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The UK exit of the EU is taking its toll on the real economy even though it hasn’t actually happened yet. Fund freezes in Standard Life, Aviva and M&G could be followed by others as the pound is sold off and the yen surges in a clear “risk off” environment. Watch out for further developments in the real economy as well as political damage from the Chilcot report. However, key events in the US will divert the attention for a short time at least: the all important ISM Non-Manufacturing PMI will provide a hint for the NFP on Friday and the FOMC Meeting Minutes will give us a look into the Fed’s thinking, even if it is from a pre-Brexit meeting.

Wrap up of the morning show: