Sterling falls to 37-year low against the dollar; European stocks slide 1.2%

Sterling fell as low as $1.135 at 8:50 a.m. London before rising slightly to $1.1378, marking a fresh 37-year low. It followed the publication of figures showing a 1.6% fall in August retail sales. The World Bank yesterday warned of a global recession in 2023. European markets were trading lower Friday as growth fears, expectations for further rate hikes and continued volatility in the energy market weighed on stocks. The pan-European Stoxx 600 fell 1%, with all sectors in the red.

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