Global stock markets heaved a breath of relief this past week as the commodities and oil market rose considerably, especially after the abysmal performance since last year. Oil futures seemed to do well last week at closing bell allowing some upward trend in the global economy. The oil futures were a major concern amongst most of the global trading nations. After the fall of the Chinese economy, the slumping rate was a cause of concern as it had the potential to push the world into a global depression economy.
The fall of the pound
The commodities market rose as well with the Euro and the US dollar climbing by over a percent point. On the other hand, one of the major global trading nations, the United Kingdom witnessed a slump in the Sterling Pound. The United Kingdom has been hotly and politically disputed in the past month or so as it prepares to have its referendum on leaving the European Union all together. The United Kingdom has had a strong debate on the process and has finally set the date of June 23rd to decide on the fate of the United Kingdom.
While many political scientists are still debating the potential outcome and fate of the fifth largest economy in the world, many say that the worst is yet to come, and the debates and talks over the matter would get more intense over the next couple of months. The United Kingdom did not accept the unification of the Sterling Pound with the Euro even during inception, but did agree to the unification on military and political alignment, which kept the United Kingdom in the European Union and Parliament on various other issues. However, popular opinion in the United Kingdom has begun to shift against the European Union Parliament.
Even though opinion is still divided, many people have been disaffected by the immigrant issue in the United Kingdom. The Mayor of London, who is part of Prime Minister David Cameron’s party has vociferously voiced his opinion of parting from the European Union due to the undesired pressure the EU is thrusting upon the UK regarding immigration reform. Many British citizens have been upset with the EU’s policy and imperative that they have forced on the UK. It is one of the biggest issues that seem to be the bone of contention in the entire discourse. Prime Minister David Cameron however, is still advocating for the retention of UK in the EU.