Sterling surges higher on latest Brexit poll

The Pound is appreciating this morning after the remain camp for the EU referendum received another boost with the latest poll from the Telegraph showing 51% support for their side. The GBPUSD has built on recent gains to trade the highest level for the pair in over two months, as the balance of news flows of late seem to be offering more reasons to cheer for the status quo. Stocks are also higher on the day, with the FTSE 100 looking to break a run of three consecutive lower closes which represents the worst sequence for bulls in over ten weeks.

BP rises despite sharp drop in profits

Shares in BP are firmly higher this morning despite a 79 percent drop in profits for the first quarter compared to last year, but with many analysts forecasting a fall into the red the results are relatively positive. The stock price has moved higher by 3.76% this morning to trade 373.91 and the decision to maintain the dividend, which represents a yield of over 7%, has added to the positive overall nature of the report. Shareholders will likely take some solace from this latest report, after a tough period that has tested their patience and resolve. Disgruntled investors have recently showed their disdain at the pay rise offered to CEO Bob Dudley by voting it down as the share price has revisited the vicinity of decade long lows in the first quarter as the persistent slump in oil prices continues to hit the company’s operations.

Austin Reed follows BHS into administration

Menswear chain Austin Reed has announced this morning that it is filing a notice of its intention to appoint an administrator after several rescue attempts have failed. News of the British tailor, which was founded in 1900, entering administration comes less than 24 hours after the collapse of 88-year old BHS and further highlights the decline of traditional high street retailers. Having said that, the situation regarding Austin Reed is similar to that at BHS in that these failures shouldn't come as too much of a surprise and it would be misleading to view their demise as symbolic signs of chronic weakness in the sector. Rather it appears to be a case of ongoing problems for these firms in recent years finally coming to a head, as the dynamic retail landscape has experienced a large and fairly dramatic shift leaving renowned leaders of the high street who have failed to adapt far behind their more nimble competitors.