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Tired Start For FTSE Despite Brent Oil Gains, Sterling Suffers From No-Deal Defeat

Published 13/06/2019, 08:44
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The European markets snoozed through the open, with little in the way of significant movement after the bell.

Initially in the red, the FTSE soon found itself flat at 7370. That BP (LON:BP) and Shell (LON:RDSa) posted some mild growth following Brent Crude’s 3% surge – the commodity’s gains stem from reports of an oil tanker explosion in the Gulf of Oman – helped counted losses in the banking sector, as did the generally green state of its miners. Elsewhere the DAX was unchanged just about 12100, with the CAC down 0.2% at 5360.

Sterling was looking pretty queasy this Thursday. The defeat of Labour’s attempts to block a no-deal Brexit by taking control of the Commons timetable, combined with the refusal of certain Tory leadership candidates to rule out leaving the EU on October 31st sans agreement, left cable back under $1.267, and the pound nearing Monday’s 5-month lows against the euro.

Tesco (LON:TSCO) tumbled 2% after it revealed its group like-for-like sales rose a paltry 0.2% across Q1, well off both the 1.8% posted for the same period in 2018, and the 1.4% full year rise announced at the end of April. The supermarket blamed tough comparatives for the disappointing figure, the quarter lacking the lift of a royal wedding and an unexpected heatwave. This follows on from May’s troubling Kantar data, which had shown Tesco’s market share slip year-on-year.

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