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☆ UBS: Buy these 23 high-quality stocks that are poised to outperform as a volatile market sends the Eurozone barreling towards a recession
▼ + stars: | 2022-09-28 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +3 min

Raging inflation, rate hikes, and an energy crisis have tumbled European stocks recently. UBS shared 23 high-quality stocks to buy to help investors navigate increasing volatility and risk. "Inflation risks remain skewed to the upside, in our view," wrote a team of UBS strategists in a report published earlier this month. 23 high-quality stocks to weather the stormBut just because there's storms ahead for the European stock market doesn't mean that investors must stay away entirely. The full list of UBS's top 23 high-quality European stock picks is below, along with each firm's ticker, key themes and drivers, and catalysts.

☆ Hedge fund manager who is up 145% this year says the British pound isn't done falling after hitting record low
▼ + stars: | 2022-09-27 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

The British pound could fall further and reach parity with the US dollar, according to hedge fund manager Crispin Odey. His firm's flagship European hedge fund is up about 145%, mostly after shorting government bonds like British gilts. On Monday, the pound sterling hit an all-time low against the dollar of $1.035 but recovered somewhat to reach $1.067 on Tuesday. Odey's flagship European hedge fund is up about 145%, according to the FT, mostly after shorting government bonds like British gilts. Other firms have also profited from shorting the pound sterling.

☆ UK finance minister will meet with Wall Street banks after the newly unveiled mini-budget sparked panic in markets and sent the pound plummeting
▼ + stars: | 2022-09-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

The UK Chancellor of the Exchequer Kwasi Kwarteng is scheduled to meet with Wall Street execs, Wednesday. Kwarteng is conducting outreach about the UK's newly announced mini-budget, Bloomberg reported. The pound dropped to a record low with investors spooked by the plan that includes £45 billion in tax cuts. The pound hit a low of $1.0350 on Monday but has since recovered some ground, trading at $1.0671 on Tuesday. Bank of England Governor Andrew Bailey said Monday the central bank was monitoring repricing in financial markets but didn't announce an emergency meeting.

☆ It's just not the British pound that's getting pummeled. Bond yields in the UK are now trading at Global Financial Crisis levels
▼ + stars: | 2022-09-27 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

UK bond yield traded at levels not seen since the global financial crisis on Tuesday. The two-year gilt's yield jumped as high as 4.761%, the most since 2008. Meanwhile, the UK's 30-year bond yields topped 5% for the first time since 2007. The two-year gilt's yield jumped as high as 4.761%, the most since 2008 and up from about 4.5% on Monday. Now the spread between five- and 30-year yields is the widest since 1997.

British Pound Sterling and U.S. Dollar notes are seen in this June 22, 2017 illustration photo. Deutsche Bank's Currency Volatility Index – the historical volatility index of the major G7 currencies - jumped to a two-and-a-half year high of 13.55 on Monday. While Sterling and the yen have fared extremely poorly against the dollar, the greenback's meteoric rise has spared no major currency. Reuters GraphicsMoves have surprised long-time currency traders and investors. "Our team is working around the clock from multiple global locations," said Kamboj, adding he is not trading sterling because the pound's direction now depends entirely on how the Bank of England reacts.

An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front hall of the Bank of England in London, in this March 25, 2008 file photograph. Yet the rapid rise in yields investors now receive for owning UK bonds hasn't helped sterling much. Pound slumps and UK borrowing costs surgePredicting the short-term direction of currencies is notoriously hard. Against the euro the pound is only at two-year lows, although it is down 3% since Friday. "People will look at the UK and think that that's not a market that is stable," said Payne at Janus Henderson.

☆ Reactions: Britain's pound crumbles to record lows in firesale of UK assets
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +8 min

Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File PhotoLONDON, Sept 26 (Reuters) - Britain's pound plunged to record lows on Monday and bonds were slammed for a second day, as investors punished UK assets after the government's mini-budget announcement last week. The presentation of the mini-budget was received quite badly by the markets – sterling literally collapsed. The significant tax cuts announced by the Treasury Secretary cause concerns for the currency markets because of rising government debt." One is the loss of confidence in UK fiscal policy and that won't help sterling.

