BUSINESS European stocks diverge at open; pound slides


European stocks diverge at open; pound slides


16:40, October 21, 2019

Europe's main stock markets diverged at the open on Monday, and the pound slid after British Prime Minister Boris Johnson was forced to request another Brexit extension.


File photo: AFP

In initial trade, London's benchmark FTSE 100 shares index rose 0.3 percent at 7,172.00 points.

In the eurozone, Frankfurt's DAX 30 added 0.2 percent to stand at 12,656.19 points, while the Paris CAC 40 dipped 0.1 percent to 5,629.75.

Sterling meanwhile declined 0.4 percent against the dollar, while the euro gained 0.2 percent in value versus the pound.

"The British pound has lost its mojo on the back of the current developments," noted ThinkMarkets analyst Naeem Aslam.

A defiant British government has however doubled down, insisting it will leave the European Union in 11 days despite parliament's forcing a reluctant prime minister to request another delay.

On a day of high drama on Saturday, MPs in the House of Commons passed up the chance to decide on the revised withdrawal agreement that Johnson had negotiated with the European Union.

That defeat leaves Johnson under mounting pressure to find a way out of paralysing impasse on when and how Britain would leave the EU after the country narrowly voted to exit in a 2016 referendum.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue