UK markets buoyed by Brexit delay

The London markets jumped higher on the back of news that Brexit has been delayed until potentially the end of January 2020 and improving tensions between the US and China.

Prime Minister Boris Johnson’s plan to push for a general election in December was greeted warmly by currency traders, with the pound also finishing the day in the green.

The FTSE 100 closed 6.81 points higher at 7,331.28 at the end of trading yesterday.

Sterling moved higher on the news of the Brexit extension, but the rise remained modest as traders stayed cautious.

The pound was up 0.33% versus the US dollar at 1.286, and up 0.22% against the euro at 1.158.

The US markets leapt higher yesterday as sentiment remained upbeat on US-China trade talks.

In Europe, traders also cheered the news Donald Trump expects to sign a trade pact with China next month.

The German Dax increased by 0.37% while the French Cac moved 0.15% higher.

The price of oil fell into the red after the Chinese industrial profit fell 3.3% on an annual basis in September, showing a worsening situation in the country. The price of a barrel of Brent crude oil decreased by 0.71% to 61.5 US dollars.

The biggest risers on the FTSE 100 were Antofagasta, up 34.4p at 905p, 3i Group, up 33p at 1,130p, London Stock Exchange Group, up 204p at 7,022p, and Spirax-Sarco, up 205p at 7,800p. The biggest fallers were NMC Health, down 106p at 2,363p, HSBC Holdings, down 23p at 594.4p, M&G, down 5.2p at 220p, and Imperial Brands, down 40.4p at 1,779.6p.