Pound recovers after hitting 10-year low against euro – as it happened

Sterling bounces back; global stocks slide and gold risesCathay Pacific shares drop after airline bows to China pressureSaudi Aramco, the world’s most profitable company, makes $47bn profit Closing summary 2.58pm BST Global stocks are sliding again, spooked by fears that the prolonged trade war between the US and China could push the world economy into recession. This has sparked a rush into the safety of assets such as the Japanese yen, gold and US government bonds. 2.43pm BST Argentina’s peso has slumped 25% and the country’s bonds fell in London trading after voters rejected president Mauricio Macri’s austere economic policies in primary elections, casting doubt on his chances of re-election in October, Reuters reports.Opposition candidate Alberto Fernandez – whose running mate is former president Cristina Fernandez de Kirchner – won by a wider-than-expected 15.5 percentage points with 47.65% of votes, with 99% of ballots counted after Sunday’s primary. Fernandez’s lead far exceeded the margin of 2-8% forecast in recent opinion polls. Argentina’s peso collapses 25% at the open to 60.00/$ after opposition candidate Alberto Fernandez – whose running mate is former president Cristina Fernandez de Kirchner – trounces President Macri in Sunday’s election primary, traders say. Continue reading…
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