LONDON MARKETS: FTSE 100 Climbs, Led By Jump In WPP
December 11 2018 - 8:29AM
Dow Jones News
By Emily Horton
Sterling recovers some of Monday losses
The FTSE 100 jumped on Tuesday, a day after chaos in the U.K.
parliament resulted in Prime Minister Theresa May delaying a vote
on the terms under which the country would leave the European
Union.
However, Brexit remains a worry for investors.
Stocks were also supported by gains in U.S. stock futures
(http://www.marketwatch.com/story/stock-index-futures-point-to-rally-as-us-china-resume-trade-talks-2018-12-11),
boosted by signs that the U.S. and China are once again discussing
trade issues.
What did markets do?
The U.K.'s FTSE 100 climbed 1.6% to 6,829.47 after closing down
0.8% on Monday.
The British pound was up $1.2618, up from $1.2561 late Monday
evening in New York.
What is driving the markets?
The pound recovered somewhat after falling to its lowest level
in more than a year on Monday
(http://www.marketwatch.com/story/sterling-dives-to-fresh-18-month-low-as-brexit-vote-reportedly-cancelled-2018-12-10),
on the news that U.K. Prime Minister Theresa May delayed Tuesday's
landmark parliamentary vote
(http://www.marketwatch.com/story/uks-may-confirms-brexit-vote-delay-says-deal-must-include-controversial-northern-ireland-backstop-2018-12-10)
over the proposed Brexit deal. May is holding separate meetings
Tuesday with Dutch, German and EU officials, aiming for fresh
concessions.
Read:U.K. delays Brexit vote -- what happens next?
(http://www.marketwatch.com/story/uk-is-said-to-delay-brexit-vote-what-happens-next-2018-12-10)
Meanwhile, U.S. Treasury Secretary Steven Mnuchin, U.S. Trade
Representative Robert Lighthizer and Chinese Vice Premier Liu He
discussed "changes to fundamental Chinese economic policies" in a
phone conversation, according to The Wall Street Journal
(https://www.wsj.com/articles/u-s-china-trade-talks-get-under-way-11544498812).
In France, President Emmanuel Macron attempted to ease rioting
tension with the promise of tax cuts and a boost to the minimum
wage during a national TV address on Monday.
What stocks are active?
Advertising giant WPP PLC (WPP.LN) surged 6.8% after reports
that the company will simplify its structure in an effort to pursue
savings goals
(http://www.marketwatch.com/story/wpp-sets-savings-goal-will-prioritize-buybacks-2018-12-11)by
2021.
Heavyweight banking and oil stocks, which declined early in the
session, turned around. HSBC Holdings PLC (HSBA.LN) was up 1.2% and
BP PLC (BP.LN) jumped 2.7%.
Ashtead Group PLC (AHT.LN), the equipment rental company,
climbed more than 4% on news of a profit rise and positive
expectations for their end of year results
(http://www.marketwatch.com/story/ashtead-profit-rises-upbeat-on-full-year-results-2018-12-11).
Read:Mark Hulbert says Brexit breakdown could be bullish for
U.S. stocks
(http://www.marketwatch.com/story/brexit-breakdown-could-be-bullish-for-us-stocks-2018-12-11)
(END) Dow Jones Newswires
December 11, 2018 08:14 ET (13:14 GMT)
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