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LONDON MARKETS: British Pound Turns Lower In Volatile Trade On Concerns Parliament Will Spurn Johnson's Brexit Pact

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10/17/2019 | 08:37am EST

By Steve Goldstein, MarketWatch

U.K. parliament vote due Saturday

The British pound surged but then turned lower on concern Boris Johnson won't have the votes to pass a Brexit deal he agreed with the European Union.

The pound rose as high as $1.2987 before turning lower.

Stephen Innes, market strategist at AXI Trader, said the rejection by the DUP may also lead to hard-line Conservatives in Johnson's own party rejecting the deal. "Suggesting, that in a minority government, 18 is a lot of votes to pick up and could be a bridge too far, especially amid speculation that most of those voters are pushing for a second referendum," he said.

Related:Brexit pact faces steep odds in the U.K. Parliament -- and Johnson might not mind failure

Gains for U.K.-listed stocks were more tempered, perhaps reflecting the short covering that already happened last week.

U.K. banks Barclays , the Royal Bank of Scotland and Lloyds Banking Group each rose, but registered gains of less than 2%.

The FTSE 100 gained 0.85% to 7228.16.

Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 3.12% 171.64 Delayed Quote.10.58%
EURO / BRITISH POUND (EUR/GBP) -0.36% 0.85831 Delayed Quote.-4.10%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
LLOYDS BANKING GROUP 4.02% 58.54 Delayed Quote.8.54%
THE ROYAL BANK OF SCOTLAND GROUP PLC 4.04% 221.6 Delayed Quote.-1.71%
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