Arab Today, arab today european markets slip as investors await brexit deal
Last Updated : GMT 13:06:50
Arab Today, arab today
Arab Today, arab today

With the focus in Europe

European markets slip as investors await 'Brexit' deal

Arab Today, arab today

Arab Today, arab today European markets slip as investors await 'Brexit' deal

World stocks slid Friday, with the focus in Europe
London - Arab Today

 World stocks slid Friday, with the focus in Europe on British Prime Minister David Cameron seeking to put together a last-gasp deal to persuade Britons of their EU future.

As Cameron admitted there was "still no deal" coming towards the end of a second full day of negotiations in Brussels aimed at preventing a British exit from the European Union, continued oil price weakness also weighed on markets, which lost moderate ground.

London's FTSE 100 (NasdaqGS: Z - news) index of top companies and Paris' CAC 40 both shed 0.4 percent at the close while the Frankfurt DAX fell 0.8 percent.

Asia's stocks rally fizzled out amid a fresh weakening in oil prices and haven assets such as the yen received a boost.

Dealers shrugged off upbeat data showing that British retail sales rallied 2.3 percent last month compared with December -- the biggest increase in more than two years.

Wall Street was off in early trade as oil prices retreated and US inflation data boosted the odds of another Federal Reserve interest rate hike this year.

US Labor Department data showed flat US consumer prices in January, but a pickup of 0.3 percent in core inflation when volatile food and energy prices were stripped out.

That led Capital Economics to indicate that "if we are right, the Fed will find it increasingly hard to ignore evidence that core inflation is accelerating."

Two hours into trade, the Dow Jones Industrial Average was at 16,375.18, down 0.2 percent, while the broad-based S&P 500 was off 0.3 percent but the tech-rich Nasdaq Composite Index overturned early lossed to add 0.4 percent.

- 'Adventures in Brussels' -

"After flitting about for much of the morning the European indices gradually began to look worse and worse, ignoring largely positive data ... to instead focus on David Cameron's adventures in Brussels," said Spreadex analyst Connor Campbell.

Cameron is seeking to reach a deal on reducing welfare payments to EU migrants and opting out of a commitment to ever-closer union.

The British premier wants sweeping reforms to the 28-member bloc which he hopes will stop Britain from becoming the first nation to leave the EU in a membership referendum likely in June.

He has however hit opposition from France and Belgium over his bid to make clear Britain is not committed to ever-closer union and ensure that the City of London (LSE: CIN.L - news) financial district is not bound by rules governing the euro single currency area.

"Despite this strong (retail) data, the focus today will remain firmly on the EU leaders' summit in Brussels," added ING economist James Smith, who warned that a looming referendum would create a climate of "uncertainty" that could adversely affect investment.

"If the UK is able to agree a deal, the press is reporting that David Cameron could return to London tonight and announce the referendum date, which will most likely be set to take place on June 23.

"This will essentially mark the formal start of campaigning and with the polls likely to remain tight, we could see a loss of economic momentum over the next couple of quarters as uncertainty prompts firms to temporarily hold off on hiring and investment plans."

- 'Pound to remain depressed' -

The British pound fell to $1.4313 from $1.4335 late on Thursday, but steadied against the euro.

"The pound is likely to remain depressed until there is a some movement in Brexit negotiations; for the good or the bad," noted CMC Markets analyst Jasper Lawler.

Equities were also depressed on Friday by Thursday's falls on Wall Street.

Tokyo ended the day down 1.42 percent as a stronger yen dented exporters and the fresh fall in oil hammered commodity and energy shares.

World oil (Other OTC: WOIIF - news) prices shed about 60 cents in midday London deals on Friday, with New York crude sitting just above $30 per barrel.

Analysts noted the strengthening yen could weigh on the profitability of Japanese exporters.

Elsewhere in Asia-Pacific, Hong Kong closed down 0.4 percent while Sydney dropped 0.79 percent, but Seoul rose 0.39 percent.

In Shanghai stocks were broadly flat, slipping 0.10 percent amid persistent worries over the flagging economy, dealers said.

- Key figures around 1700 GMT -

London - FTSE 100: DOWN 0.4 percent at 5,950.2 points (close)

Frankfurt - DAX 30: DOWN 0.8 percent at 9,388.8 (close)

Paris - CAC 40: DOWN 0.4 percent at 4,223.0 (close)

EURO STOXX 50: DOWN 1.3 percent at 2,856.6

Tokyo - Nikkei 225: DOWN 1.42 percent at 15,967.17 (close)

Shanghai - composite: DOWN 0.10 percent at 2,860.02 (close)

Hong Kong - Hang Seng: DOWN 0.4 percent at 19,285.5 (close)

New York - Dow: DOWN 0.2 percent at 16,386.4

Euro/dollar: DOWN at $1.1099 from $1.1105 on Thursday

Dollar/yen: DOWN at 112.88 yen from 113.24 yen
Source :AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today european markets slip as investors await brexit deal Arab Today, arab today european markets slip as investors await brexit deal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today european markets slip as investors await brexit deal Arab Today, arab today european markets slip as investors await brexit deal

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday