Can anyone believe it has only been one year since the shock UK vote to leave the European Union, but in the week that Brexit negotiations finally started that anniversary falls this Friday.
The EU membership referendum occurred on June 23 2016, although the results didn’t impact markets until the following day when the pound started a slide that has seen the UK currency drop around 20% versus the US dollar, to over 30 year lows.
Conversely, as dollar-earning, internationally-focused stocks such as miners and oils have benefited from sterling’s drop, the FTSE 100 index has jumped by over a fifth in value, hitting all-time intra-day highs, within one point of the 7,600 level, earlier this month.
The anniversary comes against a back-drop of the ongoing uncertainty of what form of Brexit will really be delivered – soft or hard? - especially given the political worries caused by the hung parliament vote in this month’s UK general election.
Although prime minster Theresa May has formed a government, she needs a pact with Northern Ireland’s Democratic Unionist Party (DUP) to prop up her minority Conservative administration which creates even greater concern for the tenure of Brexit negotiations.
On Monday, UK Brexit Secretary David Davis said the first round of talks with the European Union had got off to a "promising start".
But Michel Barnier, the EU's chief negotiator, said there would be "substantial" consequences from Brexit.
And Barnier added that he was "not in the frame of mind to make concessions or ask for concessions".
Congratulations or commiserations
Whether you are raising a glass or drowning your sorrows on the anniversary of the Brexit referendum there will be little else to provide any distraction on Friday, with no corporate results or UK economic data scheduled for release.
AIM-listed Boohoo.com will hold its annual general meeting at its head office in Manchester but little new news is expected given the online fashion retailer only issued a first-quarter trading update on June 8.
READ: Boohoo raises full year revenue guidance after strong first quarter trading
Boohoo then raised its revenue guidance for the year to February 2018 to 60% growth, compared to a previously estimated 50% increase, following strong trading in the three months to 31 May.
Finally, the only US data to be released across the pond in the afternoon will be May new home sales, with traders hoping for a rebound after an 11.4% drop in the seasonally-adjusted annual rate to 569,000 units in April.
March’s figure, however, had been revised up to 642,000 units the highest level since October 2007.
Significant events expected on Friday June 23:
AGMs: Boohoo.com PLC (LON:BOO), Griffin Mining Ltd (LON:GFM), Oracle Coalfields (LON:ORCP); Trinity Exploration & Production (LON:TRIN)
US data: May new home sales