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Tuesday, March 28, 2023

Pound continues post-Brexit slide as markets open in Asia

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Sterling has continued to slide against the US dollar as trading reopened after Friday’s record crash.

The pound dropped to 1.3390 dollars as markets resumed in Asia, a fall of more than 2.1% on top of the 10% plunge seen after Thursday’s referendum.

Against the euro the pound was down 1.23% at 1.2168.

George Osborne will give a speech early on Monday in a bid to calm the market turmoil that spread globally after Britain voted to leave the European Union.

The pound slumped to its lowest level since 1985 on Friday after initially climbing steeply on the back of early suggestions Remain would win.

Tokyo’s Nikkei 225 rose 1.6% to 15,201.49 points on Monday morning, rebounding at least temporarily from Friday’s 7.9% loss – the biggest since the 2008 financial crisis.

The Shanghai Composite gained 0.6% to 2,870.92 and Sydney’s Australian Securities Exchange 200 added 0.5% to 5,136.80.

Hong Kong’s Hang Seng fell 0.7% to 20,112.35 and Seoul’s Kospi lost 0.1% to 1,923.13.

Benchmarks in Singapore, the Philippines and Indonesia also saw losses.

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