FTSE 100 is stuck in holding pattern, with record maximum in sight

FTSE 100 is stuck in holding pattern, with record maximum in sight

On Wednesday, British equities traded in tight ranges because market participants waited for fresh catalysts to push the markets up and break into new record territory.

The FTSE 100 index UKX slumped 0.1% being worth 7,534.49, which is 0.2% below the record maximum reached on May 26.

The London benchmark has recently been spurred by a dip in the British pound as well as by renewed confidence that Prime Minister Theresa May might hold onto her cabinet’s support for her Brexit initiatives.

May told that the ball is currently in the EU’s court for moving talks along. The prime minister also stressed that the British government is preparing for the divorce negotiations, but they might fail and offer no Brexit deal.

Meanwhile, the currency pair GBPUSD tumbled to $1.3193, sliding from $1.3204 hit on Tuesday.

Equities of Mondi PLC MNDI slid 8.6% right after the packaging and paper group informed that underlying performance for 2017 is supposed to be a bit below market expectations.


European stocks rally

On Friday, European equities went up, breaching a five-month maximum recorded yesterday because market participants cheered upbeat signals over US-China trade negotiations and after British lawmakers underpinned a delay of a chaotic departure from the EU…

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Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

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