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Sterling Continues to be Pounded
Sterling’s pounding continued in Asia where it was driven to $1.0350, a new record low before stabilizing UK rates also continued to rise sharply after the new government promised more tax cuts next year The right-wing victory in Italy was not surprising but it kept pressure on Italian bonds China took more action to slow the yuan’s descent The dollar is broadly higher All the G10 currencies and most emerging market currencies are lower. Risk appetites are practically non-existent today Many of the largest Asian equity markets, excluding China, were off 1.5%-3% Europe’s Stoxx 600 is off around 0.8% to bring it ... (full story)