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World stocks rise in post-Brexit recovery

Global stocks rose Friday, with the London market now in a much better place than before the outcome of Britain’s shock EU vote, and others were firmly on the road to recovery.

The benchmark London FTSE-100 index stood 1.1 higher at 6,577.83 at the close, representing a jump of over seven percent over the week, and well above its 6,338.10 level on June 23, before the British result was published.

While markets are on the rise, analysts remain cautious about the long-term effects of Britain’s exit from a four-decade partnership with one of the world’s biggest trading blocs.

The International Monetary Fund described the Brexit as a major threat to world growth and Standard Poor’s cut its credit rating for the EU by one notch to AA, its third highest level.

Eurozone unemployment fell to a near five-year low in May, official data said on Friday, in a rare positive sign for a sluggish European economy struggling to return to solid growth.

Dollar/yen: DOWN at 102.59 yen from 103.23 yen