Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

LONDON MARKETS: Pound Surges On Report Of Possible Draft Brexit Deal

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/15/2019 | 11:44am EST

By Barbara Kollmeyer, MarketWatch

FTSE 100 weighed in part by sterling strength

The British pound jumped Tuesday, shaking off losses seen at the start of the week, on a report of a possible draft Brexit agreement.

A report from Bloomberg suggested the two sides were closing in on a preliminary deal. That report extended gains after relatively optimistic comments made by Michel Barnier, the top EU negotiator.

The pound shot up to as high as $1.2796, after a level of $1.2606 seen late in New York on Monday. The currency lost ground Monday on fresh concerns the U.K. and EU won't reach a deal by the Oct. 31 deadline after a weekend of talks didn't yield a breakthrough.

Sterling saw its best two-day run in over a decade late last week. On Friday, it reached as high as $1.2706, its strongest since Theresa May was prime minister before Boris Johnson took over in July. Last Thursday, the pound saw its best single-day percentage gain since March.

A strong pound weighed on the FTSE 100 , which was trading almost flat despite gains for indexes across the U.S. and Europe. Given a chunk of U.K. companies derive revenue from outside the country, a stronger pound can hurt their bottom line.

Lloyds Banking Group and the Royal Bank of Scotland each rallied over 5%, while multinationals including GlaxoSmithKline and Unilever lost ground.

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) 0.11% 0.8564 Delayed Quote.-4.87%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
GLAXOSMITHKLINE -0.13% 1699 Delayed Quote.13.99%
LLOYDS BANKING GROUP 0.82% 59.17 Delayed Quote.14.12%
THE ROYAL BANK OF SCOTLAND GROUP PLC 1.54% 224.7 Delayed Quote.3.69%
UNILEVER N.V. -0.41% 53.48 Delayed Quote.12.83%
UNILEVER PLC -0.76% 4568 Delayed Quote.11.18%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
11/16FTSE : MSCI, S&P Dow Jones, FTSE Russell could fast-track Aramco into indices
RE
11/15NETFLIX, T-MOBILE, ALPHABET : Stocks That Defined the Week
DJ
11/15WALL STREET STOCK EXCHANGE : Dow cracks above 28,000 for first time
RE
11/15Dow Jones Industrial Average Tops 28000 for the First Time
DJ
11/15Global stocks rally, oil gains on revived U.S.-China trade hopes
RE
11/15Global stocks rally, oil gains on revived U.S.-China trade hopes
RE
11/15Trade deal hopes, surging health stocks power Wall Street to highs
RE
11/15Stocks rally, oil gains on revived U.S.-China trade hopes
RE
11/15TSX rises 0.33% to 17,028.47
RE
11/15WALL STREET STOCK EXCHANGE : Stocks Climb on U.S.-China Trade Deal Hopes
DJ
Latest news "Markets"