsp;of the Second World War,&nbsp;the English attitude towards a united Europe&nbsp;has always been ambiguous.&nbsp;A position well summarized by then-Prime Minister&nbsp;Winston Churchill, when he&nbsp;declared in a speech in Zuirch&nbsp;that a&nbsp;&quot;kind of United States of Europe&quot; was a necessity, but without involving Britain. 
 
Franco-German statements come directly from two of the founding members of the European Union, as well as&nbsp;two of its&nbsp;leading economies. It is an influential endorsement for anti-Brexit supporters, among which British Prime Minister David Cameron, after a series of polls showed the Brexit front in the lead. 
 
A vote that would leave Britain as an outsider to the EU is &quot;a reality which we don&#39;t want&quot;, said German Foreign Affairs Minister. &quot;Europe would be lacking a lot if Great Britain decided to leave.&quot; 
(AFP)

In a joint press conference, they agreed Brexit could lead to the disintegration of the European Union

The anti-Brexit front swells its ranks with Germany Foreign Affairs Minister, Frank-Walter Steinmeier, and its French counterpart, Jean-Marc Ayrault, openly warning against UK leaving the European Union (EU). "We can both say that we want the majority in Britain to make the right decision, and the right decision from our point of view can only be to remain in Europe," said Steinmeier during a joint press conference in Brandenburg, close to Berlin. Addressing eruosceptics' worries, French Foreign Affair Minister promised that the union would keep evolving in time. "Europe can't be static, it must keep moving," he said. "Today it faces contradictions, slow-downs, difficulties, anxieties and fears, but we want to give Europe a new dynamism.” Berlin's representative went as far as saying that the 23 June referendum could eventually lead to the "disintegration" of the EU. "It would be a shock that would require mutual assurances that the European Union continues to stick together," he said. Euroscepticism has played a significant role in the history of UK politics. Since the end of the Second World War, the English attitude towards a united Europe has always been ambiguous. A position well summarized by then-Prime Minister Winston Churchill, when he declared in a speech in Zuirch that a "kind of United States of Europe" was a necessity, but without involving Britain. Franco-German statements come directly from two of the founding members of the European Union, as well as two of its leading economies. It is an influential endorsement for anti-Brexit supporters, among which British Prime Minister David Cameron, after a series of polls showed the Brexit front in the lead. A vote that would leave Britain as an outsider to the EU is "a reality which we don't want", said German Foreign Affairs Minister. "Europe would be lacking a lot if Great Britain decided to leave." (AFP)

French and German foreign affairs ministers warn against Brexit

Indian shares ended lower on Thursday, as negative sentiment persisted across the globe after the Bank of Japan and the US&nbsp;Federal Reserve acknowledged concerns over Britain&#39;s likely exit from the European Union while keeping key policy rates steady.

The Bombay Stock Exchange Sensex fell 0.75 per cent to 26,525.46.

The broader National Stock Exchange Nifty was down 0.8 per cent at 8,140.75, after falling as much as 1.6 per cent earlier in the day. 
(Reuters)

The Bombay Stock Exchange Sensex fell 0.75 per cent to 26,525.46 while the National stock Exchange was down 0.8 per cent at 8,140.75

Indian shares ended lower on Thursday, as negative sentiment persisted across the globe after the Bank of Japan and the US Federal Reserve acknowledged concerns over Britain's likely exit from the European Union while keeping key policy rates steady. The Bombay Stock Exchange Sensex fell 0.75 per cent to 26,525.46. The broader National Stock Exchange Nifty was down 0.8 per cent at 8,140.75, after falling as much as 1.6 per cent earlier in the day. (Reuters)

Indian stock index ends lower as Brexit concerns persist

Gold turned lower on Thursday, as Sterling bounced higher and US stock markets came well off their lows following the suspension of Britain&#39;s campaign for next week&#39;s referendum after a member of Parliament was shot dead. 
 
British Member of Parliament Jo Cox, who was killed in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the EU. 
 
The turnaround in bullion prices, their first drop in seven sessions, came after rallying to the highest in nearly two years, buoyed by the US Federal Reserve, which sounded a dovish note after its latest policy meeting on Wednesday. 
 
In Euro and Sterling terms, the metal turned lower after reaching three-year highs. 
 
Spot gold was down 0.4 per cent at $1,285.76 an ounce by 2:40 pm EDT (1840 GMT), after rising to $1,315.55 an ounce, the highest since August 2014. 
 
Spot prices have bounced 6 per cent this month, after the approaching June 23 referendum - when Britons will vote on whether or not to leave the European Union, dubbed &quot;Brexit&quot; - dented appetite for assets viewed as higher risk, sending investors scurrying for bonds and gold. 
 
After the attack, campaigning for next week&#39;s referendum was suspended. 
 
U.S. gold futures for August delivery settled up 0.8 percent at $1,298.40 an ounce. 
 
&quot;A rebound in the euro and sterling, and a mirrored decline in the dollar, set gold up for a retracement,&quot; said James Steel, chief metals analyst for HSBC Securities in New York. 
 
&quot;Recovery in equities may also imply some dimming in risk-off related purchases of gold.&quot; 
 
Yields on most U.S. Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox&#39;s death. 
 
Expectations that the U.S. central bank would press ahead with interest rate increases over the summer faded earlier this month after the release of weak U.S. payrolls data for May. 
 
&quot;Brexit worries then gave us the next boost and yesterday the FOMC provided enough dovish ammunition for it to make a new high,&quot; said Saxo Bank&#39;s head of commodity research, Ole Hansen. 
 
On Wednesday, holdings in the world&#39;s largest gold-backed exchange-traded fund, SPDR Gold Shares, rose to the highest since October 2013. 
 
