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Modest market rises across Europe but FTSE rally fizzles out

By Philip Smith

Renewed hope of Brexit deal boosts sterling and UK government bonds

Modest stock market rises across Europe but FTSE rally fizzles out

The FTSE 100 closed down 0.03 per cent at 7211, after a brief rally in afternoon trading fizzled out.

The benchmark index rose to 7237 before a steady slide saw it end the day (4pm) more or less where it had opened. Much of that was down to a return to business as normal (uncertainty) after a flurry of optimism around hopes of a Brexit deal being agreed.

The mid-market FTSE250, often a better indicator of domestic activity, started the day with a rapid surge from 19,930 to 20,095) before finishing on a flourish at 20196, up 1.3 per cent.

Sterling was boosted by reports of renewed hope of a Brexit deal, jumping more than 1 per cent against the dollar to $1.2742 and to 86.31 against the euro, Reuters reported.

British government bond yields also rose. The two-year gilt yield hit its highest level since September 16 at 0.575%, up about 7.5 basis points on the day.

European indices closed up around 1 per cent to 1.25 per cent. The Euronext100 and markets in France, Germany and Switzerland all finished modestly up.

Those equity rises saw the gold fell as the appetite for risk grew on the back of positive equity moves and a strengthened dollar, reports Financial Post.

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