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Name | Symbol | Market | Type |
---|---|---|---|
FTSE 100 Index | FTSE:UKX | FTSE Indices | Index |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-22.89 | -0.28% | 8,121.24 | 8,178.95 | 8,111.38 | 8,144.13 | 0 | 16:35:30 |
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)
Copyright (c) 2018 Dow Jones & Company, Inc.
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