For markets, the first key date in the Brexit talks is September

It is absolutely true that the markets got the Brexit referendum outcome totally wrong. That said most of the negativity, selling and re-pricing have been reversed as we settle into the process. And that is what it is now — a process.

One of two halves really, the first, to elect a new leader of the Tories and then to invoke Article 50 and set the negotiations in place to exit the EU.

The Conservative leadership election has started with no Boris. The markets rallied on that because they believe the contest is likely to be more conciliatory in nature.