Scottish independence vote send markets spinning

The latest Scottish independence polls and subsequent collapse of GBP/USD have set the FTSE 100 off to a weak start, and in early trading, as the index is off by 25 points.

Scottish flag
Source: Bloomberg

Not since 1977 and the infamous Wembley pitch invasion have Scots caused so much carnage to London. The latest YouGov poll on the Scottish referendum has sent GBP/USD spiralling as currency traders aggressively revalue the Pound. The 'Yes' vote has whittled down a 22-point deficit and according to this latest poll, now it has a 2% lead. Although lower the latest IG binary bet still suggests the 'No' votes have a 74% chance of success, flying in the face of the YouGov polls. 

Looking at the list of FTSE fallers there is a distinct Scottish flavour to them while Burberry head up the gainers, ironically although covered in tartan it has nothing to do with Scotland. Once again Associated British Foods has been bailed out by the performance of its Primark brand, as the discount clothes retailer has dragged the company’s profits round. The new friendly face of RyanAir appears to be working and has given the airline the confidence to order $10 billion worth of the new Boeing 737 jets.

Alibaba has finally confirmed it will be looking to raise as much as $24.3 billion when its IPO price is confirmed on the 18th September. This would then become the largest IPO in history and value the company at a staggering $163 billion. Interestingly this would be the second Chinese company to be the biggest US IPO, ahead of the Agricultural Bank of China’s IPO in 2010. 

Ahead of the open we expect the Dow Jones to start 24 points lower at 17,113. 

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