FTSE 100 and European stocks climb higher amid Brexit limbo
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The FTSE 100 pushed upwards on today’s open, after European stocks rallied while the Brexit process got stuck in limbo.
London’s main market climbed 0.58 per cent to 7,303 points today after a weak pound boosted the blue-chip index’s exporters yesterday.
Read more: Brexit latest: Liberal Democrats reveal second referendum plan
Boris Johnson’s cabinet is reportedly split over whether to call a general election before the end of the year.
The Prime Minister is almost certain to miss his promised 31 October deadline after MPs refused to fast-track the Brexit bill into legislation.
They did however offer their backing to the Withdrawal Agreement Bill in the early stages of parliamentary approval. But Johnson paused its progress when MPs declined to rush it through the Houses of Parliament.
Meanwhille Germany’s Dax rose 0.65 per cent to 12,882 points and France’s Cac climbed almost half a per cent to 5,681 points.
Auto stocks drove European share prices higher as Mercedes-Benz owner Daimler posted upbeat earnings.
Neil Wilson, chief market analyst for Markets.com, said that with the US-China trade war and Brexit progress both “in limbo”, markets have lacked a catalyst this week.
Oanda’s Craig Erlam added that FTSE 100 traders are still waiting for a breakthrough Brexit moment.
“Brexit limbo continues on Thursday as the UK awaits judgement from Brussels on its extension request, one week before the country is due to leave the European Union,” he said.
“The EU will be in no rush to make a decision and may even be awaiting more details on how parliament intends to make use of the time before doing so. There’s little chance of it rejecting the request but how long it offers needs to be determined.”
Read more: UK happiness index: Brits became happier in the run up to March’s Brexit deadline
Johnson may have to wait until Friday to get an answer from the EU on how long a Brexit delay will prove to be.
If the EU grants an extension until 31 January, the Prime Minister could attempt a general election before the end of 2019.