Stocks and sterling strengthen as UK votes on EU membership

Stocks gained ground yesterday and sterling strengthened to its highest level this year, while haven assets weakened with voting under way in the UK’s referendum on its EU membership. Oil also advanced.

European shares rose to a three-week high in above-average volume, while banks led the S&P 500 Index to within 1.2% of its all-time high.

A gauge of sterling strengthened for a second day, as the yen headed for its biggest retreat versus the dollar since April.