Sterling recoups some losses after 9 percent plunge; stocks slip
Sterling recouped some losses after plunging to a three-decade low in Asian trade on Friday amid growing fears of a "hard" exit by Britain from the European Union, while Asian stocks fell as investors took profits from a recent rally.
Indeed, outside the EU, the UK could end up with little control over financial rules. The EU insists that non-members’ regulations are equivalent to their own, in return for limited access to the single market. The City of London – the eurozone’s largest wholesale financial centre – would be unlikely to enjoy unfettered access to eurozone financial markets if it were outside the Union. Eurozone authorities prefer wholesale activities – trading and lending between banks, rather than