London markets were in the red on Monday, as the pound rose ahead of another big week of decisions on Brexit, weighing down blue-chip stocks.
Banks, tobacco companies and oil producers led the decliners.
What are markets doing?
The FTSE 100
UKX, -0.87%
lost 0.8% to 6,754.73, after finishing the previous week down 2.3%.
The British pound
GBPUSD, -0.2727%
also fell, dropping to $1.3169 after ending on $1.3200 on Friday. Over the past week sterling has garnered more strength, as the likelihood of a no-deal Brexit fell.
What’s driving the market?
British parliament is set for another big week of Brexit decisions, with the next stages of the debate set to start tomorrow.
Investors are nervous ahead of scheduled trade talks between the U.S. and China this week, and the Federal Reverse meeting to decide if the U.S. interest rates should go up on Wednesday.
After the partial government shutdown in the U.S. came to an end on Sunday, President Donald Trump said he doubts congress will be able to produce a deal over the border-wall funding that he would accept and promised he would build the wall anyway, possibly by emergency declaration.
What stock are active?
Barclays PLC
BARC, -2.68%
dropped by 2.5%, Royal Bank of Scotland Group PLC
RBS, -1.77%
fell by 1.6% and HSBC
HSBA, -0.80%
lost 0.8%.
Among the biggest losers, Imperial Brands PLC
IMB, -2.81%
and Tesco PLC
TSCO, -2.64%
each lost over 2%. Tesco tumbled after reports the retailer could cut 15,000 jobs.
BP PLC
BP., -1.93%
lost over 2%, as oil prices fell.
Ocado Group PLC
OCDO, +1.75%
gained 2% and Marks & Spencer Group PLC
MKS, +0.69%
rose by 0.8%, after it was reported that Marks & Spencer was exploring a technology tie-up with the online supermarket, according to the Financial Times.
Among heavyweight miners, Rio Tinto PLC
RIO, +0.73%
climbed 1.3%
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Source : MTV
