FTSE 100 watch: Brexit worries and China data hit Footsie

on Jan 14, 2019
Updated: Mar 11, 2020
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The UK benchmark index has fallen deep into the red at the start of the new week, weighed down by disappointing trade data out of China. The FTSE 100 is also under pressure amid Brexit-related worries as the UK faces a parliamentary vote on Prime Minister Theresa May’s deal with the European Union.

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FTSE 100 under pressure

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As of 12:56 GMT, the Footsie had given up 57.38 points to stand 0.83 percent lower at 6,860.80. Sentiment has been subdued this Monday after data showed that China’s exports had fallen last month. At home, investors are eyeing a vote on Prime Minister Theresa May’s Brexit deal tomorrow.

“Brexit has rarely felt so up in the air, with a likely rejection of May’s Brexit plan leading us into a period of great unknown,” Joshua Mahoney at IG Group commented, as quoted by Proactive Investors. “It is difficult to see how Theresa May is going to shift from adamantly stating that this is the only deal possible, to proposing a new direction within three days.”

Individual Footsie movers

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In individual blue-chip movers, shares in Paddy Power Betfair (LON:PPB) are underperforming the London market as both Goldman Sachs and Barclays lowered their price target on the stock, from 7,400p to 7,100p, and from 7,600p to 6,700p, respectively. Paddy Power Betfair’s share price is currently 3.52 percent worse off at 6,300p.

Primark owner Associated British Foods (LON:ABF), which is scheduled to update investors on its performance this Thursday, is also underperforming the FTSE 100, with the group’s shares changing hands 1.03 percent lower at 2,220.00p.

The FTSE 100 index was 0.86 percent lower at 6,858.35 points as of 13:11 GMT on Monday, January 14, 2019.

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