*Europe’s benchmark share gauge fell for a fourth day of losses, with mail and parcel delivery companies taking a hit after FedEx’s warning. The UK’s benchmark outperformed as the British pound sank to its weakest level against the dollar since 1985.*
The British pound dropped below $1.14 for the first time since 1985 as a combination of dollar strength and recession warnings weighed on the U.K.’s currency.
The World Bank on Thursday warned of a global recession in 2023 and said central bank hiking may not be enough to bring down inflation.
*Which companies were in focus?*
• Shares of FedEx rival United Parcel Service Inc. slid 4.5%, while retailers such as Amazon.com Inc. AMZN, -2.18% and Target Corp. TGT, -0.56% also finished lower. FedEx’s gloom spread overseas with Deutsche Post AG DPW, -6.58% and Royal Mail PLC RMG, -8.08% both tumbling.
*Currencies*
# Bloomberg Dollar Spot Index was little changed
# The euro was little changed at $1.0006
# The British pound fell 0.4% to $1.1416
# The Japanese yen rose 0.4% to 142.91 per dollar
*Bonds*
# The yield on 10-year Treasuries was little changed at 3.45%
# Germany’s 10-year yield declined one basis point to 1.76%
# Britain’s 10-year yield declined three basis points to 3.14%
*Commodities*
# West Texas Intermediate crude rose 0.4% to $85.41 a barrel
# Gold futures rose 0.5% to $1,685 an ounce
By: via @AlliesFin Serve Stock Market
