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Name | Symbol | Market | Type |
---|---|---|---|
BP Plc | NYSE:BP | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.04 | 0.10% | 38.71 | 38.74 | 38.11 | 38.48 | 8,071,028 | 01:00:00 |
By Callum Keown
The pound plummeted on Wednesday as British Prime Minister Boris Johnson set out plans to suspend Parliament, slashing MPs' hopes of blocking a no-deal Brexit.
The move would see Parliament suspended for five weeks before returning on Oct. 14--less than three weeks before Britain's scheduled departure from the EU on Oct. 31.
Sterling plunged 0.7% to $1.2201 and was the world's worst-performing currency on Wednesday morning.
What's moving the markets?
Johnson's controversial move to prorogue Parliament, viewed as a bid to force through a no-deal Brexit, sent the pound plunging (http://www.marketwatch.com/story/pound-drops-sharply-on-reports-uk-parliament-to-be-prorogued-2019-08-28).
The government has asked the Queen to suspend Parliament from the week of Sept. 10 (http://www.marketwatch.com/story/johnson-to-suspend-parliament-before-brexit-date-2019-08-28).
Johnson's political opponents blasted the timetable, which would limit MPs' ability to block a no-deal Brexit.
Markets fear a no-deal Brexit, which the Bank of England's worst-case scenario predicted would see sterling crash to parity with the U.S. dollar for the first time in its history.
Citi economist Christian Schulz said: "The timing is convenient, it would shorten the time for Parliament to force the government away from a no-deal Brexit by two weeks.
"The no-deal opposition, especially the up to 40 Tory rebel MPs, is under pressure to demonstrate how far it is prepared to go to stop no-deal Brexit."
He added that it was now more likely that a no-confidence vote in the government would be called next week.
"Many bumps and twists remain, but today's announcement makes our base case, another Brexit delay and a general election, more likely."
The internationally exposed FTSE 100 outperformed the other major European indexes, trading flat as the pound slid
The domestically focused FTSE 250 fell 0.9%.
Which stocks are active?
Thomas Cook shares plunged 16.6% after the travel operator agreed a rescue deal with Chinese investor Fosun. Thomas Cook said shareholders' interests would be "significantly diluted" by the deal and warned it could even cancel its listing.
BP (BP.LN) rose 1.9% after agreeing to sell its Alaska assets for $5.6 billion, which will reduce its debt pile. Shares were also helped by rising crude prices due to a larger-than-expected decline in U.S. oil stockpiles.
(END) Dow Jones Newswires
August 28, 2019 07:27 ET (11:27 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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