British pound posts biggest gains, European stocks pare losses after PM May’s speech

British pound posts biggest gains, European stocks pare losses after PM May’s speech


The British pound posted its biggest gains
in several years on Tuesday after Prime Minister Theresa May laid out her terms for Brexit
and removed uncertainties about the government’s approach. Sterling rose by as much as two-point-nine
percent against the U.S. dollar,… putting it on track for its best one-day gain against
the greenback since 2008. The rally continued despite Mrs. May’s remarks
that Britain would opt out of the single market. Markets remained wary over a hard Brexit,
however, with Britain’s FTSE 100 sliding one-point-five percent to post its biggest one-day percentage
loss since last June. The Euro Stoxx 50 index weakened by Point-three
percent, …while Germany’s DAX edged down Point-one percent lower and France’s CAC 40
fell half-a-percent.

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