British markets have regained some poise after the carnage triggered by September's fiscal statement, but as the UK slips into recession, the outlook is far from rosy.IN FOR A PENNY, IN FOR A POUND
Sterling has recovered nearly 15% from late September's record low of $1.033, with intervention by the Bank of England and Truss's swift replacement by Sunak helping to stabilise markets. Newly appointed finance minister Jeremy Hunt has meanwhile ditched much of her Sept. 23 fiscal plan.
The prospect of tax rises and spending cuts is largely priced into bonds, said JPMorgan Asset Management's chief investment officer for fixed income, Iain Stealey.
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