This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-40243736
The article has changed 8 times. There is an RSS feed of changes available.
| Version 6 | Version 7 |
|---|---|
| Pound remains under pressure amid political uncertainty | Pound remains under pressure amid political uncertainty |
| (about 2 hours later) | |
| The pound has resumed its downward slide as investors continue to react to the political uncertainty following last week's shock UK election result. | The pound has resumed its downward slide as investors continue to react to the political uncertainty following last week's shock UK election result. |
| Sterling had stabilised in early trade, but by late afternoon had dropped 0.66% against the dollar to $1.2659 and fell 0.73% against the euro to 1.1299 euros. | |
| On the stock market, the FTSE 100 index closed down 0.21% at 7511.87. | |
| On Friday, the pound suffered its biggest one-day drop in about eight months following the election. | On Friday, the pound suffered its biggest one-day drop in about eight months following the election. |
| The uncertainty caused by the election result has led business confidence to sink "through the floor", according to one lobby group. | The uncertainty caused by the election result has led business confidence to sink "through the floor", according to one lobby group. |
| A snap poll of 700 members of the Institute of Directors found a "dramatic drop" in confidence following the hung parliament. | A snap poll of 700 members of the Institute of Directors found a "dramatic drop" in confidence following the hung parliament. |
| Global currency markets are trying to work out how the election will affect the UK's exit from the European Union. | Global currency markets are trying to work out how the election will affect the UK's exit from the European Union. |
| Negotiations with Brussels are due to begin next week, with the outcome expected to have a significant impact on the economies of both the UK and the EU. | Negotiations with Brussels are due to begin next week, with the outcome expected to have a significant impact on the economies of both the UK and the EU. |
| Mrs May has been pushing for a so-called hard Brexit - where the UK leaves the EU single market and the customs union - instead of a softer Brexit, where the UK would maintain those links. | Mrs May has been pushing for a so-called hard Brexit - where the UK leaves the EU single market and the customs union - instead of a softer Brexit, where the UK would maintain those links. |
| 'Up in the air' | 'Up in the air' |
| A report from rating agency Moody's released on Monday said the inconclusive election result could affect the UK's credit rating. | A report from rating agency Moody's released on Monday said the inconclusive election result could affect the UK's credit rating. |
| Moody's said the election would "complicate and probably delay Brexit negotiations, a credit negative". | Moody's said the election would "complicate and probably delay Brexit negotiations, a credit negative". |
| However, it added that the government might now "consider 'softer' Brexit options, which could be credit positive". | However, it added that the government might now "consider 'softer' Brexit options, which could be credit positive". |
| Kathleen Brooks, research director at City Index, said the future direction of the pound was "still very much up in the air". | Kathleen Brooks, research director at City Index, said the future direction of the pound was "still very much up in the air". |
| "The prospect of a hard split with the EU has been kryptonite for the pound, so a potential rethink on the UK government's Brexit stance could limit [the pound's] downside, at least for now. | "The prospect of a hard split with the EU has been kryptonite for the pound, so a potential rethink on the UK government's Brexit stance could limit [the pound's] downside, at least for now. |
| "However, not even the rising odds of a soft Brexit have been enough to spark positive momentum for the pound." | "However, not even the rising odds of a soft Brexit have been enough to spark positive momentum for the pound." |
| Technology shares came under pressure in London on Monday, with software company Micro Focus down by 3.8% and accounting platform provider Sage Group 1.8% lower. | |
| Overall, the European technology sector saw its biggest share declines since the Brexit vote a year ago. | |
| The trend in Europe seemed to be taking its lead from Wall Street. US tech stocks saw a sharp sell-off late on Friday and the downward momentum continued as trading resumed on Monday. |