Daily Briefing: - New survey and growth data highlight concerns for the eurozone’s top economies - Sterling slides to a new 28-month low overnight - UK PM Boris Johnson tells Wales: Brexit means a 'better deal' for farmers
LONDON - If economies are kept afloat by confidence, it is in short supply in the eurozone, according to read-outs this morning. Asked whether now is a good time for big-ticket purchases, more and more Germans are shaking their heads,Shoppers walk in a Karstadt hot deal department store in Frankfurt/Oder October 24, 2014. REUTERS/Fabrizio Bensch
Growth in the second quarter came in below expectations at 0.2 percent, preliminary data showed this morning. Unlike Scotland and Northern Ireland, Wales joined England in voting for Brexit back in 2016; Johnson will also be buoyed by a new poll showing a rare lead for his Conservative Party over opposition Labour in the country.MARKETS AT 0655 GMTThe pound fell to a new 28-month low of $1.2120 in Asia trading – down 4.3% in July for its worst month since October 2016 – before stabilizing early in London.
Three-month sterling implied volatility has surged above 10% this week to its highest levels since just before the first aborted deadline for Brexit on March 29. Markets are also increasingly sceptical the British parliament can stop a no-deal fracture on Oct. 31 if the European Union does not budge on its existing withdrawal agreeing.
With sterling so weak and only a quarter-point Fed rate cut now likely this week, the dollar was pumped up.Ten-year U.S. Treasury yields were steady just above 2.05% and Brent crude oil prices were up above $64.
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