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COVID-19: Pound and stock markets slide over UK virus travel bans and Brexit fears | Business News

newsz by newsz
December 21, 2020
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COVID-19: Pound and stock markets slide over UK virus travel bans and Brexit fears | Business News
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The pound and inventory markets have taken a success as a brand new pressure of coronavirus prompted UK journey bans and fears of a no-deal Brexit elevated.

Following earlier sharp falls in opposition to the greenback and euro, sterling ended down 0.42% and 0.45% respectively, after slight enhancements later within the session with the pound price $1.33 {dollars} and €1.09.

The London-based FTSE 100 blue chip index had fallen by greater than 1.7% on the shut of buying and selling on Monday.

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PM working with Macron to ‘resolve issues’

The FTSE 250, which is mostly made up of UK-focused companies, took a heavier fall and was down 2.11%.

Germany, France and Italy additionally noticed falls on their respective inventory markets.

Corporations together with British Airways proprietor IAG and engine maker Rolls-Royce suffered slides, though on-line corporations Ocado and Simply Eat Takeaway noticed their shares rise.

Pubs and leisure teams noticed a dip, with Mitchells & Butlers, Wetherspoon and Cineworld down 3.8%, 3.6% and 5.3% respectively.

Retailers additionally felt the squeeze from the tougher restrictions in London and the South East, the place non-essential shops have been ordered to close, with Mike Ashley’s Frasers Group down 10%, Dixons Carphone down 6.9% and WHSmith down 4.3%.

The pound’s weak point got here in opposition to a backdrop of current unstable buying and selling with the forex final week reaching its highest stage since 2018 in opposition to the US greenback on hopes of a Brexit deal.

However the imposition of powerful new COVID restrictions throughout elements of Britain, together with the border closures – and the absence of any signal of a breakthrough in Brexit talks – has now worn out any hint of that tentative optimism.

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COVID-19: The financial virus

Richard Hunter, head of markets at interactive investor, stated the mixture of COVID restrictions and Brexit stalemate was a “double whammy” for markets.

“The brand new coronavirus pressure is weighing closely on sentiment because the UK’s isolation from Europe turns into more and more bodily in addition to conceptual,” he stated.

Neil Wilson, monetary analyst at Markets.com, stated: “It has been a really tough begin to the Christmas week for the pound, as the dearth of a Brexit deal and the closure of key freight routes to Europe knocked sentiment.

“Brexit talks proceed in the present day however key sticking factors stay, while a number of European nations have blocked journey from the UK attributable to a mutant pressure of the coronavirus rife within the south-east of England.”

He warned that the pound may see a “extreme draw back shock if there is no such thing as a deal by Christmas”.

Watch our particular programme tonight as Isabel Webster is joined by a panel of consultants to reply your questions concerning the new pressure of the virus, COVID Christmas guidelines and the brand new Tier 4 measures.

COVID Christmas Disaster Q&A is at 6.30pm.

Ship us your questions by way of WhatsApp on the quantity 07583 000853



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Tags: bansBrexitbusinessCOVID19fearsmarketsNewspoundslidestockTravelvirus
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