Thungen Financial 19th September 2014 - Scottish Devolution Vote - Scotland says No

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Thungen Financial 19th September 2014 - Scottish Devolution Vote - Scotland says No

Yesterday the Scottish voted on whether they would like to devolve from their partnership with the United Kingdom.

Although there were concerns over the last few weeks that leaving the UK was on the cards for Scotland, the people answered that question with a resounding 'NO'.

Over the past week several polls did their best to imply that although the it was close, there was a majority that wanted independence. This evidently was not the case.

The Pound had been falling on speculation that the vote would go the way of the separatists and no the news that Scotland would not devolve it immediately rebounded. Reaching 2yrs highs against the Euro it saw 1.2743 in Asian trading and against the Dollar it broke a 2 week lull by reaching 1.6525.

The FTSE 100 opened up 0.7% higher on the news and with both Lloyds and RBS both feeling the benefit opening up 2% and 3% respectively. Both banks confirmed that they would keep their companies headquartered in Scotland and expressed their relief that the vote went the way it did.

What is expected now is the Bank of England to look to increase interest rates in the coming months. Some analysts have predicted November however it would be more likely to be increased in March next year to allow time for the new voting powers of the Scottish to be incorporated before monetary reforms are implemented.

Major Markets as of 19th September 2014

FTSE 100 6,853.13 (+0.50)

DAX 9,798.13 (+1.41%)

S&P 500 2,001.57 (+0.49%)

Dow 17,265.99 (+0.64%)

NASDAQ 4,593.42 (+0.89%)

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DISCLAIMER  The views, opinions, findings, and conclusions or recommendations expressed on this service are those of the author(s) and do not necessarily reflect the views of the Thungen Financial Advisors. All market data within this release is for your general information and enjoys indicative status only. Thungen Financial Advisors does not accept any responsibility for its accuracy or for any use to which it may be put. All share prices and market indexes delayed at least 15 minutes. 52 week high and low values are calculated from close price data.