FTSE Struggles as Euro Concerns Hit Pound

The FTSE 100 has come under pressure as the pound gained value against the euro on Monday, and the finance sector struggled. According to a statement from the Bank of England, consumer credit growth represents a pocket of risk for the country.

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shareprices.com - Monday, September 25, 2017

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The FTSE 100 fell by 0.2 percent, down to 7,299, with banks and telecoms companies among the worst performers. Meanwhile, utility and consumer-related shares offset some of the fall. Last week had been the best week for the FTSE 100 since early August, but a strong pound after the opening bell this week hurt shares in several major FTSE 100 listed companies.

Among the fallers were Carnival PLC, Rolls Royce Holdings, and CRH. Meanwhile, internationally, German Chancellor Angela Merkel won the Federal election, but by smaller than hoped margins, while French President Macron appeared to be struggling in the senate elections. Merkel’s Christian Demograts and the Bavarian sister party have logged their worst result since 1949, with the anti-imigrant rivals Alternative for Germany taking around 13 percent of the vote and becoming the first far-right party in more than 50 years to win seats in Parliament.

Emmanuel Macron’s centrist party have won fewer seats than expected, and these results, combined with challenges surrounding the ongoing Brexit talks between Theresa May and Europe’s leaders, are leading to questions about the stability of the political situation in Europe, and are adding to the already nervous atmosphere surrounding the tensions between North Korea and the United States.

 

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