Global stocks and the pound climbed Monday as markets reacted to the news that former finance minister Rishi Sunak would become Britain's new prime minister.
Global stocks wavered on Friday on renewed concerns about rising interest rates while the British pound slumped over the UK's political drama.
The pound jumped more than one percent against the dollar Monday as Britain's fourth finance minister in as many months prepared to update on UK tax and spending plans that spooked markets in recent weeks.
The pound plunged against the dollar Friday on the sacking of finance minister Kwasi Kwarteng in response to a budget that sparked markets chaos.
The pound rallied and UK government bond yields rose Wednesday, with the Bank of England accused of fuelling market uncertainty.
The British pound sank Thursday by more than one percent against the dollar after the Bank of England intervened on the bond markets to head off a fresh financial catastrophe.
The dollar weakened slightly against major rivals Tuesday, helping the pound to rebound from a record low, while equity markets stabilised after recent volatility. The world is heading towards a global recession as multiple crises collide, World Trade Organization's chief Ngozi Okonjo-Iweala told the global trade body's annual public forum in Geneva. Recession prospects have…
The government of new British Prime Minister Liz Truss on Monday came under pressure after the pound hit a record low against the dollar following last week's huge tax-cutting budget.
The pound hit a record low against the dollar Monday on surging fears about the UK economy after the government unveiled a huge tax-cutting budget.
Stock markets mostly slumped Friday, while the British pound tanked to a 37-year dollar low as weak UK retail sales stoked global recession fears.
The pound tumbled after the Bank of England raised interest rates by just a quarter of a percentage point despite surging inflation, while oil prices jumped after OPEC+ only modestly hiked production.
The pound slumped more than one percent against the dollar Friday after official data showed tumbling retail sales as Britons grapple with a cost-of-living crisis.