Silver fell 0.4 percent to $17.43 an ounce, platinum lost 0.1 percent to $969.67 and palladium was up 0.2 percent at $533.11. 
(Reuters)

US stock markets came well off their lows following the suspension of Britain's referendum campaign after the death of British MP

Gold turned lower on Thursday, as Sterling bounced higher and US stock markets came well off their lows following the suspension of Britain's campaign for next week's referendum after a member of Parliament was shot dead. British Member of Parliament Jo Cox, who was killed in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the EU. The turnaround in bullion prices, their first drop in seven sessions, came after rallying to the highest in nearly two years, buoyed by the US Federal Reserve, which sounded a dovish note after its latest policy meeting on Wednesday. In Euro and Sterling terms, the metal turned lower after reaching three-year highs. Spot gold was down 0.4 per cent at $1,285.76 an ounce by 2:40 pm EDT (1840 GMT), after rising to $1,315.55 an ounce, the highest since August 2014. Spot prices have bounced 6 per cent this month, after the approaching June 23 referendum - when Britons will vote on whether or not to leave the European Union, dubbed "Brexit" - dented appetite for assets viewed as higher risk, sending investors scurrying for bonds and gold. After the attack, campaigning for next week's referendum was suspended. U.S. gold futures for August delivery settled up 0.8 percent at $1,298.40 an ounce. "A rebound in the euro and sterling, and a mirrored decline in the dollar, set gold up for a retracement," said James Steel, chief metals analyst for HSBC Securities in New York. "Recovery in equities may also imply some dimming in risk-off related purchases of gold." Yields on most U.S. Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox's death. Expectations that the U.S. central bank would press ahead with interest rate increases over the summer faded earlier this month after the release of weak U.S. payrolls data for May. "Brexit worries then gave us the next boost and yesterday the FOMC provided enough dovish ammunition for it to make a new high," said Saxo Bank's head of commodity research, Ole Hansen. On Wednesday, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, rose to the highest since October 2013. Silver fell 0.4 percent to $17.43 an ounce, platinum lost 0.1 percent to $969.67 and palladium was up 0.2 percent at $533.11. (Reuters)

Gold falls from two-year high as Brexit campaign suspended

Sterling advanced on Thursday as the campaign for Britain&#39;s vote on whether to leave the European Union was suspended following the murder of a British lawmaker, while US stocks cut losses. 
 
British Member of Parliament Jo Cox, who was shot dead in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the European Union. 
 
Whether Britain will leave the European Union, dubbed &quot;Brexit,&quot; is an issue that will be decided in a referendum next week and could undermine decades of European integration and stoke global economic uncertainty. 
 
&quot;Certainly, people are talking about the possibility that this does influence the Brexit vote in favour of remain. It is a tragic event all around. There is a sense, there is an immediate emotional reaction, but there is still a week before the referendum itself&quot; on June 23, said Alan Ruskin, global co-head of FX research at Deutsche Bank in New York. 
 
The British Pound hit a US trading high after the news, and was last up slightly at $1.4207. 
 
Rival referendum campaign groups in Britain said they were suspending activities for the day and Prime Minister David Cameron said he would pull out of a planned rally in Gibraltar, the British territory on the southern coast of Spain. 
 
US stocks, which had tumbled earlier on global growth worries, cut losses and the Dow briefly traded higher. 
 
The Dow Jones industrial average was up 17.67 points, or 0.1 per cent, at 17,657.84, the S&amp;P 500 lost 2.41 points, or 0.12 per cent, to 2,069.09 and the Nasdaq Composite dropped 10.81 points, or 0.22 per cent, to 4,824.12. 
 
The European FTSEurofirst 300 index closed down 0.5 per cent. 
 
Oil prices slumped about three per cent and were down a sixth straight day as the Dollar&#39;s rally on fears of Britain&#39;s exit from the EU hammered commodities priced in the currency. 
 
Data showing US crude stockpiles fell less than expected also weighed on oil prices. Brent crude futures were down $1.52 at $47.45, while US crude futures were down $1.61 at $46.40. 
 
Yields on most US Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox&#39;s death. 
 
Yields on benchmark 10-year Treasury notes rose to a session high of 1.581 per cent, after earlier falling to 1.518 per cent, the lowest level since August 2012.

S&P and Nasdaq dropped, but Dow Jones gained as Brexit campaign was called off after the death of British lawmaker Jo Cox

Sterling advanced on Thursday as the campaign for Britain's vote on whether to leave the European Union was suspended following the murder of a British lawmaker, while US stocks cut losses. British Member of Parliament Jo Cox, who was shot dead in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the European Union. Whether Britain will leave the European Union, dubbed "Brexit," is an issue that will be decided in a referendum next week and could undermine decades of European integration and stoke global economic uncertainty. "Certainly, people are talking about the possibility that this does influence the Brexit vote in favour of remain. It is a tragic event all around. There is a sense, there is an immediate emotional reaction, but there is still a week before the referendum itself" on June 23, said Alan Ruskin, global co-head of FX research at Deutsche Bank in New York. The British Pound hit a US trading high after the news, and was last up slightly at $1.4207. Rival referendum campaign groups in Britain said they were suspending activities for the day and Prime Minister David Cameron said he would pull out of a planned rally in Gibraltar, the British territory on the southern coast of Spain. US stocks, which had tumbled earlier on global growth worries, cut losses and the Dow briefly traded higher. The Dow Jones industrial average was up 17.67 points, or 0.1 per cent, at 17,657.84, the S&P 500 lost 2.41 points, or 0.12 per cent, to 2,069.09 and the Nasdaq Composite dropped 10.81 points, or 0.22 per cent, to 4,824.12. The European FTSEurofirst 300 index closed down 0.5 per cent. Oil prices slumped about three per cent and were down a sixth straight day as the Dollar's rally on fears of Britain's exit from the EU hammered commodities priced in the currency. Data showing US crude stockpiles fell less than expected also weighed on oil prices. Brent crude futures were down $1.52 at $47.45, while US crude futures were down $1.61 at $46.40. Yields on most US Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox's death. Yields on benchmark 10-year Treasury notes rose to a session high of 1.581 per cent, after earlier falling to 1.518 per cent, the lowest level since August 2012.

