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
  76.50 1.01% 7,686.31 7,689.67 7,609.81 7,609.81 0 12:35:45

LONDON MARKETS: Pound Dips, FTSE 100 Futures Point To Steady Start After Brexit-vote Delay

21/10/2019 7:10am

Dow Jones News

FTSE 100
Index Chart

3 Months : From Oct 2019 to Jan 2020

Click Here for more FTSE 100 Charts.

By Barbara Kollmeyer, MarketWatch

Sterling hovers at May highs

The British pound slipped, while FTSE 100 futures indicated a steady start for stocks on Monday, after U.K. lawmakers voted to ask for a Brexit-deadline delay over the weekend.

The pound dipped 0.6% against the dollar to $1.2899 versus $1.2974 seen late Friday in North American trading. Still, a near 5% gain in October has kept the pound near levels not seen since May. FTSE 100 futures, meanwhile, indicated a flat open for the index when it opens later.

Opinion:Johnson lost again. But his Brexit deal is likely to succeed (

After a crucial Parliamentary vote failed to get off the ground on Saturday, Prime Minister Boris Johnson was forced to send a letter to the EU asking for a three-month Brexit delay. Johnson, who is opposed to any delay, is expected to try to win parliamentary approval for his plan on Monday as the Oct. 31 Brexit deadline draws nearer.

Goldman Sachs analysts said they expect the deal will eventually pass, and for that reason expect the pound could rally to $1.35, though others were more cautious.

"So far, pound traders are content that a disorderly Brexit will likely be avoided in two weeks. Yet an early general election and maybe another Brexit referendum are on the U.K.'s political agenda for the coming months," said Ipek Ozkardeskaya, senior market analyst, told clients in a note.

Read: So what's next after the U.K. parliament's non-vote on Brexit? (

As for stocks, the analyst said ongoing Brexit uncertainties could trigger volatility as that end-month deadline nears. And "small, midcap stocks would be more exposed than the blue-chip stocks which benefit from dollar denominated revenues," said Ozkardeskaya.


(END) Dow Jones Newswires

October 21, 2019 01:55 ET (05:55 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

1 Year FTSE 100 Chart

1 Year FTSE 100 Chart

1 Month FTSE 100 Chart

1 Month FTSE 100 Chart
Your Recent History
FTSE 100
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20200117 12:50:46