LONDON MARKETS: FTSE 100 In Holding Pattern, With Record High In Sight
2017年10月11日 - 06:54PM
Dow Jones News
By Sara Sjolin, MarketWatch
Brexit talks stall in Brussels
U.K. stocks traded in tight ranges on Wednesday as investors
waited for new catalysts to send the markets higher and break into
fresh record territory.
FTSE near all-time high: The FTSE 100 index was down 0.1% at
7,534.49, trading just 0.2% below the record close set on May
26.
The London benchmark has recently been boosted by a slide in the
pound and by renewed confidence that Prime Minister Theresa May can
hold onto her cabinet's support for her Brexit plans.
Brexit in focus: May has said the ball is now in the European
Union's court for moving negotiations along. She has also warned
that the U.K. government is preparing for the divorce talks to fail
and to end with no Brexit deal.
U.K. negotiators are in Brussels this week for a fifth round of
divorce talks, but the discussions were put on hold on Wednesday.
EU leaders are holding a summit on Oct. 19-20 to decide whether
there has been enough progress in Brexit talks to move onto the
next phase in the divorce proceedings, including the all-important
trade deals.
European Council President Donald Tusk has already said there
hasn't been "sufficient progress" to move discussions along.
Sterling slide: The pound fell to $1.3193, down from $1.3204 on
Tuesday.
"The political uncertainties remain a major downside risk for
pound traders," said Ipek Ozkardeskaya, senior market analyst at
London Capital Group. "PM Theresa May talked down the possibility
of another Brexit referendum, although her deputy Damian Green
voiced his preference to remain part of the union."
"Tensions are high among the Tories, especially in the aftermath
of a difficult start to the negotiations with the EU," she said in
a note.
Stock movers: Shares of Mondi PLC (MND.JO) tumbled 8.6% after
the packaging and paper group said underlying performance for the
year is expected to be modestly below market expectations
(http://www.marketwatch.com/story/mondi-profit-rises-8-on-higher-prices-2017-10-11).
Smith & Nephew PLC (SN.LN) jumped 4.1% after reports that
hedge fund Elliott Management Corp. has built a stake in the
British medical equipment company.
On the FTSE 250 index , Dunelm Group PLC (DNLM.LN) climbed 5.3%
after the homeware retailer said first-quarter revenue jumped
25%.
(END) Dow Jones Newswires
October 11, 2017 05:39 ET (09:39 GMT)
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