Sterling gains as Brexit campaign suspended

Crude futures fell on Wednesday as mounting concerns about Britain&#39;s possible exit from the European Union and a surprise build in&nbsp;the&nbsp;US&nbsp;inventories left investors ignoring an International Energy Agency declaration that oil markets are now in balance. 
 
US&nbsp;crude fell to a three-week low of $47.55 as the contract dropped for a fifth day. It was trading down 52 cents at $47.97 a barrel 
 
Brent was also down for a fifth day to hit its lowest in around two weeks. The global benchmark was 52 cents lower at $49.29 a barrel. 
 
Data from the American Petroleum Institute showed US&nbsp;crude inventories rose by 1.2 million barrels in the week to June 10 to 536.7 million, compared with analyst expectations for a decrease of 2.3 million barrels. 
 
But the impending vote on the so-called Brexit is dominating everything from currency markets to German Bunds, yields of which fell below zero for the first time on Tuesday after polls showed the &quot;Out&quot; campaign gaining over &quot;In&quot;. 
 
&quot;The broad picture at the moment is that oil is being swept up in a broad risk off move associated with Brexit primarily,&quot; said Ric Spooner, chief market analyst at CMC Markets in Sydney. 
 
The influential Sun newspaper, long a scourge of alleged European Union excess, also came out in support of Britain leaving the European Union. 
 
If Britain votes to exit the EU, investors fear the bloc could slip into a recession that would undermine oil demand. 
 
The oil market is now in balance due to unplanned outages and robust demand, particularly from emerging economies, but this equilibrium will tip into surplus again early in 2017, the International Energy Agency (IEA) said on Tuesday. 
 
But there is plenty of oil flowing into the market with Iran&#39;s exports on track to hit the highest in almost 4.5&nbsp;years in June, as shipments to Europe recover to near pre-sanctions level, a source with knowledge of the country&#39;s crude lifting plans has told Reuters.

US crude drops by 52 cents at $47.55 due to scaling agitation regarding the possibilities of Britain's exit from EU

Crude futures fell on Wednesday as mounting concerns about Britain's possible exit from the European Union and a surprise build in the US inventories left investors ignoring an International Energy Agency declaration that oil markets are now in balance. US crude fell to a three-week low of $47.55 as the contract dropped for a fifth day. It was trading down 52 cents at $47.97 a barrel Brent was also down for a fifth day to hit its lowest in around two weeks. The global benchmark was 52 cents lower at $49.29 a barrel. Data from the American Petroleum Institute showed US crude inventories rose by 1.2 million barrels in the week to June 10 to 536.7 million, compared with analyst expectations for a decrease of 2.3 million barrels. But the impending vote on the so-called Brexit is dominating everything from currency markets to German Bunds, yields of which fell below zero for the first time on Tuesday after polls showed the "Out" campaign gaining over "In". "The broad picture at the moment is that oil is being swept up in a broad risk off move associated with Brexit primarily," said Ric Spooner, chief market analyst at CMC Markets in Sydney. The influential Sun newspaper, long a scourge of alleged European Union excess, also came out in support of Britain leaving the European Union. If Britain votes to exit the EU, investors fear the bloc could slip into a recession that would undermine oil demand. The oil market is now in balance due to unplanned outages and robust demand, particularly from emerging economies, but this equilibrium will tip into surplus again early in 2017, the International Energy Agency (IEA) said on Tuesday. But there is plenty of oil flowing into the market with Iran's exports on track to hit the highest in almost 4.5 years in June, as shipments to Europe recover to near pre-sanctions level, a source with knowledge of the country's crude lifting plans has told Reuters.

US oil falls to three-week low on inventory gains due to Brexit fears

The Federal Reserve is expected to keep interest rates unchanged and signal if it still plans to double the rates in 2016 amid concerns about a US hiring slowdown and Britain&#39;s possible exit from the European Union. 
 
The Fed had raised its key overnight lending rate in December for the first time in nearly a decade, but it has backed away from further monetary policy tightening this year largely due to a global economic slowdown and financial market volatility. 
 
The US central bank is scheduled to issue its latest policy statement and updated economic projections following a two-day meeting at 2 p.m. EDT (1800 GMT). Fed Chair Janet Yellen will hold a news conference today.&nbsp; 
 
The Fed&#39;s targeted overnight lending rate is forecast to remain in the current range of 0.25 per cent to 0.50 per cent, according to a Reuters poll of 151 economists. 
 
Fed forecasts in March pointed to two rate rises in 2016, but a sharp slowdown in US job gains in May and the prospect that Britain could vote next week to leave the EU have added to doubts about the economic outlook. 
 
With US hiring expected to bounce back in June and no financial meltdown from the Brexit vote currently seen, economists now expect the Fed to tighten monetary policy in July or September. 
 
Yellen, however, recently warned that a British exit from the EU could have a significant economic impact, a concern shared by other Fed policymakers. 
 
&quot;We shouldn&#39;t expect the Fed to be prepared to send a clear signal about a timing of rate hikes,&quot; said Roberto Perli, an economist at Cornerstone Macro. 
 
