Pound rises as shares slide

THE world’s stock markets tumbled yesterday as investors dumped shares ahead of the US election.

But the pound had its best week against the dollar since October 2009, touching $1.25 9 with analysts blaming fears over a Trump victory as well as this week’s judicial verdict on Brexit.

Investors see Mrs Clinton as a safe pair of hands with a Trump presidency likely to carry more risks.

Joshua Mahony, of trading firm IG, said: ‘No one really knows what Trump would do should he get into power, probably not even himself.’ Neil Wilson, of trading firm ETX, added: ‘The election is too close to call. Markets are on a knife-edge. There is a definite sense we’re heading for a Brexit-like event.’

The FTSE 100 index fell 97.25 points to 6693.26, rounding off its worst week since January. European and Asian markets were also down – by 1.3 per cent in Japan and nearly 1 per cent in Paris and Frankfurt.

But on Wall Street, the S&P 500 fell for a ninth day in a row - it’s longest losing streak since 1980.