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Name | Symbol | Market | Type |
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FTSE 100 Index | FTSE:UKX | FTSE Indices | Index |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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18.80 | 0.24% | 7,895.85 | 7,900.51 | 7,809.68 | 7,877.05 | 0 | 16:35:28 |
By Sara Sjolin, MarketWatch
Article 50 is set to be triggered around lunchtime
European stocks rose for a second straight day on Wednesday, but investors seemed to take a cautious stance as the U.K. prepared to trigger Brexit negotiations with the rest of the EU.
The Stoxx Europe 600 index added 0.1% to 377.84, building on a 0.6% rally from Tuesday (http://www.marketwatch.com/story/european-stocks-bounce-back-as-worries-over-trump-rally-recede-2017-03-28).
The positive moves come after a strong finish in the U.S., where the Dow Jones Industrial snapped an eight-day losing streak and closed 0.7% higher after some better-than-expected economic data (http://www.marketwatch.com/story/dow-poised-to-rise-for-first-time-in-9-sessions-2017-03-28).
However, the U.K.'s Brexit moves were hanging over European markets on Wednesday. On Tuesday evening, U.K. Prime Minister Theresa May signed a letter invoking Article 50 of the Treaty of Lisbon, which will formally begin the country's exit from the European Union.
The letter is expected to be hand-delivered to Brussels around lunchtime by the British ambassador to the EU, Tim Barrow. Soon after that, May plans make a statement to parliament to confirm Article 50 has been triggered and that the countdown to the two-year divorce negotiations has begun.
(https://twitter.com/eucopresident/status/846983434484494338)
"Today marks a turning of the page and a new chapter on the U.K.'s relationship with the European Union. No one knows what lies ahead over the next two years, and there will be many twists and turns along the way, but one thing is certain, a deal is in the best interests of both sides," said Michael Hewson, chief market analyst at CMC Markets, in a note.
Read:How to trade the pound as Theresa May pulls the Brexit trigger (http://www.marketwatch.com/story/avoid-being-short-with-the-crowd-how-to-trade-the-pound-as-may-pulls-brexit-trigger-2017-03-28)
Read also:Three ways Article 50 will change Britain -- and Europe (http://www.marketwatch.com/story/three-ways-article-50-will-change-britain-and-europe-2017-03-29)
"In the short term, nothing much is likely to change, particularly at a politically sensitive time for Europe with French and German election campaigns already well under way, which means any market reaction is likely to be fairly muted," he added.
The pound traded at $1.2444 (http://www.marketwatch.com/story/british-pound-under-pressure-ahead-of-brexit-trigger-2017-03-29), down from $1.2450 late Tuesday in New York.
Individual indexes: The sterling weakness helped curb losses for the FTSE 100 index , which is made up largely of companies that generate the bulk of their earnings overseas. The index was down less than 0.1% at 7,340.60 (http://www.marketwatch.com/story/uk-stocks-rise-as-brexit-talks-set-to-kick-off-2017-03-29).
Germany's DAX 30 index gained 0.5% to 12,205.96, while France's CAC 40 index rose 0.2% to 5,057.91.
Stock movers: Posting the biggest loss in the Stoxx 600, shares of Scout24 AG (G24.XE) slid 6.4% after a disappointing guidance from the online marketplace.
Shares of BHP Billiton PLC (BLT.LN) (BHP.AU) (BHP.AU) climbed 1.3% after the mining giant said it's considering a new iron-ore investment (http://www.marketwatch.com/story/bhp-billiton-looks-at-aussie-iron-ore-investment-2017-03-29) in Australia.
Economic data:French consumer confidence (http://www.marketwatch.com/story/french-consumer-confidence-unchanged-in-march-2017-03-29) stood at 100 in March, Insee reported. That was the same reading as in February, undershooting analysts' expectations.
(END) Dow Jones Newswires
March 29, 2017 05:16 ET (09:16 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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