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FTSE 100 down as investors shun ‘laughing stock’ UK after Theresa May’s Brexit deal defeat

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%.

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