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Trump parting shot at Europe drags FTSE down

Article By: ,  Senior Market Analyst
July 16, 2018 5:40 AM

The FTSE is struggling to start the week’s trading on a positive note and though it opened seven points higher it started losing ground in early trade as the market tried to work out the implications of the latest comments from President Trump naming Europe as one of America’s “foes”. 

The comments came at the end Trump’s visit to the UK during which Trump had already said that he can’t see a trade deal between the UK and the US under the terms of Theresa May’s Brexit plan, which was been weighing on the London market late last week. 

Trump is due to meet Vladimir Putin in Helsinki Monday but he has already said his expectations of the meeting are “very low”.

Other European markets were also struggling to stay in positive territory except for the DAX which traded up nearly 0.4%. The currencies were left directionless with the pound trading flat against the dollar and the euro barely ticking up against the US currency.

Theresa May to face Brexit vote

It will be a hot summer’s day for Theresa May Monday as former foreign secretary Boris Johnson will make his resignation speech before a key vote in Parliament on a Brexit negotiations strategy. 

The vote is already likely to be unpleasant for the Prime Minister who is facing opposition from the pro-Brexit members in her party who see her strategy towards the EU as too soft and designed to keep Britain to close to Europe. 

Although she is not expected to be defeated in the vote, Johnson, who resigned over Brexit disagreements, is likely to hold a speech that will rally her opponents and force her to water down the planned negotiations approach. 

The debate is due to start at 2.30 pm and is due to end with votes at 9pm UK time.

Oil prices continue to slide

As Libya is gearing up to re-start its oil exports the oil markets are reacting with a further slide this morning. 

Libya is not the only contributing factor – planned production increases from Russia are also weighing on prices pulling Brent crude down nearly 0.4% and the WTI down 0.84%.

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