Opening Bell: Shaky sterling, delaying Ireland's Apple tax probe, cut Irish growth forecasts

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The pound is up slightly in early trading - after another sharp fall yesterday. Sterling dipped almost 2 cents against the dollar after the Bank of England Governor hinted at interest rate cuts.

In a speech at the Bank of England, Mark Carney said the uncertainty over Britain's exit from the European Union - which he described as "a major regime shift" - had forced the bank to consider monetary stimulus over the coming months.

Mr Carney said that Britain's economic outlook had "deteriorated" as a result of the vote to leave the EU and that at a meeting on July 14th, the bank's policymakers would make an initial assessment.

In August they will "also discuss further the range of instruments at our disposal", he added.

The FTSE climbed in response to the comments.


Ireland continues to be affected by the economic shock-waves created by the UK's vote to leave.

Cantor Fitzgerald has lowered Ireland's growth forecasts - down from 4.4% to 3.8% for this year, and 3.8% to 2.4% in 2017.

Yesterday S&P downgraded the EU's credit rating from AA+ to AA.

The International Monetary Fund says that the outcome of the referendum will lead to a reduction in economic growth in the UK, the EU, and across the global economy.


Finance Minister Michael Noonan has hinted that the European Commission's judgement in its probe into Apple's tax payments in Ireland could be delayed by the turbilance caused by the Brexit vote.

"An adverse finding with large arrears against a major American company operating in Europe - it may not be a road that will be travelled in July," he said according to The Irish Independent.

Both Apple and the Irish Government have pledged to appeal a negative ruling - such a finding could lead to the Californian firm paying billions of euro in back taxes.


Apple is reportedly considering a potential takeover bid for Jay Z's music-streaming service Tidal.

The technology giant's exploring the move because of its strong ties to popular artists including Kanye West and Madonna.

According to The Wall Street Journal, "exploratory talks" are taking place.

Additional reporting via IRN