European Stocks Rebound to End Five Day Losing Streak

The European stock market saw a recovery with a 1.2% rise after a series of losses. Inditex reported a strong first quarter, while H&M's sales were below expectations. Schneider Electric's attempt to acquire Aviva failed due to high integration costs. The pound-dollar exchange rate experienced significant volatility, reaching levels not seen since 2008, but market stress indicators have calmed as the UK referendum approaches.

How did the implied volatility of the pound dollar change recently?

What indicators suggest about market stress before the UK referendum?