Qui­eter day for mar­kets af­ter Brexit un­rest

Belfast Telegraph - Business Telegraph - - News - BY STAFF RE­PORTERS

MAR­KETS sta­bilised yes­ter­day in the ab­sence of dra­matic new Brexit de­vel­op­ments, but an­a­lysts said the mood re­mained “tense”.

The pound, which last week ex­pe­ri­enced its worst one-day fall since June 2016, was less volatile.

Ster­ling was 0.1% higher against the US dol­lar at 1.285, but down 0.14% ver­sus the euro to 1.123.

Fiona Cin­cotta, se­nior mar­ket an­a­lyst at City In­dex, said: “Brexit head­lines con­tin­ued to fuel volatil­ity in the pound on Mon­day as traders watched and waited.

“Theresa May was at­tempt­ing to drum up back­ing for the Brexit deal, this time from busi­ness lead­ers, whilst dis­senters from her party at­tempted to draw to­gether enough sup­port for a lead­er­ship chal­lenge.

“With in­suf­fi­cient let­ters sub­mit­ted so far for a vote of no con­fi­dence, Theresa May is still cling­ing on to power.”

Mean­while, top-flight Lon­don stocks slid into the red, amid losses on global mar­kets.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.