After an incredibly strong first week of April, the European markets stalled on Monday, drifting lower as the session got underway.
Despite Brent Crude climbing above $70.50 per barrel to its best price this year, the FTSE still found itself slipping 0.4% after the bell, ducking back under 7450. Its banking sector was broadly in the red, with losses veering from 0.4% (Lloyds (LON:LLOY)) to 1.1% (RBS (LON:RBS)), the stocks perhaps fearful of what Brexit week 2.0 could bring.
Talking of Brexit week 2.0 and sterling got off to a sanguine start, climbing 0.2% against the dollar and euro. That’s somewhat surprising given the lack of political progress over the weekend, an impasse that leaves the UK firmly on track to exit the EU without a deal on Friday. It’s not over until the Aluminium Lady blinks, however; there are set to be more talks between the Tories and Labour this Monday, while the House of Lords sees the continuation of its extension-seeking Cooper bill debate.
The Eurozone was in a similar state to the FTSE. The DAX tumbled below last week’s 6-month, 12000-crossing high as it fell 50 points, while the CAC found itself slipping under 5460 following a 0.3% slide.
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