Equities pick up after BoE steps in, but pound resumes losses
2 months ago
HONG KONG: Most Asian stocks bounced Thursday as UK and US government yields fell after the Bank of England jumped into bond markets to prevent a financial catastrophe.
However, the pound – which this week hit a record low against the dollar – fell again, with commentators warning it could face further pain and Prime Minister Liz Truss backing the controversial budget that sparked the turmoil.
Financial markets are being hammered as central banks around the world ramp up interest rates to tackle runaway inflation, fuelling worries about a recession and a possible hit to company profits.
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