LONDON MARKETS: U.K. Stocks Pull Back From Record, As Pound Sails To 2-week High
2017年10月14日 - 04:47AM
Dow Jones News
By Carla Mozee, MarketWatch
Sterling gets a lift on Brexit extension hopes
U.K. stocks fell Friday, ending lower as the pound climbed to a
nearly two-week high on prospects for a smoother exit for Britain
out of the European Union.
The FTSE 100 index gave up 0.3% to close at 7,535.44, with only
the basic materials sector showing a gain. The index was looking at
a flat move for the week.
"U.K. stocks began the session downbeat. The correction could
deepen into the weekly closing bell as Brexit uncertainties loom
before [the] October 19/20 summit in Brussels, while the pound is
subject to upside pressures," said LCG senior market analyst Ipek
Ozkardeskaya in a note.
Brexit hopes lift sterling: The London benchmark fell as the
pound climbed above $1.33 for the first time since Oct. 2,
according to FactSet data. Sterling was pushed higher after German
newspaper Handelsblatt late Thursday
(http://www.handelsblatt.com/my/politik/international/brexit-galgenfrist-fuer-london/20446710.html)
reported that the EU may offer a two-year Brexit transition deal to
Britain.
On Thursday, the pound dropped below $1.32 after Michel Barnier,
the EU's chief Brexit negotiator, said not enough progress had been
made for the EU and the U.K. to start discussing their future trade
relationship. The pound's slide helped usher the FTSE 100 to an
all-time record close, with a rise of 0.3% to 7,556.24
(http://www.marketwatch.com/story/ftse-100-keeps-dancing-just-below-its-all-time-high-2017-10-12).
EU officials are set to meet next week from Oct. 19-20, to
determine the way forward on Brexit discussions.
But multinationals suffer: A stronger pound tends to hurt shares
of multinational companies that make the bulk of their earnings
overseas.
Among those companies, consumer products heavyweight Unilever
PLC (ULVR.LN) slipped 0.2%, as did drug maker GlaxoSmithKline PLC
(GSK.LN). Luxury goods maker Burberry Group PLC (BRBY.LN) shed
0.2%.
Other stock movers: Mining shares rose after a report showed
Chinese imports rose 18.7%
(http://www.marketwatch.com/story/china-exports-up-9-for-7th-month-of-growth-2017-10-13)
in September, outstripping the 15% gain expected. China, the
world's second-largest economy, is a major buyer of industrial and
precious metals. Shares of Glencore PLC (GLEN.LN) picked up 2.4%,
and BHP Billiton PLC (BLT.LN) (BHP.AU) (BHP.AU) moved up 1.6% in
London.
GKN PLC shares (GKN.LN) dropped 10%. The engineering group said
Friday its third-quarter margin performance was lower than a year
ago
(http://www.marketwatch.com/story/gkn-margins-squeezed-by-north-america-challenges-2017-10-13),
mainly because of operational challenges in its North American
aerospace division.
Advancers on the FTSE 100 included educational publisher Pearson
PLC (PSON.LN), up 1.9%, and miner Rio Tinto PLC (RIO) (RIO) (RIO)
shares finished up 3%.
(END) Dow Jones Newswires
October 13, 2017 15:32 ET (19:32 GMT)
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