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SterlingÂ slid below $1.19 on Wednesday to hit its lowest point since October 2016 as liquidity concerns sent theÂ dollarÂ surging and hammered currencies around the world.Â The pound fell 1.5% on the session to hit $1.1873, its lowest level since an overnight flash crash in October 2016 and below the levels seen in the aftermath of theÂ BrexitÂ referendum. âSmith
The price of oil continues to fall as the coronavirus pandemic leads to major economies restricting movement within major cities and expectations of a recession grow. West Texas International futures have declined 5.8% to trade at $25.38 a barrel and hit its lowest level since 2003. Futures for International benchmark Brent crude slipped about 3.5% and are trading at under $28 per barrel. â Pound
Long-term U.S. debt yields continued to rise on Wednesday after Treasury Secretary Steven Mnuchin said the White House would like to see a $1 trillion stimulus package to help insulate the economy from a downturn. The prospect of such a massive stimulus plan and a deluge of additional U.S. debt put outsized pressure on Treasury prices and sent the 10-year yield up more than 30 basis points on Tuesday. The 10-year rate, often used by banks as a benchmark for loans, has ripped from around 0.65% on Monday to 1.11% at the latest reading. â Franck
Shares of biotechnology company Regeneron rose nearly 2% in premarket trading on Wednesday, the day after the company said it aims to have doses of a potential drug for COVID-19 ready to start human clinical trials by early summer. The antibody is believed to be a treatment for the virus, as well as a preventative drug. Shares of Regeneron rose more than 11% on Tuesday. â Fitzgerald