By Simon J. LewisPublished May 07, 2017 09:00:00The UK’s largest UK stock market index, the S&P 500, has recorded its first quarterly decline since the early days of the financial crisis.
The drop is just the latest indication that the market is in for a long, hard winter, as the British economy recovers and unemployment falls to its lowest level in more than a decade.
The index was down 2.1 percent on the day on Friday, the biggest one-day decline since September.
That’s more than the 4.1% decline recorded on Wednesday, the first day of the Great Recession.
It was the biggest decline since March 2009.
The market also suffered a huge one-off drop on Tuesday when the pound fell sharply to a three-year low against the euro, a sign that the Brexit vote is hurting global demand.
“It’s very hard to gauge how this year’s economic recovery is going to play out,” said James Martin, chief investment officer at London-based investment advisory firm KPMG.
“It’s a long way from a healthy market.”
The index fell about 2.5 percent on Thursday, its biggest one day decline since December 2015, as investors piled into a new gold and silver bullion product to boost the U.S. dollar.
The British pound tumbled 0.5% on Friday and the S.&,P 500 index dropped 2.3 percent on Wednesday.
On Monday, Britain’s biggest bank, Standard Chartered, announced that it would sell its remaining stake in the SFO, which manages the S-curve.
Standard Chartering said the move was due to a worsening credit situation and the cost of maintaining its trading facilities.
The move was a sign of mounting pressure on the SWE, as regulators in both the U,S.
and European Union continue to clamp down on the banks that handle trillions of dollars of derivatives.
It’s also a signal that the banks may be reluctant to extend credit to the SIF.
The S&s drop was driven by a huge selloff of gold and sterling in the U; however, it is also a sign the markets are unlikely to bounce back anytime soon.
“If the SSE continues to see massive losses, it will likely result in further selling of the SICP, which is the second-largest index, and the largest gold ETF, which will lead to further price declines for both currencies,” said Mark Evans, chief economist at Barclays Capital.
The Bank of England, the country’s central bank, is also expected to announce more measures this week to help curb the financial risks posed by Brexit.
In recent days, the British government has cut interest rates to record lows, and announced plans to spend billions of pounds to help stimulate the economy and provide more money for schools and hospitals.
The pound has fallen to a record low against other major currencies and has fallen sharply against the dollar.
A weaker pound has led to a decline in U.K. imports, and helped to push up inflation.