☆ The pound falls again versus the dollar after the Bank of England says it's monitoring financial markets following the currency's slide to a record low
▼ + stars: | 2022-09-26 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The pound after the Bank of England said it's closely monitoring financial markets. The pound fell by nearly 2% after the statement but didn't return to record lows. "The Bank is monitoring developments in financial markets very closely in light of the significant repricing of financial assets," BoE Governor Andrew Bailey said in a statement Monday. Financial markets were looking for the Bank of England to say it would raise interest rates or enact emergency measures to aid the pound. Financial markets on Monday were pricing in expectations for UK interest rates to rise to soar to 6% next year on the back of sterling's fall.

☆ Sterling collapses as investors fly into dollars
▼ + stars: | 2022-09-26 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

British Pound Sterling and U.S. Dollar notes are seen in this June 22, 2017 illustration photo. Register now for FREE unlimited access to Reuters.com Register"You've got to buy the dollar as a risk off-trade. In stocks, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 1% to a two-year low. Treasuries tanked as well last week, with two-year yields up 35 bps to 4.2140% and benchmark 10-year yields up 25 bps to 3.6970%. Gold hit a more-than two-year low on Friday and bought $1,643 an ounce on Monday.

☆ The UK pound slides to 37-year low against the dollar as the new British government's mini-budget spurs worries about further inflationary pressures
▼ + stars: | 2022-09-23 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The UK pound hits a fresh 37-year low against the US dollar on Friday. Pound sterling fell below $1.09 as the UK's new government outlined tax cuts and other moves to bolster economic growth. The pound fell below $1.10 for the first time in 37 years, tanking as much as 3.2% as the currency pair fell to $1.0899. The inflation rate of 9.9% is running at a near four-decade high. UK government bond prices fell, sending yields higher, and the FTSE 100 benchmark equity index lost about 2% on Friday.

British Pound Sterling and U.S. Dollar notes are seen in this June 22, 2017 illustration photo. Income tax cuts, a drop in property taxes, tax-free shopping for overseas visitors and the scrapping of a planned corporation tax rise are all aimed by the government at giving households and businesses a boost. It was last down 1.36% against the dollar at 1.1106 , a new low since 1985. The FTSE 100 (.FTSE) dropped 1.3%, hitting its weakest level since July 15, but shares in UK homebuilders jumped after Kwarteng announced changes to property stamp duty. Register now for FREE unlimited access to Reuters.com RegisterReporting by Alun John Editing by Alexander Smith and Frances KerryOur Standards: The Thomson Reuters Trust Principles.

British Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng visit Berkeley Modular, in Northfleet, Kent, Britain, September 23, 2022. The pound crashed below $1.09 for the first time since 1985 and British government bonds suffered the biggest daily fall in decades. "I've rarely seen an economic policy that is as uniformly panned by economic experts and financial markets," said Harvard professor Jason Furman, former chair of the U.S. Council of Economic Advisers during Barack Obama's presidency. Britain's Institute for Fiscal Studies compared Kwarteng's statement to a budget in 1972 that similarly sought to double Britain's rate of economic growth, but is widely remembered as a disaster for its inflationary effect. Furman said Truss might also have no choice but to undo some of her plans if Britain's debt problems start to spiral because of higher interest rates.

☆ Sterling idles near 37-year low ahead of Fed, BoE meetings
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. At 0933 GMT, the pound was little changed against the dollar at $1.1432, just above last week's 37-year low of $1.1351. Money markets fully price in a half-point rate hike from the BoE on Thursday, with around a 75% chance of a larger 75 basis point rate rise, according to Refinitiv data. Meanwhile, economists polled by Reuters expect a 50 basis point hike this week and for the Bank Rate to end 2022 at 3%. Expectations of a hike of at least 75 basis points have been keeping the dollar index elevated near its highest level since 2002.

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