Wednesday, 27 May 2020
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Pound and UK Stocks Surge on Report EU, UK Close to Brexit Draft Deal
Tuesday, 15 October 2019 23:25 WIB | CURRENCIES |GBP/USDPoundsterlingSterling,pound

Sterling jumped against the dollar and the euro while British stock prices and government bond yields rose in late afternoon trading on Tuesday after a Bloomberg report that British and European Union negotiators were close to a Brexit draft deal.

The pound jumped more than 1% versus the dollar to $1.2742 and by a similar margin against the euro to 86.31 pence. The FTSE250 of UK mid-cap stocks (FTSC) was last up 1.6%.

British government bond yields shot higher. The two-year gilt yield rose to its highest level since Sept. 16 at 0.575%, up around 7.5 basis points on the day.

The move rippled over into the broader European bond market with the 10-year German government bond reaching 2.5 month highs, up 4 basis points at -0.41%.

European equity benchmarks accelerated their gains on the news with the STOXX 600 over 1%, Germany's up 1.2%, France's CAC40 up 1.2%.

Source : Reuters

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