Today’s Queen’s Speech setting out the legislative agenda for Theresa May’s minority government was a slimmed down affair and the market reaction also seems modest.
Sterling is strengthening slightly after a pledge to ‘build the widest possible consensus on the country’s future outside the European Union’. The tone suggesting a ‘softer’ approach to Brexit. Eight of the 27 bills outlined relate to the withdrawal from the EU.
The main stock market victims appear to be utilities which saw early gains pared as the speech referenced tackling ‘unfair’ energy markets. British Gas owner Centrica (CNA) is now up 1.5% at 205.2p having earlier traded as high as 209.7p off the back of the sale of some non-core power stations.
The government reaffirms its commitment to a ban on lettings fees first floated in 2016’s Autumn Statement. Agents like Countrywide (CWD), LSL Property Services (LSL), Foxtons (FOXT) and Belvoir Lettings (BLV:AIM) are relatively unchanged from their positions in early trading as the news was trailed overnight.