Pound skids to fresh 31-year low and ftse 100 closes below 7,000 on fears of hard brexit

Orthopaedics giant Smith & Nephew recorded its worst day in more than two months after Berenberg said it thinks revenue growth will fall short of investor expectations in the next 12 to 18 months.

In a bearish broker note, the broker slashed the FTSE 100 company’s rating to “hold” from “buy”. Low investment high profit business in hyderabad Taking a cautious stance on its revenue outlook, analysts said share losses in its wound care division and a weak hip business were “hampering” growth.

The possibility of a bid for the company remains the only risk to a “more cautious view”. High profit items to sell on amazon Indulging in some fantasy M&A, the broker said it still considers Johnson & Johnson as “a viable potential bidder”, as it would make it the “market leader” in orthopaedic reconstruction. Best business ideas with high profit in india But don’t forget, Smith & Nephew has been the subject of bid rumours since 1968, when Unilever tried to acquire it.

Chris Beauchamp, of IG, said: “In London the FTSE 100 remains stuck in the red, hit by a weak performance from the likes of utilities, property funds and telecoms, as investors continue to look askance at UK assets in the light of this week’s developments on Brexit.

High profit margin items Nonetheless, overall hesitation in equities is not surprising in advance of non-farm payrolls, so buyers may return in strength once the jobs data is out of the way.

“Political and economic uncertainty, currency weakness and the threat of terrorism all combine to make the coming year very difficult for budget airlines.”

Sterling was already at a 31-year low against the dollar, falling sharply in the wake of the Brexit referendum and again once the Prime Minister confirmed she intends to trigger Article 50 by the end of March.

To put it in a longer-term context, it has fallen 36pc over the past decade and is now firmly below even the low levels experienced in the financial crisis and following the exchange rate mechanism plunge in the 1990s.

Overseas investors accounted for 78pc of the commercial property bought in central London in the last three months, as sterling devaluation and price discounts make the capital more attractive than ever.

More than £695m of Asian capital has been deployed in the city since June, with Hong Kong investors being particularly active, according to research from property advisory firm Savills, while US money accounted for £685m worth of transactions.

With sterling selling momentum at “intense levels”, Jameel Ahmad, of FXTM, thinks it could plunge to $1.25 by the end of the week if tomorrow’s US jobs report indicate a December rate hike will proceed.

“One has to think that if tomorrow’s NFP report from the United States provides confidence that the Fed will proceed with an interest rate rise in December that this has not been priced into the markets, meaning that we could well see the pound hit 1.25 by the end of the week if the fundamentals align together.”

“But this should not prevent us from trying to do everything to keep the Britons as close as possible to Europe. Highest profit margin items on ebay This must be our goal,” Gabriel said.

“We must try to formulate offers in a way so that the Britons remain close to us, also to have the chance that they return some day,” he added.

His comments marked a more cautious tone after Chancellor Angela Merkel stressed at the same event that the EU must stand firm by its position that access to the single market is linked to freedom of movement in negotiations with Britain.

Connor Campbell, of SpreadEx, said: “Matching the FTSE almost step-for-step were the Eurozone indices, with both the DAX and the CAC slipping by 0.4pc this morning, wiping out all of the growth managed on Wednesday. Low cost high profit products Beyond general weariness it seems that Angela Merkel’s claim that the Brexit negotiations won’t be easy, and that freedom of movement and Britain’s position in the single market are intrinsically linked, have helped sour the tone this Thursday, carrying the European indices away from their recent peaks.”

As Chancellor Philip Hammond heads to Wall Street today to reassure the big US banks that Britain is open for business after Brexit, Paresh Davdra, of RationalFX, previews the event:

“Philip Hammond’s visit to Wall Street later today will see the Chancellor try to convince the US’s biggest banks that Britain is open for business. High profit items to sell on ebay It comes weeks after the Prime Minister’s own talks with Wall Street bankers and is the latest in a series of international visits from UK ministers in an attempt to allay fears over Brexit and drum up support for new trade. Business with high profit margins in india Although previously met with scepticism due to the uncertainty surrounding the UK’s exit from the EU, Hammond’s visit will be the first since the likelihood of a ‘hard’ Brexit by early 2017 was confirmed.

It’s been a torrid week for the pound, it has dropped a further 2pc, on hard Brexit fears after Prime Minister Theresa May announced on Sunday that official divorce proceedings from the EU would start by the end of March next year.

Nawaz Ali, of Western Union Business Solutions, said: “The political news flow is top of mind, and unfortunately means traders have put less emphasis on the solid UK PMI data we’ve seen this week including yesterday’s UK services data. Ebay products with highest profit margin Now the Pound faces a stronger US dollar which is putting added strain on the GBP/USD rate.”

After US data showed the ISM services index surged to a October 2015 high, Mr Ali reckons if we get “a real upside surprise” in tomorrow’s jobs data then the pound is at risk of “a move towards the next support level around $1.26”.

German financial watchdog Bafin has found no evidence to date that Deutsche Bank has violated rules on money laundering in Russia, people close to matter said on Thursday.

Regulators in Russia, Europe and the United States are investigating Deutsche Bank over so-called “mirror trades”, which may have allowed clients to move money from one country to another in 2014 without alerting authorities. High profit business ideas philippines Those trades could potentially have allowed clients to breach Western sanctions on Russia over the Ukraine conflict.

Bafin is coming to the end of its investigations of the matter in relation to Deutsche Bank and may impose no other demands besides asking the bank to improve its risk management, the sources said.

Deutsche Bank earlier this year raised its provisions for a potential settlement in the suspicious share trading case in Russia, which has prompted the bank to partially pull back from the country.

Speaking last night to BBC Newsnight he suggested the policy could be unveiled by the Chancellor Philip Hammond as early as the Autumn Statement.

Mr Freeman told Newsnight: “Philip Hammond is going to set this out in the Autumn Statement, but Theresa has been very clear this model of the emergency QE package, bail out the banks, stabilise the economy, has had a very profound effect on distribution of wealth.

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