LONDON MARKETS: London Markets Choppy As European Economic Growth Slows And Brexit Uncertainty Rises
10 Dezember 2018 - 1:59PM
Dow Jones News
By Emily Horton
London markets were turbulent on Monday, as both Germany and
France announced indications of slower economic growth and
uncertainty mounted over the outlook for Brexit.
Banking stocks led the major decliners.
What are markets doing?
The U.K.'s FTSE 100 dipped by 0.3% to 6,756.32, 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 UK 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 fell to $1.2644 versus the dollar 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?
Heavyweight banking stocks were in the red, with HSBC Holding
PLC (HSBA.LN) and Lloyds Banking Group PLC (LLOY.LN) each falling
by 1%.
Just Group PLC (JUST.LN) stocks jumped by over 20% after the PRA
announced a favorable ruling on capital charge on equity release
mortgages, a product specialism of the U.K. based retirement
company.
In media stocks, ITV PLC (ITV.LN) dropped by almost 2%.
Leisure and holiday stocks fell, with Carnival PLC (CCL.LN)
dropping 0.7%, InterContinental Hotels Group PLC (IHG) falling 0.4%
and airline easyJet PLC (EZJ.LN) down just over 1%.
(END) Dow Jones Newswires
December 10, 2018 07:44 ET (12:44 GMT)
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