The pound slumped more than 1% on Monday and European stocks tumbled as a new strain of the coronavirus in the UK caused chaos ahead of the Christmas holiday while another deadline was missed in Brexit trade talks.
Sterling slumped more than 1% as an official said “significant differences” remain in trade talks with the EU. Crude oil fell. Havens such as Treasuries, the dollar and gold advanced. “For many, the end of 2020 cannot come soon enough,” said Simon Ballard, chief economist at First Abu Dhabi Bank. “The pathogen has wrought mayhem across financial markets and so we expect the New Year wish of many market participants to be that the arrival and initial distribution of coronavirus vaccines now signals light at the end of a very tiring and debilitating tunnel.”
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