The Fed telegraphed December&#39;s rate increase by saying in October it would consider tightening at its next meeting. While such clarity appears unlikely today, policymakers could provide guidance through their updated economic forecasts. 
 
Perli and other analysts expect those forecasts will continue to point to two rate increases this year. They calculate eight of the Fed&#39;s 17 policymakers would need to shift their outlook for the closely-watched median forecast to move to only one increase. 
 
Prices for interest rate futures suggest investors are betting on just one rate rise this year, according to CME Group. 
 
Economists expect the Fed will raise rates at least once this year, based on a view of an improving US jobs market and the central bank coming under pressure to keep inflation from rising well above its 2 per cent target. 
 
&quot;With the unemployment rate at 4.7 per cent, wage growth clearly picking up, and financial conditions much easier, there is likely a limit to how long the Fed&#39;s pause can last,&quot; Goldman Sachs economists Jan Hatzius and Zach Pandl wrote in a recent note to clients. 
(Reuters)

The US Federal Reserve had raised its lending rate last December for the first time since 2006 by a quarter-percentage point

The Federal Reserve is expected to keep interest rates unchanged and signal if it still plans to double the rates in 2016 amid concerns about a US hiring slowdown and Britain's possible exit from the European Union. The Fed had raised its key overnight lending rate in December for the first time in nearly a decade, but it has backed away from further monetary policy tightening this year largely due to a global economic slowdown and financial market volatility. The US central bank is scheduled to issue its latest policy statement and updated economic projections following a two-day meeting at 2 p.m. EDT (1800 GMT). Fed Chair Janet Yellen will hold a news conference today. The Fed's targeted overnight lending rate is forecast to remain in the current range of 0.25 per cent to 0.50 per cent, according to a Reuters poll of 151 economists. Fed forecasts in March pointed to two rate rises in 2016, but a sharp slowdown in US job gains in May and the prospect that Britain could vote next week to leave the EU have added to doubts about the economic outlook. With US hiring expected to bounce back in June and no financial meltdown from the Brexit vote currently seen, economists now expect the Fed to tighten monetary policy in July or September. Yellen, however, recently warned that a British exit from the EU could have a significant economic impact, a concern shared by other Fed policymakers. "We shouldn't expect the Fed to be prepared to send a clear signal about a timing of rate hikes," said Roberto Perli, an economist at Cornerstone Macro. The Fed telegraphed December's rate increase by saying in October it would consider tightening at its next meeting. While such clarity appears unlikely today, policymakers could provide guidance through their updated economic forecasts. Perli and other analysts expect those forecasts will continue to point to two rate increases this year. They calculate eight of the Fed's 17 policymakers would need to shift their outlook for the closely-watched median forecast to move to only one increase. Prices for interest rate futures suggest investors are betting on just one rate rise this year, according to CME Group. Economists expect the Fed will raise rates at least once this year, based on a view of an improving US jobs market and the central bank coming under pressure to keep inflation from rising well above its 2 per cent target. "With the unemployment rate at 4.7 per cent, wage growth clearly picking up, and financial conditions much easier, there is likely a limit to how long the Fed's pause can last," Goldman Sachs economists Jan Hatzius and Zach Pandl wrote in a recent note to clients. (Reuters)

Fed expected to keep interest rates unchanged in wake of possible Brexit

<div style="text-align: justify;">European shares fell for a fifth straight session today, with investors becoming jittery before next week&#39;s referendum in Britain on its membership of the European Union and a two-day meeting of the Federal Reserve starting later in the day. 
 
Swiss money manager GAM Holding fell nearly 18 per cent to a 4.5&nbsp;year low after warning it expects a roughly 50 per cent year-on-year fall in first-half, underlying profit before tax, mainly due to lower performance fees. 
 
However,&nbsp;Premier Farnell surged 50 per cent&nbsp;after Daetwyler Holding agreed to buy it in an all-cash offer that valued the British electronic component distributor at just over 1 billion Swiss francs ($1.04 billion). 
 
The pan-European FTSEurofirst 300 index fell 1.1 per cent to 1,270.68 points after hitting its lowest since February. The STOXX Europe 600 was also down 1.1 per cent, while the European miners fell 1.8 per cent, the top sectoral decliner, tracking weaker metals prices. 
 
The Euro STOXX 50 volatility index, Europe&#39;s main gauge of equity market investor anxiety known as the VSTOXX index, surged to a four-month high of 36, against 20 about two weeks ago, over&nbsp;Brexit&nbsp;fears. 
 
&quot;Brexit&nbsp;concerns are pushing the volatility index higher and particularly hitting financials. This increased volatility is likely to last at least until&nbsp;the referendum,&quot; said&nbsp;Koen De Leus, senior economist at KBC in Brussels 
 
Two opinion polls published by ICM showed on Monday that Britain&#39;s &quot;Out&quot; campaign had widened its lead over the &quot;In&quot; camp ahead of the June 23 referendum on Britain&#39;s EU membership, adding to investors&#39; general nervousness. 
 
The European banking index was down 0.7 per cent, taking total losses to more than 26 per cent this year. It is the worst performing sector in Europe in 2016. 
 
Uncertainty over this week&#39;s two-day Fed meeting, starting later on Tuesday, also weighed on markets. The US&nbsp;central bank is widely&nbsp;expected to leave rates unchanged after the much weaker-than-expected May nonfarm payrolls report, analysts said. 
 
