European stocks lower and pound reaches 10-week low

European stocks edged lower, while gains in miners boosted the U.K.’s FTSE 100 Index toward a tenth straight advance.

The Stoxx Europe 600 Index fell 0.3 percent at 8:29 a.m. in London. The benchmark last week capped its best start to a year since 2013, helped by expectations of stronger economic growth. The FTSE 100 was up 0.3 percent, poised for its longest winning streak since May 2013, boosted by signs of strength in the British economy while the pound remains weak. The FTSE 250 Index is heading for an alltime high, after closing within a point of it on Friday.

The DAX was little changed on Monday, holding on to recent gains. Optimism over the economic recovery and rising bond yields have sparked renewed appetite for German shares. The benchmark now trades near the highest valuation relative to the Stoxx 600 since April 2015.

UK Foreign Secretary Boris Johnson was to meet with key congressional leaders in Washington on Monday as the U.K. seeks to strengthen ties with Donald Trump’s incoming administration a day after Prime Minister Theresa May signaled Britain may quit the European Union single market.

The pound fell to a 10-week low after May said in a Sky News television interview on Sunday that leaving the EU will be about “getting the right relationship, not about keeping bits of membership,” suggesting Britain may opt for a so-called hard Brexit. She signaled control of immigration and lawmaking are her priorities in the deal.

Asian equities outside Japan rose after capping their best week in three months, buoyed by Hong Kong and Singapore shares. The MSCI Asia Pacific excluding Japan Index fluctuated before gaining 0.1 percent as of 4:39 p.m. in Hong Kong; five out of 11 industry groups fell, led by a gauge of material stocks, while real estate shares advanced.