Good morning! Here’s what you need to know in markets on Monday.
The pound slumped to a three-week low after polls showed more Britons favour exiting the European Union in the upcoming referendum on membership. Bloomberg reports that sterling weakened against all 10 developed-market peers after two surveys showed more voters were willing to vote to leave the EU than those wishing to stay. The pound is down 0.91% against the dollar to 1.4388 at the time of writing (6.35 a.m. BST/1.35 a.m. ET).
Embattled British manufacturers expect a slight recovery in the second half of 2016 but that slow improvement could be knocked off course if the country votes to leave the European Union, an industry survey showed on Monday. Reuters reports that a downturn across British factories eased in the April-June period but the pick-up was weaker than companies expected three months ago, industry association EEF said.
Oil is higher. A plunge in the US-dollar after Friday’s weak jobs report numbers is spurring fuel demand, although traders said plentiful supplies capped increases. Brent crude is up 0.85% to $50.06 (£34.79) at the time of writing (6.25 a.m. BST/1.25 a.m. ET) and US crude is up 0.99% to $49.10 (£34.12).
Mike Ashley will go before MPs to “defend the good name” of Sports Direct on Tuesday in a change of plan just days after he said he would defy a parliamentary summons. The Guardian reports that the billionaire founder of the retail chain has written to the Business, Innovation and Skills (BIS) committee to say that he had a change of heart after careful consideration over the weekend.
Labour MEP Anneliese Dodds is calling for tighter regulation of new Goldman Sachs-backed financial messaging platform Symphony and claims British and French watchdogs are currently investigating it. Dodds sent a letter to Jonathan Hill, European Commissioner for financial services, and Steven Maijoor, head of the regulator ESMA (the European Securities and Markets Authority), regarding what she claims is the “danger [Symphony] poses to regulation and transparency.”
Longtime Credit Suisse investment banker David DeNunzio is leaving the Swiss bank to become global head of mergers and acquisitions (M&A) at Wells Fargo, according to people familiar with the matter. DeNunzio was formerly the global chairman of M&A at Credit Suisse. At Wells Fargo, DeNunzio will partner with Sam Farnham, an investment banker who will be promoted to become head of M&A in the Americas, the people added, requesting not to be named because the moves have not yet been announced.
A senior executive in charge of GoCardless’s product and global markets is leaving the fast-growing London fintech startup after four years with the business. Grey Baker joined the company in March 2012, according to his LinkedIn profile, and has held the positions of head of analytics, head of operations, and vice president for engineering. His current title is VP product and head of global.
BlackRock has agreed to sell a 43-storey office building in Singapore to Qatar Investment Authority, a sovereign wealth fund, for S$3.4 billion (£1.7 billion, $2.45 billion), in what the US firm said was the largest-ever single-tower real estate deal in the Asia-Pacific region. Asia Square Tower 1, located in the city-state’s financial district, has over 1.25 million square feet of net lettable area and has Citigroup as its anchor tenant, BlackRock and Qatar Investment Authority said in a joint statement.
Deliveroo, the London-based food delivery network, is due to hit revenues of £130 million ($90.3 million) this year, solidifying its position as one of the UK’s most-promising technology companies. The Telegraph reports that the sales figure, an internal projection the company is understood to have shared with investors, represents growth of more than 1,000% in the last year, and comes as the company spreads across more than 65 cities.
Goldman Sachs attracted more than a quarter of a million applications from students and graduates for jobs this summer, suggesting fears of a “brain drain” in the sector may be exaggerated as banks introduce more employee-friendly policies. The Financial Times reports that the number of applications from students and graduates globally have risen more than 40% since 2012, according to figures provided to the Financial Times. The data can include more than one application per individual.
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