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Brexit Plans Rattle Pound and Stocks as Gold Rises: Markets Wrap

  • Financials, automakers lead declines in European equities
  • U.K. PM to signal plans to quit EU single market: Sunday Times
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StanChart's Maratheftis: Expect Pound to Fall Further

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The pound fell, equities slid and gold climbed on concern U.K. Prime Minister Theresa May is prepared to lead Britain out of the European Union’s single market and as the U.S. President-elect suggested other countries could break from the bloc.

Sterling fell below $1.20 for the first time since October after the Sunday Times said May is ready to withdraw from tariff-free trade with the region in return for the ability to curb immigration and strike commercial deals with other countries. Banks were among the biggest losers in European stocks after Goldman Sachs Group Inc. downgraded Royal Bank of Scotland Group Plc, citing exposure to volatile politics. U.S. markets are closed Monday due to a holiday.