MoneyFTSE stocks poised for worst day since 2016 Brexit vote

16:15  06 december  2018
16:15  06 december  2018 Source:   reuters.com

Majestic Wine stocks up for Brexit hangover after H1 loss

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Stock markets in Asia and Europe are recovering, despite the massive uncertainty caused by last week’s It was not just the FTSE 100 which moved sharply higher for the second day running. The FTSE 100 finished up 3.58% or 219.67 at 6360 regaining all its losses and more since the Brexit vote .

Brexit (/ˈbrɛksɪt/ or /ˈbrɛɡzɪt/), a portmanteau of "British exit", is the impending withdrawal of the United Kingdom (UK) from the European Union (EU).

FTSE stocks poised for worst day since 2016 Brexit vote © Reuters/Luke MacGregor FILE PHOTO: A man passes a screen showing the activity of the FTSE index at Canary Wharf financial district in London

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UK shares plunged on Thursday, with domestically-focused stocks poised for their worst day since June 2016 when Britain voted to leave the European Union, as investors grew more nervous ahead of a crucial government vote on Brexit next week.

Dominic Raab says he would rather scrap Brexit than accept Theresa May's deal

Dominic Raab says he would rather scrap Brexit than accept Theresa May's deal Former Brexit Secretary says it would be better to Remain in the EU than accept May's Brexit deal. Dominic Raab tells the Today Programme that the planned EU withdrawal agreement, would leave Britain with no say over the customs and trade rules it adheres to. His comments come as May struggles to secure support from her party for the deal. A Parliamentary vote on the withdrawal agreement is due at the start of December LONDON - It would be better to scrap Brexit and Remain in the EU rather than accept Theresa May's Brexit deal, the former Brexit Secretary has said.

with the FTSE 100 index suffering its worst day since the Brexit referendum as a rally in the pound hit the stock market. Most multinationals listed on the London stock exchange earn the majority of their profits in dollars, which have been worth more due to sterling’s decline in the wake of the EU vote .

European stocks are on track for their worst day of trading since the aftermath of the Brexit vote in 2016 , as a global Every constituent in the FTSE 100 was in the red at the start of trading, with the index dropping 3 per cent overall, which if held would be its worst one- day drop since June 24 2016 .

Broad-based selling swept European bourses after the arrest of a top Huawei executive renewed worries about U.S.-China trade tensions.

The midcap FTSE 250 <.ftmc> was down 2.6 percent at its weakest since Dec. 22, 2016 at 1048 GMT and set for its worst day since June 2016 as investors bailed out of the domestically focussed stocks amid growing worries over Brexit.

Prime Minister Theresa May is battling to get her Brexit deal through parliament in a vote scheduled for Tuesday, but the treaty faces heavy opposition from MPs both for and against Britain leaving the bloc.

FTSE stocks poised for worst day since 2016 Brexit vote © Reuters A survey released on Thursday showed institutional investors have grown more cautious about the outlook for British assets ahead of the vote.

The FTSE 100 <.ftse> was also down 2.6 percent after hitting its lowest since Dec. 5, 2016, and was set for its biggest one-day fall since February.

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" Brexit cost investors trillion, the worst one day drop ever". FTSE 100 surrenders £85bn in two days , pound slides and banking stocks plunge in Brexit aftermath. ^ "Post- Brexit rebound sees FTSE setting biggest weekly rise since 2011". ^ "Banks poised to relocate out of UK over Brexit , BBA warns".

Bank stocks suffered badly , while some housebuilders shed a quarter of their value amid forecasts of a UK recession. It’s 15 short (?!) hours since London’s stock markets opened, in a massive wave of selling that briefly wiped 550 points off the FTSE 100.

The blue-chip index was underperforming its European peers due to its exposure to heavyweight oil and mining stocks.

Weak U.S. equity futures accelerated the selling midmorning.

Oil <.ftnmx0530> and mining <.ftnmx1770> stocks were down more than 4 percent, the biggest drag on the blue-chip index as crude and metal prices sank.

"Investors are in the mood to accentuate all the negative news at the moment," said Ian Williams, analyst at Peel Hunt.

"Monday's UK PMI reading showed that Brexit is affecting business decisions, the French are rioting on the streets, Italy's not coming clean on its budget. First, we need clarity on all that, but it won't happen before Christmas."

Crude futures fell more than 2 percent as a deal among OPEC members to cut output at their producer group's meeting later in the day appeared unlikely.

Copper fell for a fourth day after the chief financial officer of Chinese technology giant Huawei was arrested in relation to alleged violations of U.S. sanctions. [MET/L]

FTSE 100 shakes off losing streak to finish higher

FTSE 100 shakes off losing streak to finish higher Oil prices also rebounded but the pound was trading lower.

The result of the United Kingdom European Union Referendum of 2016 was a victory for the "Leave" campaign, amassing a total of 51.9% of the vote .

U.S. stocks plunged more than 3 percent Friday in a global risk-off trade after Britain surprised markets by voting to leave the European Union. Selloff after Brexit . 11:57 AM ET Fri, 24 June 2016 . Financials dropped 5.4 percent in their worst day since August 2011 to lead nine S&P 500 sectors

Investors were fretting that the arrest could drive a wedge between the United States and China just days after Presidents Donald Trump and Xi Jinping agreed to a temporary truce in their trade war to give the two sides more time for negotiations.

"Was the slightly euphoric reaction on Monday overdone? With hindsight, it appears it was," said Williams.

FTSE stocks poised for worst day since 2016 Brexit vote © Getty Among other decliners, bookies stocks were hit by a report that gambling companies have agreed to stop advertising during live sport broadcasts, such as football matches, amid growing pressure from politicians.

GVC Holdings dropped 4 percent, and Paddy Power Betfair slumped 3.1 percent. On the midcap index, Indivior topped the fallers, down 11.8 percent, as investors moved out of the drugmaker ahead of its demotion to the small cap index later this month.

The stock has also been hit hard by a U.S. court ruling late last month that allowed a rival to sell a copycat version of its blockbuster Suboxone drug.

The buying that sent Thomas Cook Group shares up 45 percent on Wednesday ran out of steam as worries about the travel operator's almost 400 million pounds of debts following its profit warning returned. Shares were down 11.5 percent.

Elsewhere, broker recommendations were the main drivers.

Genus rallied to its highest in more than two months after Kepler Cheuvreux upgraded the stock to buy, while Dialight dropped 8 percent to the bottom of the small-cap index after Peel Hunt cut its price target.

FTSE rises as international stocks gain amid Brexit turmoil.
FTSE rises as international stocks gain amid Brexit turmoil

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