Infographic: The economy this week
Global markets posted sharp losses, following a plummet of the sterling by nearly 10% to a 31-year low (a “flash crash”), recouping some of the losses afterwards, amidst a weaker-than-expected US jobs report.
In the region, markets were mostly down with the exception of Egypt, where the IMF loan prospects are boosting sentiment. On the currency front, the sterling was on its way to record the worst week since Jan 2009 before the flash crash drove it down further, while the dollar had risen to a more than two-month high prior to the payrolls report.
Oil stayed around the $50 mark after the OPEC decision the week before and as inventories fell more than expected; gold saw the largest weekly loss since Oct 2014.