May’s clear run fails to lift the market clouds

Sterling rose against the euro yesterday after the path was cleared for UK home secretary Theresa May to be appointed prime minister, as S&P Global Ratings sounded its concerns over the “the vulnerability” of the British housing market.

“This is a small sterling positive to the extent that it reduces some of the uncertainty.

"But it doesn’t change the fundamental picture,” said Sam Lynton-Brown, a currency strategist at BNP Paribas in London.