Sterling steadies as Tories avoid fractious contest

A week after the UK began voting to leave the EU, global markets are still being dominated by the consequences.

There are signs the tension is easing: Sterling held steady after former London mayor Boris Johnson said he won’t run to succeed David Cameron as UK Conservative Party leader, offering the chance of a smoother transition of power.

European stocks were little changed, having recovered about half their losses since Britain’s EU referendum, while emerging-market equities advanced.