DM Monitoring
New York: European stock futures surged on Thursday as a Brexit trade deal seemed almost at hand, with just a week left for Britain’s final exit from the European Union.
After months of wrangling, and amid warnings of no deal, Britain and the European Union were on the cusp of striking a narrow trade agreement, sources in London and Brussels said, swerving away from an acrimonious split.
British Prime Minister Boris Johnson held a late-night conference call with his Cabinet of senior ministers, and negotiators in Brussels pored over reams of legal trade texts, sources said.
Futures tracking an index of Europe’s top 50 stocks was up 1.2%, while London’s blue-chip index futures rose half a percent, held back by a strong pound.
BBC reported that Johnson will speak to speak to the EU chief Ursula von der Leyen at around 0700 GMT, and will hold a news conference at around 0800 GMT.
Meanwhile, UK shares rose on Thursday as Britain and the European Union inched closer to striking a post-Brexit trade deal, averting a chaotic separation with only seven days left for the transition period to expire.
The blue-chip FTSE 100 rose 0.4% by 0809 GMT with a jump in sterling keeping gains in check.
Brexit-sensitive banks and homebuilders were among the top gainers on the index, with Lloyds Banking Group, Taylor Wimpey and Persimmon rising the most.
The domestically focused FTSE 250 index, considered a proxy to Brexit sentiment, jumped 0.7% to hit a fresh February high.
Sources in London and Brussels said a deal was on the cusp of being struck as British Prime Minister Boris Johnson held a late-night conference call with his Cabinet of senior ministers, and negotiators in Brussels pored over reams of legal trade texts.
