LONDON MARKETS: London Markets Edge Higher As Pound Hits Four-month Low
2019年5月21日 - 7:49PM
Dow Jones News
By Dave Morris
London markets shook off a weakening pound and a disappointing
industrial orders figure to erase Monday's decline.
How did markets perform?
The U.K.'s FTSE 100 is essentially flat on the week at 7,351.2,
rising 0.5% to wipe out Monday's 0.5% decline.
The pound was hit harder, shrinking 0.3% to $1.2685, a
four-month low.
What's moving the markets?
U.S. officials granted Huawei a temporary reprieve
(http://www.marketwatch.com/story/us-to-offer-temporary-exemptions-to-huawei-export-ban-2019-05-20)
from some of the restrictions imposed on Friday. The Chinese
telecommunications company caught in the U.S.-China trade dispute
was granted a 90-day window to purchase equipment and parts needed
to maintain existing activities, which may be renewed.
The "new and improved" Brexit deal promised by U.K. Prime
Minister Theresa May is expected to contain promises on workers'
rights and environmental protections, and will seek cabinet
approval on the concessions, according to the latest report in The
Times
(https://www.thetimes.co.uk/article/may-will-ask-cabinet-to-agree-on-concessions-cnswxbqkw).
The move will put pressure on opposition Labour Party leader Jeremy
Corbyn as some M. P.s may now support the bill, but many in the
rank-and-file will staunchly oppose it.
The U.K. pound took a drubbing Tuesday, falling to a four-month
low. Brexit uncertainty and U.S. dollar strength were the two key
drivers.
In economic data, the CBI industrial trends total orders survey
showed that in May, orders fell to -10, a sharp decline after a
run-up in manufacturing driven by stockpiling for the now-aborted
March 29 Brexit date. The figure was the lowest since October
2016.
Which stocks are active?
Entertainment One Ltd. (ETO.LN) fell 2% after reporting fiscal
2019 earnings, as pretax profit fell 43% year over year. The Peppa
Pig franchise owner blamed the dip on one-off charges.
Tesco Bank, the lending arm of supermarket chain Tesco PLC
(TSCO.LN), said Tuesday that it was exiting the mortgage market
(http://www.marketwatch.com/story/tesco-to-explore-sale-of-mortgage-portfolio-2019-05-21-348518)
and looking for a buyer of its existing mortgage assets, citing
"challenging market opportunities". Shares in the unit's parent
traded 0.6% higher.
(END) Dow Jones Newswires
May 21, 2019 06:34 ET (10:34 GMT)
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