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Dec. 5, 2018, 6:33 a.m. EST

London markets in the red, as Brexit and U.S.-China trade truce worries resurface

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By Emily Horton


Reuters

London markets fell on Wednesday, as Brexit uncertainty returned and U.S. President Donald Trump poured cold water over U.S.-China trade truce hopes.

Key decliners included banks, insurers, oil producers and miners, with the index as a whole dropping back beneath the bellwether 7,000 level.

How are the markets performing?

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.23% dropped 1% to 6,946.06 from a 0.5% drop late Tuesday evening.

The British pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.0440% firmed up to $1.2770 from $1.2720 late Tuesday.

What is driving stocks?

Pro-E.U. politicians voted to take more control of the Brexit process, on Tuesday evening, if Prime Minister Theresa May loses the vote on her E.U. withdrawal agreement on Dec. 11.

Earlier on Tuesday, pro- the European Court of Justice’s most senior adviser published a legal opinion that the U.K. could reverse Brexit without first seeking permission of European Union’s remaining 27 member states.

Read: Theresa May absorbed three sharp blows Tuesday as steward of U.K.’s Brexit process

European stocks were under pressure after Tuesday’s market meltdown on Wall Street. Investors were spooked by a flattening yield curve and the validity of the U.S.-China trade truce agreed at the weekend.

U.S. markets are closed on Wednesday, to mark a national day of mourning after the death of former President George H.W. Bush.

What other stocks are active?

Financial services stocks were weak, with HSBC Holdings PLC /zigman2/quotes/208272822/composite HSBC -0.86%  down 2%, Direct Line Insurance PLC /zigman2/quotes/201952264/delayed UK:DLG -0.31%  down by 0.6%. Hargreaves Lansdown PLC   dropped by over 3%.

Oil prices dropped ahead of this week’s OPEC meeting, with BP PLC /zigman2/quotes/207305210/composite BP +0.02%   down 1.6% and Royal Dutch Shell PLC /zigman2/quotes/205095589/composite RDS.A -0.17%   down 2%.

Heavy-weight mining stocks also fell, with Evraz PLC /zigman2/quotes/207171136/composite EVR -0.07%  down 2%.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,728.48
+15.53 +0.23%
Volume: 463,595
Jan. 20, 2021 4:13p
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.3639
+0.0006 +0.0440%
Volume: 0.0000
Jan. 20, 2021 11:27a
loading...
/zigman2/quotes/208272822/composite
US : U.S.: NYSE
$ 27.77
-0.24 -0.86%
Volume: 504,742
Jan. 20, 2021 11:28a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$114.11 billion
Rev. per Employee
$402,908
loading...
/zigman2/quotes/201952264/delayed
UK : U.K.: London
323.70 p
-1.00 -0.31%
Volume: 1.01M
Jan. 20, 2021 4:11p
P/E Ratio
11.61
Dividend Yield
2.29%
Market Cap
£4.39 billion
Rev. per Employee
£317,172
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 24.66
+0.0050 +0.02%
Volume: 4.83M
Jan. 20, 2021 11:28a
P/E Ratio
N/A
Dividend Yield
7.61%
Market Cap
$82.79 billion
Rev. per Employee
$3.99M
loading...
/zigman2/quotes/205095589/composite
US : U.S.: NYSE
$ 40.58
-0.07 -0.17%
Volume: 1.20M
Jan. 20, 2021 11:27a
P/E Ratio
N/A
Dividend Yield
4.02%
Market Cap
$152.96 billion
Rev. per Employee
$4.11M
loading...
/zigman2/quotes/207171136/composite
US : U.S.: NYSE
$ 120.38
-0.09 -0.07%
Volume: 60,407
Jan. 20, 2021 11:27a
P/E Ratio
21.56
Dividend Yield
2.03%
Market Cap
$4.89 billion
Rev. per Employee
$1.07M
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