Weak Pound Unlikely to be Reversed Soon, Says Hatheway
British stocks have famously drubbed the rest of Europe since Brexit, but anyone capitalizing on the rebound must have endured swings that made holding on impossible, right? Wrong. In addition to beating other European markets on absolute terms, the 5.4 percent gain in the benchmark FTSE 100 Index since Britons voted on June 23 to leave the European Union is also the best when price swings are taken into account, data compiled by Bloomberg show. A gauge of volatility expectations in London-listed equities has fallen to the lowest since May, signaling optimism the gains will continue. On Monday Theresa May was appointed to succeed David Cameron as prime minister after Andrea Leadsom withdrew from the race to be Conservative Party leader on Monday. GAM Group's Larry Hatheway discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."