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FTSE lags European bounce as Brexit breakthrough hopes lift pound
November 29, 2017 / 8:30 AM / 15 days ago

FTSE lags European bounce as Brexit breakthrough hopes lift pound

MILAN, Nov 29 (Reuters) - UK’s FTSE fell on Wednesday, lagging a broad-based rebound in European shares as reports of a breakthrough in Brexit talks lifted the sterling, hurting the internationally exposed index.

The FTSE was down 0.4 percent by 0822 GMT, while the pan-European STOXX 600 benchmark climbed 0.8 percent to its highest level in almost three weeks, buoyed by strength among financial stocks and gains in all sectors.

Britain has offered to pay much of what the EU was demanding to settle a Brexit “divorce bill”, bringing the two sides close to agreement on a key obstacle to opening talks on a future free trade pact, EU sources said on Tuesday.

Among the biggest movers on the STOXX 600 was Britvic , up 4.6 percent, following results, and Osram Licht , which rose 3 percent after Barclays upgraded the stock to “overweight” from “equal weight”.

Top faller was Sonova, down 4 percent, hit by a Morgan Stanley downgrade to underweight.

Broader market sentiment was also lifted by sings of progress in U.S. tax cut plans, which offset caution following another missile test by North Korea. (Reporting by Danilo Masoni)

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