Sterling, UK stocks register drop

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Sterling fell to a one-week low on Friday and British stocks sold off after the UK economy unexpectedly contracted in the second quarter.

The pound fell to the day’s low of $1.2088 after the gross domestic product data was published, down 0.4% on the day, before recovering slightly.

Against the euro, the pound also fell and was last down 0.3% at 92.40 pence, not far from the two-year low of 92.65 pence it reached on Thursday.

British government bond yields fell with 10-year Gilts slipping one basis point after the data to 0.48% and five-year Gilts down almost two basis points at 0.336% .

London’s export-heavy blue-chip FTSE 100 index briefly pared its earlier losses as sterling slumped after the data.

Via Reuters

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