LONDON MARKETS: British Pound Turns Lower In Volatile Trade On Concerns Parliament Will Spurn Johnson's Brexit Pact

Date : 10/17/2019 @ 12:51PM
Source : Dow Jones News
Stock : Barclays Plc (BARC)
Quote : 167.76  -2.66 (-1.56%) @ 11:28AM
Barclays share price Chart

LONDON MARKETS: British Pound Turns Lower In Volatile Trade On Concerns Parliament Will Spurn Johnson's Brexit Pact

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By Steve Goldstein, MarketWatch

U.K. parliament vote due Saturday

The British pound surged but then turned lower on concern Boris Johnson won't have the votes to pass a Brexit deal he agreed with the European Union.

The pound rose as high as $1.2987 before turning lower.

Stephen Innes, market strategist at AXI Trader, said the rejection by the DUP may also lead to hard-line Conservatives in Johnson's own party rejecting the deal. "Suggesting, that in a minority government, 18 is a lot of votes to pick up and could be a bridge too far, especially amid speculation that most of those voters are pushing for a second referendum," he said.

Related:Brexit pact faces steep odds in the U.K. Parliament -- and Johnson might not mind failure (http://www.marketwatch.com/story/brexit-pact-faces-steep-odds-in-the-uk-parliament-and-johnson-might-not-mind-failure-2019-10-17)

Gains for U.K.-listed stocks were more tempered, perhaps reflecting the short covering that already happened last week.

U.K. banks Barclays (BARC.LN) , the Royal Bank of Scotland (RBS.LN) and Lloyds Banking Group (LLOY.LN) each rose, but registered gains of less than 2%.

The FTSE 100 gained 0.85% to 7228.16.

 

(END) Dow Jones Newswires

October 17, 2019 08:36 ET (12:36 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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