Financial Markets Trade Lower amid Brexit Concerns; CITY ANALYSIS

Western Mail (Cardiff, Wales), November 21, 2018 | Go to article overview

Financial Markets Trade Lower amid Brexit Concerns; CITY ANALYSIS


Byline: MARYAM COCKAR Press Association City reporter newsdesk@walesonline.co.uk

Markets were lower yesterday as concerns about Britain's departure from the European Union, Italy's budget woes and the US-China trade relations weighed on investors.

The pound continued to weaken on Brexit uncertainty, with-Northern Ireland's Democratic Unionist Party (DUP), which has been propping up the Conservatives in Parliament, refusing to back the Government in a series of House of Commons votes on the Budget.

The DUP say Mrs May's EU withdrawal agreement reached in Brussels last week breaches a guarantee that Northern Ireland would not be treated differently from the rest of the UK.

Elsewhere, Bank of England governor Mark Carney has backed Theresa May's EU withdrawal plans and warned a nodeal Brexit would be the "worst outcome".

Sterling was down 0.3% against the US dollar at 1.281, but up 0.3% versus the euro to 1.125.

Meanwhile, the FTSE 100 index fell 52.97 points, or 0.76%, to close at 6,947.92.

David Madden, market analyst at CMC Markets, said: "Investment sentiment has been slipping recently as worries about Italy, Brexit and US-China trade relationship have prompted traders to become risk-adverse.

"Today, we are seeing a widerange sell-off as global sentiment has taken another turn for the worst."

In Europe, the French Cac was down 1.2% while the German Dax dropped 1.6%.

In corporate news, lender CYBG swung to a full-year loss after it was forced to take an extra PS150m charge linked to the misselling of payment protection insurance. …

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