European stocks fluctuate on UK vote

European stocks fluctuate on UK vote

On Friday, European stocks fluctuated after the UK’s election gave no clear winner on the eve of Brexit negotiations, although a tumble in the British pound provided an edge to stocks in British exporters.

The pan-European STOXX 600 didn’t change, fluctuating throughout the day. Meanwhile, the FTSE 100 demonstrated a 0.8% gain.

Having reached their highest level in almost two years in May, underpinned by sturdy earnings seasons as well as record inflows, EU equities have been heading sideways with traders looking for fresh catalysts to extend the surge.

UK voters dealt Prime Minister Theresa May a terrible blow during a snap election she had called to strengthen her position in Brexit negotiations, ruining her parliamentary majority and also throwing Britain into political turmoil.

British travel stocks along with pub companies sank too. Besides this, the domestically exposed FTSE 250 index went down 0.5%.

 

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