Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

FTSE sinks as Brexit relief spurs sterling, weak activity data weighs

share with twitter share with LinkedIn share with facebook
share via e-mail
03/22/2019 | 12:19pm EST
A worker shelters from the rain as he passes the London Stock Exchange in London

(Reuters) - London's FTSE 100 retreated from multi-month highs to endure its worst day so far this year as a surge in the pound weakened exporter stocks and poor manufacturing data from the euro zone and the United States pulled the index deeper into the red.

The FTSE 100 shed almost 150 points as it sank 2 percent and the more domestically-exposed FTSE 250 slipped 1.8 percent or almost 350 points. Both indexes suffered their worst day since December.

Sterling rallied after the euro weakened and as European Union leaders gave Prime Minister Theresa May two more weeks, until April 12, to decide how to leave the European Union.

"It's clear the EU for now doesn't want to be seen to force Britain out, but its patience won't last forever," Markets.com analyst Neil Wilson said.

Weighing on the main index were drug maker AstraZeneca, which hit a high in the last session on the pound's weakness, British American Tobacco and Diageo, the world's largest spirits company.

"The pound may want to enjoy its gains while it still can – it is in for another go around on the Brexit rollercoaster next week," said Spreadex analyst Connor Campbell.

Poor manufacturing data from Europe and the United States implicated trade tensions for hurting factory output and once again fanned fears of an economic slowdown.

CMC Markets analyst Michael Hewson said there would probably be a lot more concern about a global manufacturing recession following the downbeat German data, which he called unexpected.

The worry led to losses across the board on FTSE 100 with financials falling to their lowest since Jan. 14. Oil majors Shell and BP also dragged as crude prices slipped, capping off a forgettable day for the main bourse.

Housebuilders, which tend to be most exposed to any economic hit, handed back early gains to be down 1.4 percent.

Pearson, however, rose 1.7 percent after JP Morgan upgraded its rating and said the education publisher's model adjustment from print to digital would see long-term growth

Among midcaps, Aggreko, the world's largest temporary power provider, rose 3.5 percent as brokerage Stifel upgraded the stock.

Struggling department store group Debenhams plummeted over 45 percent after saying some restructuring options it was considering would result in no equity value for its shareholders.

Uk & Europe
an markets lag Wall St. since Brexit referendum - https://tmsnrt.rs/2Ojcb9U

(Reporting by Muvija M and Yadarisa Shabong, additional reporting by Shashwat Awasthi in Bengaluru; editing by Gareth Jones)

By Muvija M and Yadarisa Shabong

Stocks mentioned in the article
ChangeLast1st jan.
AGGREKO PLC -0.10% 800 Delayed Quote.-3.82%
ASTRAZENECA 2.01% 7651 Delayed Quote.-1.41%
BP PLC 1.01% 481.75 Delayed Quote.1.13%
DEBENHAMS PLC 0.00%End-of-day quote.-64.33%
DIAGEO PLC -1.44% 3146.5 Delayed Quote.-0.25%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
GLAXOSMITHKLINE 0.53% 1792 Delayed Quote.0.20%
PEARSON PLC 1.69% 589.6 Delayed Quote.-8.98%
UNILEVER PLC 1.63% 4500.5 Delayed Quote.1.79%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Markets"
03:14pGlobal stocks rebound in broad rally, safe-havens lose luster
03:12pGlobal stocks rebound in broad rally, safe-havens lose lustre
02:48pWALL STREET STOCK EXCHANGE : U.S. Stocks Rise Amid Global Efforts to Contain Virus
12:42pWALL STREET STOCK EXCHANGE : U.S. Stocks Rise Amid Global Efforts to Contain Virus
12:13pEUROPE : European shares recover from viral outbreak fuelled sell-off
11:39aEUROPE : Why the 'devil' coronavirus has hit European stocks hard
11:38aWALL STREET STOCK EXCHANGE : U.S. Stocks Rise Amid Global Efforts to Contain Virus
11:08a3M Down Over 4%, Worst Performer in the DJIA So Far Today -- Data Talk
10:41aEnergy shares help TSX rise amid coronavirus fears
10:15aTRACKINSIGHT : Surge of inflows for all caps socially responsible stocks
Latest news "Markets"