&quot;Markets will continue to price in a worst case scenario meaning further declines are likely in the days ahead except if there would be a substantial shift in public opinion or some kind of verbal intervention from politicians or central bankers to bring back calm into the markets,&quot;&nbsp;Markus Huber, trader at City of London Markets, said.</div>

Brexit concerns are hitting the European markets with Swiss money manager GAM Holding hitting a 4.5 yearlow at 18 per cent

European shares fell for a fifth straight session today, with investors becoming jittery before next week's referendum in Britain on its membership of the European Union and a two-day meeting of the Federal Reserve starting later in the day. Swiss money manager GAM Holding fell nearly 18 per cent to a 4.5 year low after warning it expects a roughly 50 per cent year-on-year fall in first-half, underlying profit before tax, mainly due to lower performance fees. However, Premier Farnell surged 50 per cent after Daetwyler Holding agreed to buy it in an all-cash offer that valued the British electronic component distributor at just over 1 billion Swiss francs ($1.04 billion). The pan-European FTSEurofirst 300 index fell 1.1 per cent to 1,270.68 points after hitting its lowest since February. The STOXX Europe 600 was also down 1.1 per cent, while the European miners fell 1.8 per cent, the top sectoral decliner, tracking weaker metals prices. The Euro STOXX 50 volatility index, Europe's main gauge of equity market investor anxiety known as the VSTOXX index, surged to a four-month high of 36, against 20 about two weeks ago, over Brexit fears. "Brexit concerns are pushing the volatility index higher and particularly hitting financials. This increased volatility is likely to last at least until the referendum," said Koen De Leus, senior economist at KBC in Brussels Two opinion polls published by ICM showed on Monday that Britain's "Out" campaign had widened its lead over the "In" camp ahead of the June 23 referendum on Britain's EU membership, adding to investors' general nervousness. The European banking index was down 0.7 per cent, taking total losses to more than 26 per cent this year. It is the worst performing sector in Europe in 2016. Uncertainty over this week's two-day Fed meeting, starting later on Tuesday, also weighed on markets. The US central bank is widely expected to leave rates unchanged after the much weaker-than-expected May nonfarm payrolls report, analysts said. "Markets will continue to price in a worst case scenario meaning further declines are likely in the days ahead except if there would be a substantial shift in public opinion or some kind of verbal intervention from politicians or central bankers to bring back calm into the markets," Markus Huber, trader at City of London Markets, said.

European shares set new three-month low, Swiss GAM drops 18%

Asian stocks slipped on Tuesday ahead of the US Federal Reserve&#39;s two-day meeting that begins later in the day&nbsp;amid growing worries that this month&#39;s referendum in Britain could see it exit the European Union. 
 
The Pound and Euro have suffered in recent sessions as economists fear a so-called Brexit would tip Europe back into recession. Voters appear divided ahead of the June 23-referendum, with the &quot;Out&quot; campaign widening its lead over the &quot;In&quot; camp, according to two opinion polls published by ICM on Monday. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was down 0.6 per cent&nbsp;after Wall Street lost ground for the third straight session. 
 
Japan&#39;s Nikkei stock index skidded 1.5 per cent after tumbling 3.5 per cent on Monday. 
 
&quot;Short-term hedge funds have started betting on Brexit&nbsp;and futures players will likely dominate the market&#39;s move today,&quot; said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. 
 
The benchmark 10-year Japanese government bond yield fell to as low as minus 0.175 per cent, a fresh record, before edging back to minus 0.170 per cent. 
 
Uncertainty over this week&#39;s Federal Reserve policy meeting has weighed on markets, even while the US central bank is widely expected to leave rates unchanged after the much weaker-than-expected May non-farm payrolls report. 
 
&quot;The committee was actively preparing markets for a June-July rate hike until the release of the May employment report and is unlikely to give up its tightening bias absent additional information that labour markets are weakening,&quot; analysts at Barclays wrote. 
 
&quot;Nevertheless, the abrupt slowing in employment and falling long-run inflation expectations should raise alarm bells, and risk management concerns suggest delaying action until after the outcome of the UK referendum,&quot; they said. 
 
The Bank of England, Swiss National Bank and the Bank of Japan will also meet this week, and are similarly expected to stand pat on policy with the Brexit vote looming. 
 
The dollar index, which tracks the greenback against a basket of six rival currencies, edged up slightly to 94.395, moving back toward the overnight high of 94.750. That was its highest since the downbeat US jobs report toppled the dollar on June 3. 
 
The perceived safe-haven Yen has benefited from investors&#39; risk aversion. The dollar was down 0.2 per cent at 105.99 Yen, moving back toward Monday&#39;s low of 105.735, its weakest level since early May. 
 
Japanese Finance Minister Taro Aso issued a fresh warning against renewed strength in the Yen, saying that he would &quot;firmly respond&quot; if rapid and speculative moves persisted in the foreign exchange market. 
 
The Euro was slightly lower at $1.1290. Against the Yen, it skidded 0.3 per cent to 119.69, moving back toward a more than three-year low plumbed in the previous session. 
 
Sterling also notched a three-year low against the Yen on Monday, and was last down 0.8 per cent at 150.35 Yen. Against the Dollar, the Pound dropped 0.6 per cent to $1.4180. 
 
Crude oil prices continued to slip, pressured by the strong US dollar and worrying economic prospects in Europe and Asia, though losses were contained by ongoing supply outages in Nigeria. 
 
Brent was down 1 per cent at $49.84 per barrel, while US crude shed 1.1 per cent to $48.34.

