Caspian Energy Journal Caspian European Club
Monday, 12 November 2018 17:00

Sterling tumbles on Brexit turmoil

Sterling fell on Monday, helping to boost the dollar to a 16-month high, amid mounting doubts over whether UK Prime Minister Theresa May can come up with a Brexit deal that would win the backing of the European Union and her own party, Caspian Energy News ( reports with reference to Reuters.

European shares were set to open higher, however, ignoring a broad flight from riskier assets seen in Asia, where equity markets wobbled on concerns about slowing global economic growth, particularly in China.

Financial spreadbetters expected London’s FTSE to open 0.8 percent higher, with Germany’s DAX and France’s CAC seen up 0.5 to 0.6 percent.

Facing resistance in her cabinet, May was forced to abandon plans for an emergency cabinet meeting on Monday to approve a Brexit deal, the Independent reported.

Sterling fell three-quarters of a percent to $1.2877, with Brexit pessimism spreading to the euro, on growing investor worries over whether an orderly deal to leave the European Union would be achieved.

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Person in charge of the newsline: Olga Nagiyeva 

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