LONDON MARKETS: London Markets In The Red, As Brexit And U.S.-China Trade Truce Worries Resurface
05 Dezember 2018 - 12:48PM
Dow Jones News
By Emily Horton
London markets fell on Wednesday, as Brexit uncertainty returned
and U.S. President Donald Trump poured cold water over U.S.-China
trade truce hopes.
Key decliners included banks, insurers, oil producers and
miners, with the index as a whole dropping back beneath the
bellwether 7,000 level.
How are the markets performing?
The FTSE 100 index dropped 1% to 6,946.06 from a 0.5% drop late
Tuesday evening.
The British pound firmed up to $1.2770 from $1.2720 late
Tuesday.
What is driving stocks?
Pro-E.U. politicians voted to take more control of the Brexit
process, on Tuesday evening, if Prime Minister Theresa May loses
the vote on her E.U. withdrawal agreement on Dec. 11.
Earlier on Tuesday, pro- the European Court of Justice's most
senior adviser published a legal opinion that the U.K. could
reverse Brexit without first seeking permission of European Union's
remaining 27 member states.
Read:Theresa May absorbed three sharp blows Tuesday as steward
of U.K.'s Brexit process
(http://www.marketwatch.com/story/what-mays-losses-in-parliament-and-the-european-courts-vote-mean-for-brexit-2018-12-04)
European stocks were under pressure after Tuesday's market
meltdown on Wall Street. Investors were spooked by a flattening
yield curve and the validity of the U.S.-China trade truce agreed
at the weekend.
U.S. markets are closed on Wednesday
(http://www.marketwatch.com/story/what-george-hw-bushs-funeral-means-for-stock-market-bond-traders-commodities-2018-12-03),
to mark a national day of mourning after the death of former
President George H.W. Bush.
What other stocks are active?
Financial services stocks were weak, with HSBC Holdings PLC
(HSBA.LN) down 2%, Direct Line Insurance PLC (DLG.LN) down by 0.6%.
Hargreaves Lansdown PLC (HL.LN) dropped by over 3%.
Oil prices dropped ahead of this week's OPEC meeting, with BP
PLC (BP.LN) down 1.6% and Royal Dutch Shell PLC (RDSA.LN) down
2%.
Heavy-weight mining stocks also fell, with Evraz PLC (EVR) down
2%.
(END) Dow Jones Newswires
December 05, 2018 06:33 ET (11:33 GMT)
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