Sunday 20 October 2019

FTSE falters as Brexit hopes lift pound, offsetting good trade signals

(stock photo)
(stock photo)
Independent.ie Business Desk

Independent.ie Business Desk

Britain's exporter-heavy FTSE 100 lagged a trade sentiment-induced rally in global stocks on Friday, as hopes that a Brexit deal may be clinched by the end of the month lifted the pound and hit international firms.

The blue-chip index shed 0.4pc with exporter stocks such as Diageo and Unilever dragging the most, as sterling firmed after Ireland sounded optimism on the chances of Britain leaving the European Union in an orderly fashion.

The mid-cap FTSE 250 added 0.3pc by 07:02 GMT.

The index lagged the broader European benchmark, which rose after US President Donald Trump stirred hopes of a trade agreement with China, calling the first day of talks "very good".

The main index was also hurt by a near 4pc drop in ad firm WPP after French rival Publicis cut its sales view for the second time, and a 3.4pc fall in luxury brand Burberry after German rival Hugo Boss cut its annual forecast.

Reuters

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