LONDON MARKETS: FTSE 100 Climbs As Pound Falls On Fresh Brexit Uncertainty
11 December 2018 - 12:37AM
Dow Jones News
By Emily Horton
London markets were turbulent on Monday, amid signs of slowing
growth in Europe and uncertainty mounted over the outlook for
Brexit.
Drug stocks led the gainers.
What are markets doing?
Reversing course, the U.K.'s FTSE 100 rose 0.3% to 6,804.26,
after closing down 2.9% at the end of the week on Friday.
What is driving the market?
The European Court of Justice ruled on Monday that the U.K.
could officially cancel Brexit without the permission of the other
27 EU member states. Meanwhile, Bloomberg reported that U.K. Prime
Minister Theresa May would postpone a crucial vote in Parliament
(http://www.marketwatch.com/story/british-pound-falls-on-report-uks-may-calling-off-brexit-vote-2018-12-10)on
her Brexit plan that had been set for Tuesday, putting pressure on
the British pound. May is scheduled to make a statement on Brexit
later Monday.
Sterling slid to fresh 18-month lows
(http://www.marketwatch.com/story/sterling-dives-to-fresh-18-month-low-as-brexit-vote-reportedly-cancelled-2018-12-10),
trading around $1.2658 versus $1.2731 late Friday in New York.
Figures released on Monday that showed Germany's trade surplus
with the rest of the world narrowed
(http://www.marketwatch.com/story/germanys-trade-surplus-narrows-in-october-2018-12-10).
(http://www.marketwatch.com/story/germanys-trade-surplus-narrows-in-october-2018-12-10)
(http://www.marketwatch.com/story/germanys-trade-surplus-narrows-in-october-2018-12-10)
According to the Federal Statistics Office exports of goods -- not
goods and services -- rose 0.7% in October from the month
before.
The Bank of France announced that the French economy will grow
slower
(http://www.marketwatch.com/story/french-protests-blamed-for-cut-in-growth-forecast-2018-12-10)
than originally projected and blamed recent protests across the
country for the lag.
What stocks are active?
Drug stocks led the gainers, with AstraZeneca PLC (AZN.LN) and
GlaxoSmithKline (GSK.LN) (GSK.LN) up over 2%.
Just Group PLC (JUST.LN) jumped by over 20% after the U.K's
insurance regulator announced a favorable ruling on capital charges
on equity-release mortgages, a specialty product of the U.K.-based
retirement company.
In media stocks, ITV PLC (ITV.LN) dropped by almost 2%.
(END) Dow Jones Newswires
December 10, 2018 08:22 ET (13:22 GMT)
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