Brexit Still Shifting At Snail’s Pace

Friday, 20th October: If you thought we’d gotten any further with Brexit negotiations, think again! Following the EU summit which took place on Friday, French President Emmanuel Macron revealed in a news conference that the negotiations surrounding the exit bill were far from complete, and they cannot move onto the next phase until three pressing issues have been decided upon; the Irish border, citizens’ rights, and the financial settlement.

After being beaten by retail data yesterday, the FTSE 100 opened 0.38% higher with a helping hand from banks and miners. By mid-day, Antofagasta and Standard Chartered were at the top. Moving in the opposite direction however was oil. After touching on the topic yesterday and commenting on the commodities’ ability to hold onto gains, today those gains managed to slip away, as investors sought to sell off their stakes and bank the profits, which pushed the commodity down by 0.61% at 12:00 (BST) to $56.98.

P&G’s grooming business isn’t doing them any favours. A fall in sales across the grooming business consequently offset the gains made across the higher sales achieved by the beauty and home care products. As a result, overall sales in Q1 rose a minuscule 1.0% and missed the market’s expectations which led to a fall in of 3.0% in the share price.

If you’ve got this far in the blog and you’re on the edge of your seat to see how indices closed closed in Europe, well you may be disappointed. The FTSE 100 closed flat. That’s right, neither up nor down at the end of play. With a bit of rounding the 250 scored +0.1% on the day, but we are being generous by highlighting this. France and Germany didn’t fair much better. +0.1% and -0.04% respectively.  Never to disappoint, the Dow Jones and S&P further added to their impressive 2017 record, up 0.45% and 0.32% at the time of writing (although the latter is down on intra-day highs).

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