The FTSE 100 opened the final session before Christmas in the green with Square Mile, along with the rest of UK, waiting for official confirmation of a last-gasp Brexit deal.
According to reports, there is likely to be a phased five-year agreement over fishing rights, while there will be no role for the European Court of Human Rights in the British legal system.
The Daily Mail said the official text governing the future relationship between Britain and the European Union runs to 2,000 pages and described the breakthrough as ‘Brexmas Time’.
The pound reacted positively as it pushed up 0.6% to U$1.3576.
David Madden, analyst at CMC Markets, summed up the mood: “The trade talks have been dragging on and on and people’s patience has been running low.”
On the market, the banks reacted positively to news of an imminent Brexit deal with Lloyds (LON:LLOY) leading the way with a 6.8% advance.
A no-deal departure from the world’s largest trading bloc would have caused untold chaos and cost for the British financial system.
It could also have heralded a period of sustained economic underperformance, which was why the housebuilders became a proxy for the status of Brexit talks.
On Thursday, they were well bid with Persimmon (LON:PSN) up 3.75% in the early exchanges.
6.35am: Goodwill to all of Europe
Reports that Britain and the EU are “within touching distance” of a Brexit deal has done wonders for the pound but not much for equities, which are only seen modestly higher on Christmas Eve.
Spread betting quotes suggest the FTSE 100 index will add to yesterday’s gains but only to the tune of 35 points at 6,531, with trading set to end at 12.30pm.
As Christmas tunes go, it is not exactly Darlene Love’s majestic “Christmas (Baby Please Come Home)” – but then who can come home this Christmas?
The Prime Minister, Boris Johnson, is reportedly set to make an announcement this morning.
Breaking - Boris on route to Four Seasons Total Landscaping to unveil the new deal#BorisJohnson #BrexitDeal #BrexitShambles pic.twitter.com/lizGBpAK0S
— Popslurm (@retrobookshelf) December 23, 2020
“Still, it leaves the UK isolated internationally due to Covid-19, thousands of trucks marooned on each side of the English Channel and follows more of England’s regions being moved into a hard tier-4 lockdown. With Christmas in England starting to resemble one reminiscent of the wartime blitz, it is perhaps not surprising that Sterling's bullish reaction is underwhelming. Not helping is that the world is long enough Sterling to fill in the English Channel,” said Jeffrey Halley at OANDA. Grinchily.
Sterling was six-tenths of a cent higher at US$1.3557 against the dollar on Thursday having put on a bit of a spurt last night when news broke of a probable Brexit deal.
Not much else is expected to interfere with Brexit news today, particularly as it is a shortened trading day.
Overnight on Wall Street, the Nasdaq Composite lost ground while the Dow Jones Industrials Average and the S&P 500 made headway, in a reversal of the normal form.
The Nasdaq Composite ended 37 points higher at 12,771 while the Dow Jones was up 43 points at 6,496 and the S&P 500 climbed 3 points to 3,690.
Asian markets were mostly firmer this morning with the Nikkei 225 in Tokyo 113 points higher at 26,638 and the Hang Seng index 43 points to the good at 26,387.
Around the markets:
- Sterling: US$1.3557, up 0.61 cents
- 10-year gilt: 0.288%, up 10.35 basis points
- Gold: US$1,879.10, up US$1.00
- Brent crude: US$51.63 a barrel, up 42 cents
- Bitcoin: US$23,016, down US$282
https://news.google.com/__i/rss/rd/articles/CBMiiwFodHRwczovL3d3dy5wcm9hY3RpdmVpbnZlc3RvcnMuY28udWsvY29tcGFuaWVzL25ld3MvOTM3MzI4L2Z0c2UtMTAwLXNldC1mb3ItbW9kZXN0LWJyZXhpdC1kZWFsLWJvdW5jZS1vbi1jaHJpc3RtYXMtZXZlLWhhbGYtZGF5LTkzNzMyOC5odG1s0gE-aHR0cHM6Ly93d3cucHJvYWN0aXZlaW52ZXN0b3JzLmNvLnVrL2NvbXBhbmllcy9hbXAvbmV3cy85MzczMjg?oc=5
2020-12-24 06:38:00Z
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