The British pound weakened sharply on Tuesday amid concerns about the stability of government finances. The GBP/USD exchange rate decreased by 1.22%, falling to 1.3373, the lowest since August 7. The pressure was increased by an increase in the yield of 30-year government bonds to the levels of 1998, which spread to the foreign exchange market. «The weakness of the pound reflects growing concerns about the budget and investors' growing focus on fiscal policy,» said Lee Hardman, currency analyst at MUFG. Against the background of the strengthening of the dollar index (+0.75%), European stock markets were also under pressure: FTSE 100 lost 0.4%, DAX – 0.88%, FTSE MIB – 0.46%. The Stoxx Europe 600 is down 0.6%, while the CAC 40 is holding near zero.
Among the corporate news: Partners Group shares jumped after posting earnings above expectations, while Fresenius Medical Care shares fell 5.5% after UBS downgraded to «sell».
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