The Pound and Euro have both suffered over fears that UK leaving the EU will cause another European recession

Asian stocks slipped on Tuesday ahead of the US Federal Reserve's two-day meeting that begins later in the day amid growing worries that this month's referendum in Britain could see it exit the European Union. The Pound and Euro have suffered in recent sessions as economists fear a so-called Brexit would tip Europe back into recession. Voters appear divided ahead of the June 23-referendum, with the "Out" campaign widening its lead over the "In" camp, according to two opinion polls published by ICM on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6 per cent after Wall Street lost ground for the third straight session. Japan's Nikkei stock index skidded 1.5 per cent after tumbling 3.5 per cent on Monday. "Short-term hedge funds have started betting on Brexit and futures players will likely dominate the market's move today," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The benchmark 10-year Japanese government bond yield fell to as low as minus 0.175 per cent, a fresh record, before edging back to minus 0.170 per cent. Uncertainty over this week's Federal Reserve policy meeting has weighed on markets, even while the US central bank is widely expected to leave rates unchanged after the much weaker-than-expected May non-farm payrolls report. "The committee was actively preparing markets for a June-July rate hike until the release of the May employment report and is unlikely to give up its tightening bias absent additional information that labour markets are weakening," analysts at Barclays wrote. "Nevertheless, the abrupt slowing in employment and falling long-run inflation expectations should raise alarm bells, and risk management concerns suggest delaying action until after the outcome of the UK referendum," they said. The Bank of England, Swiss National Bank and the Bank of Japan will also meet this week, and are similarly expected to stand pat on policy with the Brexit vote looming. The dollar index, which tracks the greenback against a basket of six rival currencies, edged up slightly to 94.395, moving back toward the overnight high of 94.750. That was its highest since the downbeat US jobs report toppled the dollar on June 3. The perceived safe-haven Yen has benefited from investors' risk aversion. The dollar was down 0.2 per cent at 105.99 Yen, moving back toward Monday's low of 105.735, its weakest level since early May. Japanese Finance Minister Taro Aso issued a fresh warning against renewed strength in the Yen, saying that he would "firmly respond" if rapid and speculative moves persisted in the foreign exchange market. The Euro was slightly lower at $1.1290. Against the Yen, it skidded 0.3 per cent to 119.69, moving back toward a more than three-year low plumbed in the previous session. Sterling also notched a three-year low against the Yen on Monday, and was last down 0.8 per cent at 150.35 Yen. Against the Dollar, the Pound dropped 0.6 per cent to $1.4180. Crude oil prices continued to slip, pressured by the strong US dollar and worrying economic prospects in Europe and Asia, though losses were contained by ongoing supply outages in Nigeria. Brent was down 1 per cent at $49.84 per barrel, while US crude shed 1.1 per cent to $48.34.

Asian shares slip as Brexit vote looms

Gold inched down on Tuesday as investors waited for cues from a two-day US Federal Reserve meeting beginning later in the day and a June 23-referendum that will decide whether Britain will exit the European Union. 
 
Spot gold was down 0.4 per cent at $1,279.16 an ounce as of 0648 GMT, but has gained more than 5 per cent this month, hitting a peak of $1,287 on Monday, its highest since May 16. 
 
US gold fell 0.4 per cent to $1,282.30. 
 
&quot;I think investors have decided to take profits and some of them are staying on the sidelines before taking a decision on what to do next until the Fed makes an announcement,&quot; said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. 
 
Bullion, which is often perceived as a hedge against economic and financial uncertainty, has been driven by rising investor risk aversion before key central bank meetings this week. 
 
Apart from the Fed, the Bank of England, Swiss National Bank and the Bank of Japan will meet this week, and are expected to hold monetary policies steady against a backdrop of caution about the global economic outlook. 
 
The safe-haven appeal of gold, which is near a four-week high hit in the previous session, could get a further boost if a vote by Britain to leave the 28-member group, dubbed &quot;Brexit&quot;, pushes Europe back into a recession. 
 
The British pound remained fragile near a two-month low against the dollar, while Asian stocks slipped on Tuesday on concerns ahead of the referendum. 
 
Britain&#39;s &quot;Out&quot; campaign widened its lead over the &quot;In&quot; camp ahead of the referendum according to two opinion polls published by ICM on Monday. 
 
&quot;We think that the risk of Britain leaving has now increased substantially and the Fed will therefore signal its willingness in no uncertain terms to &#39;stay the course&#39; in light of this potential &#39;Black Swan&#39; event,&quot; INTL FCStone analyst Edward Meir said in a note. 
 
&quot;This will likely enable gold to push even higher over the next few days, at least until the polls start to swing the other way.&quot; 
 
Meanwhile, Hong Kong Exchanges and Clearing Ltd is aiming to launch its planned physically-delivered gold futures contract in September, said&nbsp;its head on Tuesday. 
 
Holdings in SPDR Gold Trust, the world&#39;s largest gold-backed exchange-traded fund, rose 0.27 per cent to 896.30 tonnes on Monday, the highest since October 2013. 
 
Spot silver fell 0.8 percent to $17.29 per ounce, after touching a one-month high of $17.45 on Monday.

Gold is likely to get a further boost if a vote by Britain to leave the 28-member group dubbed "Brexit," pushes Europe back into a recession

