Pound LIVE: GBP Sterling holding ground as global stocks PLUNGED into MELTDOWN

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The pound is trading at around $1.320 after opening at $1.319, according to Bloomberg, while Sterling is holding against the euro at €1.143.

It comes after the US stock market tumbled, with the Dow Jones Industrial Average sinking last night by more than 800 points.

As of just before 8am GMT, the Dow Jones average futures were down by 189 points.

The S&P 500 fell to a fifth-day straight loss yesterday, the longest slump since President Donald Trump was elected, as Wall Street endured its sharpest one-day fall in months.

Alphabet, Amazon, Apple, Facebook and Microsoft all fell more than 4 percent each yesterday as tech stock crashed.

Stock in all 30 blue-chip index companies fell, with Boeing and Caterpillar dropping at least 3.8 per cent.

Meanwhile in Europe, all major indexes were down this morning with a sea of red showing declines of up to 1.7 percent as of just before 9am GMT.

The pan-European Euro Stoxx 600 Index was down by 1.2 percent in early deals, while the FTSE 100 Index opened down 1.6 percent.

In Italy, were the markets are continuing to feel the fallout from the government’s deficit budget proposals, the FTSE MIB had tumbled by 1.5 percent.

Global stocks were down this morning as a sell-off in US equities dragged down global markets. 

Markets also sunk this morning in Asia, with Japan’s benchmark Nikkei 225 losing 3.9 per cent, its steepest daily drop since March.

China witnessed its lowest stock market level in almost four years, while the Shanghai Composite ended the day down 5.2 percent.

The chaos across markets comes on the back of concerns surrounding global economic growth and rising interest rates.

The Federal Reserve is raising interest rates which makes it more expensive for companies to borrow and harms share prices.

The rout suggests businesses are not able to sustain the runaway growth that is marked 2018 so far.

Investors are nervous a trade war would slash profits.

Rising bond yields are raising the cost of borrowing to add to market fears.

President Trump described the Fed as having “gone crazy” after walking off Air Force One in Erie, Pennsylvania for a rally.

He said: ”I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy.

“Actually, it’s a correction that we’ve been waiting for for a long time, but I really disagree with what the Fed is doing.”

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