|Day's Range||7,294.50 - 7,350.10|
|52 Week Range||6,536.50 - 7,903.50|
The FTSE 100 was up 0.3 percent. The domestically-focused FTSE 250 was up 0.3 percent as investors waited for further Brexit developments with reports that Prime Minister Theresa May would ask the European Union to delay Brexit by at least three months. May's Brexit plans were derailed after the speaker of Britain's parliament said on Monday that her deal could not be voted on again after two thumping defeats unless a different proposal was submitted.
European stocks get a lift as merger talk boosts autos and some banks gain ahead of the outcome of the Fed meeting.
Global stocks were little-changed in overnight trading as investors kept risk appetite in check ahead of the start of this month's Fed meeting in Washington. CME Group futures contracts suggest no change in rates from the Fed this week, but price in a 30% chance of a rate cut by January 2019. Britain's Brexit saga took another twist yesterday after a ruling from the Parliamentary speaker said Prime Minister May can't bring her twice-defeated Brexit deal to lawmakers without substantial changes to its text.
Monday’s drama in the U.K. parliament seemed to do little for London markets, as speaker of the house John Bercow announced that he would not allow the government to proceed with a third vote on Prime Minister Theresa May’s Brexit deal without significant changes.
European equities opened steady as mining shares climbed amid higher copper prices and Asos Plc tumbled on a sales update. Rio Tinto Plc added 0.6 percent, while retailer Asos slumped 12 percent as it maintained full-year revenue growth guidance after a December profit warning. Evraz Plc fell 5.5 percent after Billionaire Roman Abramovich and his partners sold 1.8 percent of the steelmaker through an accelerated book build.
The pan-European Stoxx 600 was up around 0.7 percent during mid-morning deals, with most sectors and major bourses in positive territory. Market focus is largely attuned to central bank expectations, with the Fed due to kick-off its two-day policy meeting later in the session. May only has two days to secure approval for her deal to leave the European Union if she wants to meet with the bloc's leaders on Thursday with something to offer them in exchange for more time.
The FTSE 100 added 1 percent - its biggest one-day rise since early February - to mark a sixth straight session of gains while midcaps ended roughly flat as a weaker pound weighed. Parliamentary speaker John Bercow said any proposal British Prime Minister Theresa May puts to lawmakers must be substantially different to the ones previously rejected by them. Bercow's comments aggravated Brexit jitters as May has just a few days to push her divorce deal through if she wants to go to an EU summit on Thursday with something to offer them in return for more time.
European stocks rose for the fourth session in a row on Monday as a flurry of dealmaking, including merger talks between Deutsche Bank and Commerzbank , spurred gains in the financial services sector. DWS shares jumped 9 percent to their highest since May.
Global shares hit their highest levels in five months and the dollar dipped on Monday, as traders began to price in the likelihood of the U.S. Federal Reserve sticking to an accommodative stance at its policy meeting this week. European markets extended a run of gains, helped by a jump in shares in German lenders Deutsche Bank and Commerzbank after they confirmed over the weekend that they were in talks to merge. Britain's FTSE 100 outperformed its European peers with a nearly 0.7 percent gain at the start of a week that could see parliament voting for a third time on Prime Minister Theresa May's Brexit plan after ruling out a near-term no-deal exit.
Global stocks rose to their highest in five months and the dollar dipped on Monday as traders began to price in an accommodative stance from the U.S. Federal Reserve at its policy meeting this week. European markets extended a run of gains, helped by a jump in shares in German lenders Deutsche Bank and Commerzbank after they confirmed over the weekend they were in talks to merge. Britain's FTSE 100 outperformed its European peers with a 0.3 percent gain at the start of a week that could see parliament voting for a third time on Prime Minister Theresa May's Brexit plan after ruling out a near-term no-deal exit.
The pan-European Stoxx 600 was up around 0.1 percent during mid-morning deals, with most sectors and major bourses in positive territory. Deutsche Bank and Commerzbank surged to the top of the European benchmark Monday morning. It comes after Germany's largest lenders confirmed they were in merger talks over the weekend.
Shares of U.K. insurer Phoenix Group Holdings are appealing for several reasons including their pending inclusion in a key British stock index and a stable, hefty dividend, according to Barron's. Starting on Monday, Phoenix Group will be included in the FTSE 100 index which means fund managers that track that index will need to buy the stock. The company also is expected to pay a bigger dividend than its life-insurance industry peers, according to Barron's. The article cited a Barclays report that said it expects Phoenix’s dividend yield to total 7.5 percent this year, above 7 percent for Legal & General Group and 6.7 percent for Dutch life insurer Aegon.
Phoenix Group consolidates pension funds and life insurance policies as they wind down. The big dividend is backed by a resilient balance sheet.
Britain's parliament approved asking the European Union for a short delay if lawmakers can agree on a Brexit deal by March 20, or a longer delay if nothing can be agreed in time. Stocks deemed to be less risky at times of economic uncertainty also contributed to gains with consumer giant Unilever, tobacco firm British American Tobacco and pharmaceutical company GlaxoSmithKline rising. Spreadex analyst Connor Campbell said the need for the EU to unanimously approve any delay meant some uncertainty remained, thus drawing investors to defensive stocks.
London markets climbed on Friday, rising as global stock markets climbed on trade hopes, while investors also digested this week’s third major vote from U.K. parliament on Brexit. Meanwhile, the British pound (GBPUSD) climbed to $1.3265 from $1.3242 late in New York on Thursday, continuing the week’s gains.
European markets were positive on Friday, as investors took stock of the latest U.K. parliamentary vote to ask E.U. leaders to extend Britain’s withdrawal from the E.U.
Global stocks rose on Friday after a report that U.S.-China trade talks were making progress and a vote by UK lawmakers to delay Britain's exit from the European Union. European stocks markets opened higher, with the pan-European STOXX 600 index reaching its highest since October. Britain's benchmark FTSE 100 index outperformed, boosted by growing expectations Britain will not leave the EU on March 29 without a deal.
Wall Street futures bump higher on plans for fiscal stimulus in China and last night's Brexit delay vote, helping the S&P 500 extend its 12% year-to-date gain. China vows tax cuts, market reforms, in "employment first" economic stimulus as U.S. trade talks slowing edge forward. Bank of America Merrill Lynch says U.S. stocks see net inflows of $25.5 billion this week, the highest in a year, as investors dump emerging market stocks to ride Wall Street's bullish wave.