Gold inched down on Tuesday as investors waited for cues from a two-day US Federal Reserve meeting beginning later in the day and a June 23-referendum that will decide whether Britain will exit the European Union. Spot gold was down 0.4 per cent at $1,279.16 an ounce as of 0648 GMT, but has gained more than 5 per cent this month, hitting a peak of $1,287 on Monday, its highest since May 16. US gold fell 0.4 per cent to $1,282.30. "I think investors have decided to take profits and some of them are staying on the sidelines before taking a decision on what to do next until the Fed makes an announcement," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. Bullion, which is often perceived as a hedge against economic and financial uncertainty, has been driven by rising investor risk aversion before key central bank meetings this week. Apart from the Fed, the Bank of England, Swiss National Bank and the Bank of Japan will meet this week, and are expected to hold monetary policies steady against a backdrop of caution about the global economic outlook. The safe-haven appeal of gold, which is near a four-week high hit in the previous session, could get a further boost if a vote by Britain to leave the 28-member group, dubbed "Brexit", pushes Europe back into a recession. The British pound remained fragile near a two-month low against the dollar, while Asian stocks slipped on Tuesday on concerns ahead of the referendum. Britain's "Out" campaign widened its lead over the "In" camp ahead of the referendum according to two opinion polls published by ICM on Monday. "We think that the risk of Britain leaving has now increased substantially and the Fed will therefore signal its willingness in no uncertain terms to 'stay the course' in light of this potential 'Black Swan' event," INTL FCStone analyst Edward Meir said in a note. "This will likely enable gold to push even higher over the next few days, at least until the polls start to swing the other way." Meanwhile, Hong Kong Exchanges and Clearing Ltd is aiming to launch its planned physically-delivered gold futures contract in September, said its head on Tuesday. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.27 per cent to 896.30 tonnes on Monday, the highest since October 2013. Spot silver fell 0.8 percent to $17.29 per ounce, after touching a one-month high of $17.45 on Monday.

Gold dips, but lingers near four-week high ahead of Fed meeting

<div style="text-align: justify;">Fears that&nbsp;Britain is on the verge of voting to leave the European Union next week, spread through global financial markets today, sending Asian and European shares sharply lower and the pound to an eight-week low. 
 
With the world economy looking shaky, and surprisingly weak, jobs figures last month suggesting even the United States is not ready for higher interest rates, concerns over the economic fallout of a Brexit have lurked in the background for weeks. 
 
They were at the heart on Monday of the biggest falls for Asian stock markets in four months, and a one&nbsp;per cent drop in European share prices, after a new poll late on Friday gave the &quot;Leave&quot; camp a 10 point lead. 
 
Money markets have now abandoned expectations, high just weeks ago, that the US&nbsp;Federal Reserve could raise official borrowing costs on Wednesday. Instead, the worry is that it could use language that quells expectations of a move this year at all. 
 
&quot;We&#39;re in uncharted territory in front of the Brexit vote, and then there&#39;s also the Fed this week. So the wall of worry is quite high at the moment,&quot; said Zeg Choudhry, managing director at LONTRAD.&nbsp;&quot;All the banks are a little bit lower, and they&#39;re the ones which are likely to get hit. For the next two weeks, you&#39;ve got to be slightly mad if you&#39;ve not got your money in defensive stocks.&quot; 
 
The news out of China, global investors&#39; other big concern this year, was also poor, with data showing investment growth cooling. Stock markets in Tokyo, Hong Kong and Shanghai all fell by around three&nbsp;per cent. 
 
By comparison, the moves in Europe, where investors have been preparing for the British vote for months, were more subdued. Britain&#39;s FTSE 100 fell one&nbsp;per cent, Germany&#39;s DAX 0.9 per cent, and France&#39;s CAC 40 by 0.8 per cent. 
 
On currency markets, sterling fell another half a per cent against the Dollar after sinking by as much as 3 full cents in value on Friday. The biggest beneficiary of the global moves, however, was the Yen, traditionally investors&#39; first choice in times of financial and economic stress. 
 
Further gains for the Japanese currency, which broke past long-term resistance around 106.50 Yen per Dollar and is up 14 per cent this year, puts more pressure on the Bank of Japan to act against the currency&#39;s strength this week. 
 
&quot;While the pound is the worst-performing G10 currency versus the Dollar this year, the Yen is by far the best,&quot; said Derek Halpenny, European Head of Global Markets Research at Bank of Tokyo-Mitsubishi in London. 
 
&quot;The continued surge of the Yen will lift expectations that the BOJ may surprise the markets and announce some additional monetary easing.&quot; 
 
The grim mood was visible on commodities markets, where crude oil futures added to Friday&#39;s three&nbsp;per cent drop after data showed the US&nbsp;oil drilling rig count rose for the second week in row. 
 
Gold, another perceived safe haven, hit four-week highs above $1,280 an ounce. (Reuters)</div>

Asian stock markets experience biggest drop in 4 months and European share prices fall by one per cent due to Britain's unassertive decision

Fears that Britain is on the verge of voting to leave the European Union next week, spread through global financial markets today, sending Asian and European shares sharply lower and the pound to an eight-week low. With the world economy looking shaky, and surprisingly weak, jobs figures last month suggesting even the United States is not ready for higher interest rates, concerns over the economic fallout of a Brexit have lurked in the background for weeks. They were at the heart on Monday of the biggest falls for Asian stock markets in four months, and a one per cent drop in European share prices, after a new poll late on Friday gave the "Leave" camp a 10 point lead. Money markets have now abandoned expectations, high just weeks ago, that the US Federal Reserve could raise official borrowing costs on Wednesday. Instead, the worry is that it could use language that quells expectations of a move this year at all. "We're in uncharted territory in front of the Brexit vote, and then there's also the Fed this week. So the wall of worry is quite high at the moment," said Zeg Choudhry, managing director at LONTRAD. "All the banks are a little bit lower, and they're the ones which are likely to get hit. For the next two weeks, you've got to be slightly mad if you've not got your money in defensive stocks." The news out of China, global investors' other big concern this year, was also poor, with data showing investment growth cooling. Stock markets in Tokyo, Hong Kong and Shanghai all fell by around three per cent. By comparison, the moves in Europe, where investors have been preparing for the British vote for months, were more subdued. Britain's FTSE 100 fell one per cent, Germany's DAX 0.9 per cent, and France's CAC 40 by 0.8 per cent. On currency markets, sterling fell another half a per cent against the Dollar after sinking by as much as 3 full cents in value on Friday. The biggest beneficiary of the global moves, however, was the Yen, traditionally investors' first choice in times of financial and economic stress. Further gains for the Japanese currency, which broke past long-term resistance around 106.50 Yen per Dollar and is up 14 per cent this year, puts more pressure on the Bank of Japan to act against the currency's strength this week. "While the pound is the worst-performing G10 currency versus the Dollar this year, the Yen is by far the best," said Derek Halpenny, European Head of Global Markets Research at Bank of Tokyo-Mitsubishi in London. "The continued surge of the Yen will lift expectations that the BOJ may surprise the markets and announce some additional monetary easing." The grim mood was visible on commodities markets, where crude oil futures added to Friday's three per cent drop after data showed the US oil drilling rig count rose for the second week in row. Gold, another perceived safe haven, hit four-week highs above $1,280 an ounce. (Reuters)

