LONDON MARKETS: Fresh Round Of Brexit Warnings Fail To Halt FTSE Climb

Date : 01/11/2019 @ 11:10AM
Source : Dow Jones News
Stock : FTSE 100 (UKX)
Quote : 7219.28  -114.91 (-1.57%) @ 2:53PM
FTSE 100 share price Chart

LONDON MARKETS: Fresh Round Of Brexit Warnings Fail To Halt FTSE Climb

Ford Motor (NYSE:F)
Historical Stock Chart

6 Months : From Nov 2018 to May 2019

Click Here for more Ford Motor Charts.

By Emily Horton

London markets were up on Friday, despite new data showing a British economic slowdown and fresh Brexit worries.

What did markets do?

The U.K.'s FTSE 100 gained 0.4% to 6,968.15, after finishing up 0.5% on Thursday. The pound dropped to $1.2765 from $1.2749 late in New York Thursday.

What is driving the markets?

(http://www.marketwatch.com/story/us-gains-312000-jobs-in-final-month-of-2018-soaring-above-wall-street-forecast-2019-01-04)Britain's economy slowed in the three months leading to November, official data from the Office of National statistics showed on Friday. Expansion was at its slowest pace in six months as factories suffered from difficult trade conditions ahead of Brexit, Reuters reported (https://uk.reuters.com/article/uk-britain-economy/uk-economic-growth-hits-six-month-low-manufacturing-slides-idUKKCN1P50X7).

An influential lobby group for U.K. businesses will on Friday warn that a crash-out Brexit would shrink the country's economy by 8% and put thousands of jobs at risk (https://www.fnlondon.com/articles/brexit-brief-business-lobby-warns-of-risks-to-thousands-of-uk-jobs-20190111). On Thursday , the ratings agency S&P Global Ratings said it could reassess its guidance on U.K. banks if the country is forced into a disorderly exit from the EU.

Elsewhere, Ford Motor Co. (F) has launched an overhaul of its European business. It will include thousands of job cuts, plant closures and the cancellation of low-profit models amid poor performance at the global car maker, The Wall Street Journal reports (https://www.wsj.com/articles/ford-announces-major-european-restructuring-11547117814). In the U.K., no decision has been made over whether to close engine and component plants in Dagenham and Bridgend.

Trade talks between China and the U.S. are still progressing, with China's top trade officials expected to visit the U.S. later this month (http://www.marketwatch.com/story/chinas-top-trade-official-expected-to-visit-us-for-trade-talks-mnuchin-says-2019-01-10)for more negotiations.

What stocks are active?

British housebuilding company Taylor Wimpey PLC (TW.LN) gained 3% and Persimmon PLC (PSN.LN) added just over 2%, after Taylor Wimpey PLC's (TW.LN)strong results on Thursday (http://www.marketwatch.com/story/taylor-wimpey-expects-one-off-charge-over-pensions-2019-01-09).

Rolls-Royce Holdings PLC (RR.LN) gained 2%. Meanwhile, heavyweights Royal Dutch Shell PLC A added 0.5% and BP PLC (BP.LN) rose 0.7%

Software company Sage Group PLC (SGE.LN) dropped 2%.

 

(END) Dow Jones Newswires

January 11, 2019 05:55 ET (10:55 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Your Recent History
TSX
BCE
BCE Inc
TSX
IVN
Ivanhoe Mi..
FX
CADUSD
Canadian D..
USOTC
XUII
Xumanii In..
FX
EURCAD
Euro vs Ca..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

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

P: V:ca D:20190523 14:08:06