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Pound, UK stocks continue to sink in post-Brexit vote turmoil British Pound falls to 30-yr low against US dollar
(35 minutes later)
European stocks extended their losses on Monday with the British pound falling further, after its Friday record one-day decline caused by the UK’s historic vote to leave the European Union. European stocks extended their losses on Monday with the British pound falling to its lowest level in almost 31 years in the wake of the economic and political uncertainty following the UK’s historic vote to leave the European Union.
The sterling dropped more than 3 percent to $1.32 against the US dollar as of 10:15 GMT. The euro is also under pressure, down almost one percent against the greenback. The sterling dropped more than 3 percent to $1.32 against the US dollar as of 11:15 GMT - the lowest level since September 1985. The euro is also under pressure, down almost one percent against the greenback.
"We are still looking for another 10 percent fall for the pound against the dollar in the coming months as data confirms the economic slowdown and monetary policy expectations increase," said Jeremy Cook, chief economist at World First, as cited by the BBC."We are still looking for another 10 percent fall for the pound against the dollar in the coming months as data confirms the economic slowdown and monetary policy expectations increase," said Jeremy Cook, chief economist at World First, as cited by the BBC.
Banking, airline and property shares plunged Monday on the London Stock Exchange.Banking, airline and property shares plunged Monday on the London Stock Exchange.
Barclays shares were temporarily suspended after falling more than 10 percent, Royal Bank of Scotland fell nearly nine percent, while shares of airline EasyJet plummeted 16 percent.Barclays shares were temporarily suspended after falling more than 10 percent, Royal Bank of Scotland fell nearly nine percent, while shares of airline EasyJet plummeted 16 percent.
London’s FTSE 100 index was down 1.31 percent, while the FTSE 250 index, which is mostly made up of UK-focused companies, fell 2.2 percent. The German DAX slid 1.49 percent and the French CAC 40 index more than one percent in early trading.London’s FTSE 100 index was down 1.31 percent, while the FTSE 250 index, which is mostly made up of UK-focused companies, fell 2.2 percent. The German DAX slid 1.49 percent and the French CAC 40 index more than one percent in early trading.
Following Friday's eight percent fall, Japan's Nikkei closed 2.4 percent higher on Monday backed by warnings from Japanese officials they may intervene in the currency markets to stabilize the yen.Following Friday's eight percent fall, Japan's Nikkei closed 2.4 percent higher on Monday backed by warnings from Japanese officials they may intervene in the currency markets to stabilize the yen.
Demand for safe haven assets such as gold remains strong. The price of the precious metal rose half a percent on Monday to $1,330 per troy ounce.Demand for safe haven assets such as gold remains strong. The price of the precious metal rose half a percent on Monday to $1,330 per troy ounce.
READ MORE: Dow plunges 600+ points following historic Brexit voteREAD MORE: Dow plunges 600+ points following historic Brexit vote
Moody’s rating agency has cut UK’s credit outlook to negative, saying the referendum result would herald "a prolonged period of uncertainty".Moody’s rating agency has cut UK’s credit outlook to negative, saying the referendum result would herald "a prolonged period of uncertainty".
"In Moody's view, the negative effect from lower economic growth will outweigh the fiscal savings from the UK no longer having to contribute to the EU budget," said the rating agency. It added the UK had one of the largest budget deficits among advanced economies."In Moody's view, the negative effect from lower economic growth will outweigh the fiscal savings from the UK no longer having to contribute to the EU budget," said the rating agency. It added the UK had one of the largest budget deficits among advanced economies.
Standard and Poor's has also threatened to downgrade the UK’s rating.Standard and Poor's has also threatened to downgrade the UK’s rating.