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FTSE / DOW YTD

Morning!

In the US last night, the Dow finished up 269.48 at 17,409.72 the Nasdaq up 97.42 at 4,691.87 and the S&P 500 up 35.55 to 2,036.09.

In Asia today, the Nikkei was recently up 252.42 points at 15,575.56 - the Hang Seng up 129.79 at 20,302.25.

WTI crude oil traded at $47.85 a barrel and Brent at $48.58.

Gold settled at $1,315.50 an ounce.

Trade well and prosper!

Good morning!

Opening Market Summary

UK annual house price growth picked up in June, Brexit effect uncertain - Nationwide

FTSE up for second day as banks fight back from post-Brexit slump

Juncker: 'If you are out, you are out'

Midday Market Summary

Global markets gained Wednesday, extending a broad rally as fears receded that the U.K.'s referendum vote last week to leave the European Union would disrupt the world economy.

U.S. futures markets pointed to a 0.8% opening gain for the S&P 500. Changes in futures aren't necessarily reflected in market moves after the opening bell.

After Thursday's so-called Brexit vote, global shares and sterling plunged, as investors feared the U.K.'s departure from the EU would slow global economic growth and extend the period of low interest rates.

But the market showed signs of recovering Tuesday.

After the initial market rout, investors are now gauging the risks to be lower than during the Lehman Brothers bankruptcy that unleashed the financial crisis in 2008, and the height of the European debt crisis, said Andrew Sheets, chief cross-asset strategist at Morgan Stanley.

"People are starting to take stock that this is more country-specific and is not affecting markets everywhere," he said. "So far, it doesn't appear to be a big risk to global growth."

Still, Mr. Sheets cautioned that some assets, including European shares, could fall further due to the continuing political and economic uncertainty in Britain.

"The U.K. voted for an exit without having a clear exit plan," Mr. Sheets said. He expects the pound to fall to a trading range of $1.25 to $1.30 and European equities to fall 5% to 7% before they become attractive for investors.

European shares rose across the board, with the Stoxx Europe 600 advancing 2.4% in Europe, and London's FTSE 100 gaining 2.3%.

The pound, which had fallen to a 31-year low against the dollar Monday, rose 0.9% to $1.3479. The euro edged up 0.2% against the dollar to $1.1084. The WSJ Dollar Index, which measures the U.S. unit against a basket of other currencies, was down around 0.3%.

The yield on the 10-year U.S. Treasury rose to 1.474%, slightly higher than Tuesday's close of 1.463%, which was the second-lowest yield of the year.

Politics will again take center stage in Europe Wednesday, as EU leaders continue to debate the implications of Brexit at a summit in Brussels. The leaders are meeting without the U.K. for the first time in more than four decades. On Tuesday, they told U.K. Prime Minister David Cameron there would be no special deals for ex-members of the bloc.

With Britain's political situation very much in flux, investors say that uncertainty will continue to weigh on markets.....

Closing Market Summary