Brexit breakthrough boosts European stock markets

London , PTI | Updated : 09 December 2017, 09:11 AM

Europe’s stock markets climbed today and the pound briefly topped USD 1.35 on news of Britain’s breakthrough Brexit deal.

Asian stock markets rallied after overnight gains on Wall Street, which opened higher as data showed the US economy continued to see robust job creation in November.

Cryptocurrency bitcoin broke fresh records above USD 17,000 on speculative buying, but then slid on profit-taking to stand at USD 15,520.50 around 1630 GMT.

London’s benchmark FTSE 100 index stormed 1.0 per cent higher, with stocks helped by the subsequent slide in the value of the pound, which helps many of the listed firms that generate most of their revenue outside Britain.

In the eurozone, Frankfurt’s DAX 30 index climbed 0.8 per cent and the Paris CAC 40 rose 0.3 per cent.

“The Brexit breakthrough is welcome news... but it is probably too early to pop the champagne,” Rebecca O’Keeffe, head of investment at online stockbroker Interactive Investor, told AFP.

Britain and the European Union reached a historic deal on divorce terms that allows them to open up talks on a future relationship after the split.

The news bolstered confidence in the Conservative government of Prime Minister Theresa May, who had faced sharp criticism earlier this year after calling a snap election in which she lost her UK parliamentary majority.

First Published: Saturday, December 09, 2017 08:47 AM
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