Britain’s FTSE 100 traded in negative territory this morning as Theresa May faces a vote of no-confidence later after her Brexit deal was defeated.
The benchmark index of Britain’s biggest traded companies dipped 17 points, or 0.25% lower, to 6878 as markets opened. The pound rose slightly to $1.2869, continuing gains following the parliament result last night.
The scale of the prime minister’s defeat has raised hopes that politicians can avoid a no-deal Brexit and other options would be considered as she reached out across the Commons.
“Outside the UK the country is a laughing stock and an embarrassment, which is encouraging investors and fund managers to view the UK as a bit of a basket case for now,” said Clive Black, analyst at Shore Capital Markets.
In contrast to the FTSE, European markets opened higher with the CAC 40 in Paris up 0.5% and the DAX in Frankfurt up 0.2%.
Nearest tube: Elephant & Castle underground station (Northern and Bakerloo lines).
Nearest Railway Station: Elephant & Castle
Buses from Elephant and Castle: ask bus driver for Burgess Park. Bus numbers: 12, 171, 148, 176, 68, 484, 42, 40, 45