(Brexit) Pound slumps to US$1.27, European markets slide

Business | 15 Nov 2018 7:41 pm

The UK currency, the pound, plunged by 1.7 percent to US$1.2751 in chaotic trading, its second biggest drop after a 1.73 percent fall in September. The dollar jumped and traders bought into the safe-haven yen after the Brexit deal was plunged into uncertainty, spooking investors, Reuters reports.

Also, European shares reversed early gains, falling into negative territory in a broadbased rout, with autos and banking stocks leading the decliners. Investors also continued to fret about Rome's standoff with Brussels and Washington's row over trade with Beijing.

Thee pan-European STOXX 600 index was down 0.5 percent, with German, Spanish and French bourses firmly in negative territory. Britain's FTSE 100 was flat.

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