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Balance of power

UK turmoil shows up markets as amoral and impotent

Swaha Pattanaik 

Swaha Pattanaik Britain's referendum on its European Union membership shows voters can still have the whip hand over amoral financial markets. Traders will trade on any scrap of information, even tragedy, as they did after the killing of a pro-EU British lawmaker on June 16. In contrast with the recent euro zone crisis, markets are more at the mercy of events than moulding them. Sterling has rebounded two per cent from 10-weeks lows against the dollar and UK stocks have risen because of speculation that the murder of Jo Cox, an opposition Labour Party lawmaker and a vocal advocate for Britain remaining ...

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First Published: Fri, June 17 2016. 21:22 IST