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Sterling, UK stocks fall on report that Brexit talks risk collapse

Published 10/16/2019, 05:20 PM
Updated 10/16/2019, 05:24 PM
© Reuters. Sterling, UK stocks fall on report that Brexit talks risk collapse
FTMC
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LONDON, Oct 16 (Reuters) - Britain's currency weakened
further on Wednesday while stocks in London extended their
losses, following a report that talks to reach a Brexit deal
with the European Union are near to collapse.
According to a report from Bloomberg, the Brexit
negotiations risk collapse due to resistance from the Democratic
Unionist Party, a northern Irish party on which the British
government relies on for support in parliament.
Britain's Brexit Minister Stephen Barclay said the
government had submitted draft texts for a political declaration
with the EU, Reuters reported. Sterling hit the day's low of $1.2655 GBP=D3 and was last
trading at $1.2703, down 0.6% on the day. It was 0.6% weaker
against the euro at 86.79 pence.
Shares in London-listed companies that make most of their
cash at home extended losses after the headline. A basket of
domestically focused UK companies .JPDEUKDM briefly hit a day
low, down more than 2% and was down 1.7% at 0916 GMT. The FTSE
250 .FTMC was down 0.9%.
British government bond futures extended gains by around 20
ticks to stand 70 ticks higher in the day, with the December
contract FLGZ9 briefly touching a session high.

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