There have been two developments that are shaping investment climate. The first was the dramatic rally in equity markets last week, with many recovering nearly all that was lost on the Brexit wobble. The second was clear indications that the UK will not begin the formal divorce proceedings in the coming months. That had seemed likely when Cameron said he would leave it to his successor. However, the leading Tory candidates are suggesting that Article 50 will not be invoked this year. Many investors appear to be concluding that the status quo ante prevails, that nothing really changes. Sterling is marked down, but ... (full story)