LONDON MARKETS: FTSE Edges Lower As Pound Trades Flat Amid Brexit Uncertainty
19 October 2018 - 12:53AM
Dow Jones News
By Mark DeCambre, MarketWatch
Pearson shares are among the biggest gainers in the FTSE 100
The U.K.'s main equity bourse on Thursday was trading slightly
lower, as investors kept a close eye on the outcome of testy
negotiations as Britons attempt to exit from the EU.
The U.K.'s FTSE 100 was off 0.2% at 7,041.11, after finishing
Wednesday's session 0.1% lower.
The British pound was at $1.3103, slightly below $1.3114 seen
late Wednesday in New York. Against the euro , the pound weakened,
changing hands at GBP0.8773, versus GBP0.8769 on Wednesday.
Traders were following reports
(https://www.theguardian.com/politics/2018/oct/17/theresa-may-signals-willingness-to-extend-transition-period)
that U.K. Prime Minister Theresa May was considering a longer
transition period within the EU as Britain attempts to break an
impasse in talks to forge a new relationship with Europe's trade
bloc.
What are strategists saying?
"In London, the FTSE 100 continues to post small moves between
7000.0pts and 7065.0pts. This lack of clear direction is mostly due
to the deadlocked Brexit's negotiations, an environment in which
traders remain cautious to avoid getting burnt," wrote Pierre
Veyret, technical analyst at ActivTrades in a Thursday research
note.
Which data were in focus?
U.K. retail sales fell in September,
(http://www.marketwatch.com/story/uk-retail-sales-fall-in-september-2018-10-18)
a sign British consumers are paring back spending after a strong
summer for retailers. The Office for National Statistics said
Thursday that retail sales declined 0.8% on the month in September,
reflecting a drop in spending at food stores, department stores and
online.
Stocks to watch
Unilever PLC's stock fell (ULVR.LN) 0.9% on Thursday even as the
maker of Breyers ice cream and Dove shampoo sold more products at
higher prices, helping it deliver stronger third-quarter revenue
growth
(http://www.marketwatch.com/story/unilever-revenue-up-on-better-volumes-pricing-2018-10-18).
Among the leading gainers, shares of publishing giant Pearson
PLC(PSON.LN) rose 3.6%, while those for building-materials company
CRH PLC were trading sharply lower to lead losers, off 3.6%.
(END) Dow Jones Newswires
October 18, 2018 09:38 ET (13:38 GMT)
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