The pound rose on Monday after plunging to a 10-year low against euro overnight on the back of increasing fears that the country will leave the EU without a deal.
Shock news on Friday that the UK economy shrank 0.2 per cent helped to drag sterling to its lowest level since the financial crisis but sterling gained 0.5 per cent on Monday morning from €1.073 to €1.079.
The pound was up 0.3 per cent against the dollar to $1.1.207.
Burford, which provides funding for legal action and takes a cut of the resulting settlements, saw its share value nosedive over the past week after Muddy Waters took a short position on the stock, betting that its value would fall, before publishing a damning report on the company’s financial health.
The economic outlook has deteriorated worldwide as the trade dispute between the United States and China escalates, a survey shows.
Germany’s Ifo economic institute said its quarterly survey among nearly 1,200 experts in more than 110 countries showed that its measures for current conditions and economic expectations have both worsened in the third quarter.
“The experts expect significantly weaker growth in world trade,” Ifo President Clemens Fuest said.
Reuters
Troubled travel company Thomas Cook is in advanced talks to raise £150m from bondholders after making "progress" over the terms of a rescue deal, the Press Association reports.
The tour operator is looking to secure the cash injection on top of a £750m deal it has already agreed with Chinese firm Fosun to attempt to secure the future of the company.
Thomas Cook has suffered recently as a result of mounting debts, reporting a £1.2bn net debt in its half-year results in May.
