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Sterling jumps, stocks rally on Brexit deal agreement

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Sterling jumps, stocks rally on Brexit deal agreement
FILE PHOTO: Pound Sterling notes and change are seen inside a cash resgister in a coffee shop in Manchester, Britain, Septem,ber 21, 2018. REUTERS/Phil Noble   -   Copyright  PHIL NOBLE(Reuters)
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LONDON (Reuters) – Sterling surged more than 1% and British share prices rallied on Thursday after British Prime Minister Boris Johnson and European Union officials said a Brexit deal was done.

European Commission President Jean-Claude Juncker said Britain and the EU had agreed a new Brexit deal, and he recommended that the EU summit endorsed the agreement.

The pound jumped as high as $1.2988, a five-month high. Against the euro it rose sharply to 85.77 pence.

The euro was also buoyed by the news, gaining 0.5% versus the dollar to $1.1125.

British and European stocks rose across the board, with the UK mid-cap index up more than 1.1%. Germany’s DAX rallied 0.5% while Ireland’s gained 0.3%.

Euro zone government bond yields rose, while the 10-year British gilt yield was up 7 basis points, at 0.793%, its highest since July.

(Reporting by London Markets Team; Writing by Tommy Wilkes; editing by Sujata Rao)

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