London Markets: U.K. stocks wobble as Brexit turmoil casts shadow over government [MarketWatch]
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Source: MarketWatch
U.K. stocks wobble as Brexit turmoil casts shadow over government U.K. stocks struggled for direction on Tuesday as traders were still absorbing Monday’s political turmoil that was seen as raising the chances of a new general election and potentially muddling the Brexit negotiations. A raft of British economic data was also in focus, including the first monthly release on gross domestic product growth. The FTSE 100 index UKX, +0.10% rose 0.1% to 7,698.40, setting it on track for its highest close since June 14. The gain adds to a 0.9% rally from Monday , when the pound tumbled on news Foreign Secretary Boris Johnson resigned over disagreement with Prime Minister Theresa May’s stance on Brexit. A weaker pound can boost the FTSE 100, as many of the index’s multinational companies generate most of their sales in other currencies. Sterling GBPUSD, -0.0679% struggled to recover on Tuesday, changing hands around$1.3258 — the same level it traded around late Monday in New York. Traders
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