Market news on May 26: S&P 500 passed 3000
Stocks, oil and GBP gain on risk-on sentiment
London is still the world's top finance center notwithstanding Brexit
London is still the world’s leading financial center. It extended its lead over New York notwithstanding Britain’s looming departure from the EU, as a poll disclosed on Monday.
The UK’s departure from the EU bloc has given grounds to predict London might lose its pre-eminent status as a leading financial center. Nevertheless, there’re few signs of it taking place yet.
London has been successfully holding the first position, followed by New York, Hong Kong as well as Singapore in the Z/Yen global financial centers index, ranking up to 92 financial centers on such factors as infrastructure as well as access to high quality staff. As for New York, it found itself just 24 points behind London, the greatest gap between the two since the poll started in 2007.
Evidently, New York's ranking edged down 24 points from 2016, which is the largest dip among the top contenders, a sag the survey's authors told turned to be presumably due to concerns over US trade.
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