Idea of the day

UK banking stocks are once again under the spotlight this week as they report first quarter earnings. The UK banking sector has remained under pressure as international investors have continued to shun British banking stocks thanks, in part to Brexit uncertainties.

JD Sports is proving to be a rare ray of light in a very challenging environment, bucking the trend of falling retailers. Whilst UK retailers have experienced a very difficult winter, JD Sport has dodged UK high street gloom, overtaking Sports Direct as the UK’s leading sports retailer by market value.

The pound has resumed its climb versus the dollar as the new week kicks off. Sterling rallied 0.6% versus the dollar in the previous week as Brexit optimism and increased hopes of a rate hike in May from the Bank of England pushed the pound broadly higher.