Bloomberg Daybreak Middle East. Live from Dubai, connecting Asian markets to the European opens. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region.
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Lynn Thomasson and
Sujata Rao-Coverley
On a day when losses were cascading across global markets, the UK stood out as the worst of the worst.
Confidence in UK market vanished on Friday as the pound plunged below $1.09 and gilt yields skyrocketed. After Chancellor of the Exchequer Kwasi Kwarteng outlined tax cuts and spending plans, traders expressed dismay about how the British government will be able to fund its radical ambitions. Even more ominous, some questioned the Britain’s financial stability and worried about market dysfunction.