The pound rallied last night after Prime Minister Theresa May announced she planned to meet Labour leader Jeremy Corbyn in a bit to beat the deadlock over Brexit.

She also said that Brexit would have to be further delayed. The AA saw its annual profit fall from £141million to £53million outside of politics and investors are in line for a dividend cut. Topps Tiles revealed its second quarter sales had improved in its latest results, while its revenue fell from £109.4million to £108.8million for the 26-week period ending 30 March.

IN THE LAST 24 HOURS

David Madden, an analyst at CMC Markets, said: ‘The optimism in European equity markets continued yesterday as the FTSE 100 hit its highest level since early October.

‘The DAX and CAC 40 both posted gains too and they were not too far away from their respective 2019 highs. There wasn’t any major macroeconomic news yesterday, but the positive momentum from Monday rolled over.

‘US equity markets were relatively quiet yesterday with the S&P 500 closing fractionally higher, while the NASDAQ 100 posted modest gains.

‘Trade talks between the US and China continue this week, and even though the updates have been infrequent in recent months, they have been generally positive. A US Chamber of Commerce official said they are at the point where, a deal is more likely than not.

‘Sterling sold-off yesterday during the day as the clock is ticking down to Brexit, and as it stands we are heading for a no-deal scenario.

‘On Monday night, MPs voted down the four proposals, which means it is back to the drawing board. In order to avoid a hard Brexit, something new must be agreed between now and the 12 April.

‘In the late afternoon, the pound pushed higher after Prime Minister May said she would need another extension. Mrs May has reached out to Jeremy Corbyn to try and help break the deadlock.’

LEAVE A REPLY

Please enter your comment!
Please enter your name here