Sterling falls as Brexit talks appear to collapse

The British Pound dropped further today (Oct 16th) as stocks in London extended their losses, following a report that talks to reach a Brexit deal with the European Union are near to collapse, according to Reuters.

Bloomberg also reports that Brexit negotiations risk collapse due to resistance from the Democratic Unionist Party (DUP), the northern Irish party on which the British government relies on for support in parliament. 

Britain’s Brexit Minister Stephen Barclay said the government had submitted draft texts for a political declaration with the EU, Reuters reported. 

Sterling hit a low of $1.2655 and was last trading at $1.2703, down 0.6% on the day. It was 0.6% weaker against the euro at 86.79 pence. 

Shares in London-listed companies that make most of their cash at home extended losses after the headline, also hitting lows.

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