Markets torn between Brexit and prospect of US rate hike

Stock markets were torn between the continuing fallout of Brexit and the countdown to the probable announcement of a US rate hike tomorrow evening.

Sterling stayed higher as Scottish first minister Nicola Sturgeon signalled the start of the legal process of preparing for a second independence referendum, with the currency demonstrating a resilience to political risk that has largely eluded it since the UK voted to leave the EU.

Sterling, 2017’s worst-performing currency, climbed against all of its peers, even as the call for another independence vote threatens to further complicate the UK’s outlook as it prepares to trigger Brexit.