London Capital Group | Dec 14, 2020 07:16
The British pound has jumped in early trading this week after the UK Prime Minister and EU Commission President agreed to extend Brexit talks beyond Sunday.
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The S&P 500 fell on Friday, wrapping up a losing week, as the outlook for additional fiscal stimulus remained uncertain. The Dow Jones eked out a gain of 0.2% as shares of Disney (NYSE:DIS) rallied. Both the Dow and S&P 500 posted their first weekly declines in three weeks, losing 0.6% and 1%, respectively. The Nasdaq dropped 0.7% this week. Friday’s moves came as negotiations over a coronavirus relief deal dragged on. Lawmakers seek to pass a bill before the end of 2020, but disagreements over state and local stimulus, unemployment assistance and stimulus checks still exist. European markets close lower as Brexit and U.S. stimulus doubts weigh. Treasury yields decreased through most of the week amid uncertainty over fiscal stimulus talks in the U.S. and Brexit trade negotiations. Commodities ended the week mixed.
Talks between British Prime Minister Boris Johnson and Ursula von der Leyen, the European Commission president, on Wednesday, failed to break the deadlock over a UK-EU trade deal. The two leaders agreed to set a “final” deadline of Sunday for their negotiating teams to make a last attempt to reach an agreement.
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