The pound hit headlines again on Monday after plummeting to a record low against the dollar overnight, sending shockwaves across the economy, but London’s leading index remained fairly unchanged.
While the pound plummeted, the FTSE 100 was relatively stable by the time markets closed on Monday. The index hit lows of around 6,939 in the morning but was 2.35 points higher, or 0.03 per cent, at 7,020.95 when European markets closed..rose 1.8 per cent on Monday after boss Alan Jope announced plans to stand down at the end of 2023 after five years as chief executive and 35 years with the group. The FTSE-100 listed company said it has begun looking for his successor.
Traders bet a UK interest rate hike could be imminent after the pound plunged to a record low against the dollar in the wake of a poorly received fiscal package on Friday. US stocks were mixed to start the week – the Dow Jones Industrial Average dipped about 0.5 per cent and the S&P 500 fell about 0.3 per cent, while the Nasdaq Composite gained 0.4 per cent.