Sterling, UK stocks register drop

cde.news desk 9 August 2019, 12:00 · 1 min read

epa06572093 (FILE) - A file photograph showing the exterior view of the name lettering of the London Stock Exchange (LSE) in London, Britain, 27 February 2017 (re-issued 01 March 2018). The London Stock Exchange Group is to release their preliminary results for year ended 31 December 2017 on 02 March 2018. EPA-EFE/ANDY RAIN

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

Filed under Financial News UK

Topics FTSE london stock exchange sterling UK

Sterling, UK stocks register drop

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