European markets fall; sterling slumps against the dollar

European stocks were lower on Monday as investors continued to weigh the deteriorating economic outlook in the region. The pan-European Stoxx 600 was down 0.8% by late morning, with banks shedding 2.2% while tech stocks added 1.5%. The British pound plunged to a record low on Monday, following last week’s announcement by the new U.K. government that it would implement tax cuts and investment incentives to boost growth. The country is on course to elect its first female prime minister and the first government led by the far-right since the end of World War II.

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