Pound pushed back as Kwasi Kwarteng says he won’t quit



The pound fell 0.19pc to $1.1144 in early trading, but has rebounded strongly since the Bank of England announced it would buy as much government debt as needed to restore order.

The Bank of England was last night in liaison with Swiss authorities after an attempt by Credit Suisse to calm nerves instead stoked fears of further turmoil in the financial system.

In his Conservative Party conference speech today, Mr Kwarteng is set to argue that an ‘incredibly strong US dollar’ is a problem facing all economies, not just the UK.

5 things to start your day

1) Julian Jessop: Markets are wrong on ‘Trussonomics’, just like they were on Brexit

2) ‘Chaotic’ service threatens West Coast main line contract – Reuters Avanti West Coast ‘should be stripped of control’, says Greater Manchester Mayor

3) Dollar strength puts pressure on Jaguar Land Rover debt – More than a third of the £8.9bn debt held by Britain’s biggest carmaker is in dollars

4) Pension titan pledges to support nuclear power renaissance – Phoenix Group breaks ranks with rivals to support new stations

5) Liam Halligan: The £895bn QE monster is really to blame for the market crash

What happened overnight

Hong Kong stocks fell again in early trading on Monday as investors anticipate a key US jobs report at the end of the week, while attention will also turn to the upcoming earnings season .

The Hang Seng index fell 1pc or 172.58 points to 17,050.25. Meanwhile, mainland China markets are closed all week for a public holiday.

Shares in Tokyo opened lower, extending falls on Wall Street, where fears grew that monetary tightening could lead to a global recession.

The benchmark Nikkei 225 fell 0.89pc, or 231.30 points, to 25,705.91 in early trading, while the broader Topix index fell 0.73pc, or 13, 48 points, at 1,822.46.

coming today

  • Economy: Manufacturing PMI (UK, US, EU)
  • Company : Joules (full year), Renewi (income statement)

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