All the day’s economic and financial news, as shares recover from last week’s rout * 10.45am: FTSE 100 up 41 points * Pound at two-week high, but would Rees-Mogg weaken it? * Markets in cheerier mood again * Zuma’s resignation boosts South African stocks 11.57am GMT VOLATILITY IN THE MARKETS HAS FALLEN BACK TODAY (POSSIBLY BECAUSE, ER..., THERE’S NOT A GREAT DEAL GOING ON). The VIX volatility index has dropped by around 4% today to 18.5, its lowest level since shares started crashing nearly two weeks ago. Volatility has remained quite elevated in recent sessions but we are slowly returning to more normal levels and are far from what we were experiencing last week. It would currently appear that last week’s plunge was just a sharp correction in an otherwise bullish market, although it may be too soon to say that with any real confidence. 11.41am GMT OVER IN GREECE FORMER PRIME MINISTER ANTONIS SAMARAS HAS ANNOUNCED THAT HE HAS ACTED ON HIS PLEDGE TO TAKE LEGAL ACTION AGAINST CURRENT PM ALEXIS TSIPRAS. “All the great economic scandals, like the Panama papers have been revealed thanks to the action of [protected] public witnesses .. they are the modern heroes of our times. There has to be protection of witnesses in our country.” Related: Greece rocked by claims drug giant bribed former leaders Continue reading...
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