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DAX heads for new record, as euro slide helps exporters

“The paint and specialty chemicals company posted a 13% drop in third-quarter earnings, citing industry headwinds and unfavorable foreign-exchange conditions” writes Markets Reporter for marketwatch.com. Germany’s DAX 30 index DAX, +0.73% picked up 0.3% to 13,027.29, on course for a new record closing high.European stocks gained Wednesday, as falls in the euro and the pound helped exporters and offset disappointing financial updates from companies such as Zalando.Pullbacks in those currencies can help lift shares of exporters, as they make most of their earnings overseas.Among big exporters, shares of auto makers…

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Dollar gains for a 4th straight day

“The U.S. dollar extended its gains against major rivals on Tuesday after a round of economic data, set to stretch its win streak to four sessions” writes Markets Reporter for marketwatch.com. Against the yen USDJPY, +0.01% the dollar was stronger, trading at ¥112.29 versus ¥111.19 in the previous session.Against the Canadian dollar USDCAD, +0.0399% the buck was up at C$1.2552, compared with C$1.2520 late Monday.Still, strategists read some weakness in real wages that might suggest that the recent gains in inflation aren’t as strong as headlined, weighing on the pound. Source:…

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GBP News 

ANALYSTS: The pound could drop almost 20% further in a ‘no deal’ Brexit scenario

“Business Insider looked at the forecasts for the pound of five analysts at major financial institutions in the event of a soft Brexit” writes Will Martin for businessinsider.com. But as Brexit talks start to falter — reaching “deadlock” last week — the pound is in focus once again.This week, we’ve taken the same analysts and provided their predictions for a hard Brexit in which the UK drops out of the EU without a trade deal.LONDON – The most noticeable economic impact of Brexit on the average Brit in the past…

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Mark Carney set to write letter explaining cost of living crunch

“Mark Carney will be forced to write to the Chancellor next week to explain why he has missed the 2pc inflation target by more than a percentage point” writes Ben Marlow for telegraph.co.uk. A weakened pound is helping to push prices up at their fastest pace in more than five years, piling extra pressure on household finances already squeezed by weak wage growth.Economists believe inflation rose to 3.1pc in September, overshooting the target, with the annual figure at more than 2pc in every month since February.Mr Carney wrote four such…

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GBP News 

The Latest: Pound drops as Brexit talks fail to progress

“The Latest on the Brexit negotiations between the European Union and United Kingdom (all times local): The pound is dropping after the European Union’s Brexit negotiator said that no significant progress has been made in talks with Britain” reports foxbusiness.com. The slow pace of the talks increases the likelihood of Britain leaving the EU without a new deal on future relations like trade.British Brexit negotiator David Davis is urging leaders of the European Union to “take a step forward” and move talks on to future relations between the U.K. and…

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Markets News Stocks 

Catalonia crisis relief rally helps global stocks hit record high; pound pulls back to $1.32 against the dollar

“Recruitment firm Page Group has blamed a further drop in profit in its UK business on uncertainty related to Brexit” writes Ashley Armstrong for telegraph.co.uk. Page, which generates about a fifth of its gross profit in Britain, said in July that weakness in the UK market could last two years.In the third quarter of the year, the FTSE 250 company reported a 7.6pc fall in gross profit to £34.9m in the UK – its biggest market.”Brexit and political uncertainty continuing to impact confidence, particularly amongst our multi-national clients and the…

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GBP News 

Flights between EU and UK could be suspended on day of Brexit, Philip Hammond claims

“Philip Hammond has said it is “conceivable” that all flights between the EU and the UK could be suspended on the day Britain leaves the EU. The Chancellor said that while unlikely there is a possibility that if the UK leaves without a deal there could be no “air traffic” on March 29, 2019″ writes Pete Naughton for telegraph.co.uk. He added, however, that the Treasury has allocated £250million to Government departments to begin early preparations for a no deal scenario.He said that every pound spent on preparing for no deal…

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Pound continues rally ahead of industrial and manufacturing production figures

“As a result, we look for zero month-to-month growth in total industrial production in August.”” writes Matthew Lynn for telegraph.co.uk. Meanwhile, loading estimates from North Sea oil producers point to around a 3% month-to- month decline in oil production.If correct on the figures, it “would be touch and go” as to whether the first estimate of third quarter would undershoot the central bank’s Monetary Policy Committee’s estimate of 0.3pc growth, it said. Source: telegraph.co.uk Share This:

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Pound sent tumbling by Tory MPs’ plot to oust May

“The pound has fallen amid reports Conservative MPs are plotting to oust Prime Minister Theresa May” writes Ben Chapman for independent.co.uk. Against the dollar, the pound pared its early-morning losses, trading down 0.26 per cent to 1.3083 at 12:45 on Friday.Connor Campbell, financial analyst at Spreadex, told the Press Association that a battle for control of the Conservative party would be “seriously bruising for the pound”.On Thursday, the pound fell 0.4 per cent against the single currency to €1.12, and 0.9 per cent against the dollar to $1.31. Source: independent.co.uk Share This:

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