LONDON — The FTSE 100 is losing ground ahead of the triggering of Article 50, which begins formal Brexit negotiations, later on Wednesday.
London's leading index of shares opened slightly higher on Wednesday morning, ahead of the official start of Brexit negotiations later in the day.
However, at close to 10.40 a.m. GMT (5.40 a.m. ET), the FTSE 100 is down 0.06%, or 4.67 points, at 7,338.75. You can see pretty clearly how confidence has ebbed over the morning.
"Yet such a clinical approach ignores the sentiment that surrounds this momentous occasion, when the government’s shambolic approach to Brexit turns from embarrassing to something far more dangerous."
In terms of movers, London Stock Exchange is top of the index, up 3.5%, after the EU announced it is killing its planned merger with Deutsche Borse. Shareholders clearly weren't in favour of the deal.
3i is also up almost 3% after an upgrade from Morgan Stanley and miners BHP Billiton is over 1%. Like many FTSE 100 companies, BHP is getting a boost from the weak pound. Both are multinational companies who report earnings in dollars, so a weak pound makes their sterling-denominated share price look cheap.
The pound is falling on Wednesday ahead of the triggering of Article 50 at lunchtime, which begins the official two-year Brexit negotiating process. The UK government is set to deliver a letter to the European Commission beginning the process at 12.30 p.m. BST (7.30 a.m. ET).
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March 29, 2017 at 02:57PM
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