LONDON MARKETS: London Markets Flat As Investors Read G-20 Tea Leaves
June 24 2019 - 8:06AM
Dow Jones News
By Dave Morris
London markets were flat as investors considered their
positioning ahead of the G-20 summit Friday.
How did markets perform?
The U.K.'s FTSE 100 was flat at 7,405.3, after ticking 0.2%
lower Friday.
The pound moved up 0.2% to $1.2750. It closed flat on
Friday.
What's moving the markets?
World leaders were preparing to visit Osaka, Japan on Friday for
the G-20 summit as U.S. President Donald Trump's announced fresh
sanctions on Iran, who he said will face major new measures
starting Monday. Trump's tweet
(https://twitter.com/realDonaldTrump/status/1142506680300789761)
said he looked forward to the day when the sanctions over the
Middle Eastern nation's nuclear program could be removed.
Separately, Secretary of State Mike Pompeo said the U.S. is ready
to negotiate without preconditions.
The Financial Times reported
(https://www.ft.com/content/8bab0550-9593-11e9-8cfb-30c211dcd229)
that the European Commission will refrain from triggering measures
to sanction Italy over its debt levels, which the Commission has
said are currently in breach of European Union budget rules.
Italian Prime Minister Giuseppe Conte is working to find savings to
keep the eurozone country's spending within proscribed limits.
In economic data, Germany's Ifo business climate survey came in
at 97.4 versus a consensus figure of 97.5. The number was the
weakest seen since November 2014, however the Ifo economists said
they did not see the German economy slipping into recession.
Which stocks are active?
(http://www.marketwatch.com/story/carrefour-sells-controlling-stake-in-china-ops-2019-06-24)BT
Group PLC (BT.A.LN) shares dropped 2% following a downgrade from
hold to sell by Deutsche Bank analysts. The analysts said BT was
the "least attractive" of European telecom companies.
Admiral Group PLC (ADM.LN) shares moved up 3.2% thanks to a
"double-upgrade" to overweight from underweight by Barclays
Capital. The analysts wrote that the market had not yet registered
a shift in insurance prices that would benefit the group.
(END) Dow Jones Newswires
June 24, 2019 07:51 ET (11:51 GMT)
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