Brexit fear factor sends global stocks spinning

British support for leaving the European Union (EU) in a June 23 referendum has risen, giving the Out campaign a lead of two to four percentage points, according to opinion polls by Taylor Nelson Sofres (TNS), a market research and market information group, and YouGov, an international internet-based market research firm. 
 
A YouGov online poll of 3,495 people for ITV&#39;s Good Morning Britain showed 45 per cent would opt to leave the EU, while 41 per cent would opt to stay. Over 11 per cent of voters were undecided. The poll was carried out from June 1 to June 3. 
 
A TNS online poll of 1,213 people showed 43 per cent would vote to leave, 41 per cent would vote to stay and 16 per cent were undecided. The TNS poll was carried out from May 19 to May 23, &nbsp;but was adjusted for turnout. 
 
Sterling fell one per cent against the dollar to hit a three-week low today, while the cost of hedging against swings over the coming month traded at its highest since early 2009 on growing concerns over whether Britain will stay in the European Union. 
 
Against the dollar, sterling was one per cent lower at $1.4370, having fallen to $1.4352 GBP=D4 in early Asian trading, its lowest in three weeks. The euro was 0.75 per cent higher at 78.95 pence EURGBP=D4. 
 
Sterling fell sharply last Tuesday when both an online and a telephone poll for ICM showed a three-percentage-point lead for the &quot;Leave&quot; campaign.

A YouGov online poll of 3,495 people showed that 45 per cent would opt to leave the European Union, while 41 per cent would opt to stay

British support for leaving the European Union (EU) in a June 23 referendum has risen, giving the Out campaign a lead of two to four percentage points, according to opinion polls by Taylor Nelson Sofres (TNS), a market research and market information group, and YouGov, an international internet-based market research firm. A YouGov online poll of 3,495 people for ITV's Good Morning Britain showed 45 per cent would opt to leave the EU, while 41 per cent would opt to stay. Over 11 per cent of voters were undecided. The poll was carried out from June 1 to June 3. A TNS online poll of 1,213 people showed 43 per cent would vote to leave, 41 per cent would vote to stay and 16 per cent were undecided. The TNS poll was carried out from May 19 to May 23, but was adjusted for turnout. Sterling fell one per cent against the dollar to hit a three-week low today, while the cost of hedging against swings over the coming month traded at its highest since early 2009 on growing concerns over whether Britain will stay in the European Union. Against the dollar, sterling was one per cent lower at $1.4370, having fallen to $1.4352 GBP=D4 in early Asian trading, its lowest in three weeks. The euro was 0.75 per cent higher at 78.95 pence EURGBP=D4. Sterling fell sharply last Tuesday when both an online and a telephone poll for ICM showed a three-percentage-point lead for the "Leave" campaign.

TNS, YouGov polls give Brexit lead of 3 percentage points

Japanese stocks suffered their biggest daily percentage drop in a month today hit by a stronger Yen, while global concerns such as the upcoming Brexit vote and worries about Japan&#39;s fiscal policies sapped risk appetite. 
 
The Nikkei share average fell 2.3 per cent to 16,562.55, the biggest daily drop since May 2. 
 
The already pressured dollar sank further against the yen after Bank of Japan board member Takehiro Sato reiterated his view that the BOJ should consider its 2 per cent inflation target as a long-term goal with room for flexibility, rather than one with a rigid deadline. 
 
That meant the BOJ should modify its current massive asset buying programme, which was intended to be a short-term move aimed at shocking the public out of its deflationary mindset. 
 
The broader Topix declined 2.2 per cent to 1,331.81 and the JPX-Nikkei Index 400 fell 2.3 per cent to 12,004.95.

The Nikkei share average fell 2.3 per cent to 16,562.55, the biggest daily drop since May 2. The upcoming Brexit vote and worries about Japan's fiscal policies play their part

Japanese stocks suffered their biggest daily percentage drop in a month today hit by a stronger Yen, while global concerns such as the upcoming Brexit vote and worries about Japan's fiscal policies sapped risk appetite. The Nikkei share average fell 2.3 per cent to 16,562.55, the biggest daily drop since May 2. The already pressured dollar sank further against the yen after Bank of Japan board member Takehiro Sato reiterated his view that the BOJ should consider its 2 per cent inflation target as a long-term goal with room for flexibility, rather than one with a rigid deadline. That meant the BOJ should modify its current massive asset buying programme, which was intended to be a short-term move aimed at shocking the public out of its deflationary mindset. The broader Topix declined 2.2 per cent to 1,331.81 and the JPX-Nikkei Index 400 fell 2.3 per cent to 12,004.95.

Nikkei hit by strong Yen, suffers biggest drop in a month

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