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Pound sinks against euro and dollar as Brexit thrown back into limbo

5) More shoppers will be able to buy milk, butter and bread from hundreds of local corner shops as Uber Eats, the loss-making takeaway app, makes its first foray into the competitive grocery arena.  The tech company has inked a deal with Costcutter, the convenience store chain, which will allow more than 1,700 shops to sell everyday items via the app across the country,

What happened overnight

Stocks in Asia headed for a mixed start Wednesday after developments on Brexit sapped risk appetite, dragging US shares lower with Treasury yields. The pound sank.

Equity futures dropped in Japan and were little changed in both Hong Kong and Australia.

Coming up today

It has been something of a year from hell for Metro Bank, with a cancelled bond sale last month preceding the announcement that its founder and chairman Vernon Hill would step down from the challenger lender’s board. Though Metro was later able to complete a £350m fundraising effort, initial issues with the sale arrived amid low shareholder confidence after a share price crash, an accounting scandal and fears over the future of the lender following poor results.

Despite the headaches, Jefferies analysts have kept a “buy” rating on Metro’s shares – which are down about 85pc this year – but said store openings and loan growth are both expected to be weak in its third quarter results today.

“The big test for Metro Bank is not whether the worst is behind them,” said CMC Markets’ Michael Hewson, “but whether new management can turn around market perceptions of competence, and restore trust at a time when margins in UK banks are already tight, and competition is fierce.” 

Preliminary results: Filtronic, Softcat

Interim: Antofagasta, Centamin, Fresnillo, HarbourVest, Hochschild Mining, Quilter, Metro Bank


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