24 October 2022 - 12:05The German share price index DAX graph is pictured following the IPO of Porsche at the stock exchange in Frankfurt, Germany. File photo: REUTERS
Japanese authorities again declined to confirm whether they had intervened, but the price action suggested they had. The news initially saw sterling jump almost a cent to $1.1402, but it could not hold and was last trading at $1.1328 as investors waited for more clarity on the contest. The leadership could potentially be settled later on Monday if Sunak becomes the only candidate to secure the minimum number of MPs’ votes required to progress.
Equities mostly extended the bounce that began late in New York on Friday on talk the Federal Reserve was debating when to slow the pace of hikes and might signal a step back at its November meeting.