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| Version 3 | Version 4 |
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| FTSE 100 slides and pound remains under pressure | FTSE 100 slides and pound remains under pressure |
| (about 4 hours later) | |
| The pound has continued to come under pressure as worries over the Brexit process persist. | The pound has continued to come under pressure as worries over the Brexit process persist. |
| After falling to a 31-year low against the dollar on Tuesday, the pound slid further in early trade to $1.2687. It then recovered to stand at $1.2758. | |
| Sterling hit a five-year low against the euro, hitting €1.1308 at one point, before recovering to €1.1382. | |
| The FTSE 100 share index, which has risen sharply in the past couple of days, fell back. | The FTSE 100 share index, which has risen sharply in the past couple of days, fell back. |
| The benchmark index, which came close to hitting record high on Tuesday, closed 41.09 points lower at 7,033.25. | |
| The pound has fallen sharply since the start of the week when Prime Minister Theresa May said she would begin the formal process to take the UK out of the EU by March next year. | The pound has fallen sharply since the start of the week when Prime Minister Theresa May said she would begin the formal process to take the UK out of the EU by March next year. |
| Sterling has fallen on worries that the UK will be prepared to leave the EU single market as part of the Brexit process so that it can impose controls on immigration. | Sterling has fallen on worries that the UK will be prepared to leave the EU single market as part of the Brexit process so that it can impose controls on immigration. |
| In general, the fall in the pound has boosted the FTSE 100 as many of the companies in the index generate most of their revenues abroad. A weaker pound means overseas revenues are worth more when they are converted back into sterling. | In general, the fall in the pound has boosted the FTSE 100 as many of the companies in the index generate most of their revenues abroad. A weaker pound means overseas revenues are worth more when they are converted back into sterling. |
| However, global equity markets were lower in general on Wednesday, following a report by Bloomberg that the European Central Bank might begin to slow the pace of its bond-buying programme. | However, global equity markets were lower in general on Wednesday, following a report by Bloomberg that the European Central Bank might begin to slow the pace of its bond-buying programme. |
| The stand-out share movement in the FTSE 100 came from Tesco. Shares in the supermarket jumped nearly 10% after it reported a third consecutive quarter of rising sales and announced plans to lift its profit margins. |