LONDON (Reuters) – British shares lagged Europe slightly on Wednesday after Prime Minister Theresa May’s resounding defeat in a parliamentary vote on her Brexit deal, but in the face of continuing political uncertainty investors focused on results and M&A news.
A defeat had largely been priced in already, though its magnitude came as a surprise.
Analysts - Investors - Outcome - Market - Softer
Analysts and investors interpreted the outcome as a positive for the market, making a “softer, later” Brexit more likely, but uncertainty ahead of a no confidence vote in May’s government on Wednesday evening kept trading muted.
The FTSE 100 was down 0.3 percent by 0825 GMT while euro zone stocks climbed 0.2 percent.
Index - Exporter - Stocks - Unilever - Diageo
The top British index was dragged down by multinational exporter stocks like Unilever and Diageo , which make the lion’s share of their earnings in foreign currencies and were bruised by sterling rising.
Bank shares were the biggest boost to European indexes as investors bet that a disruptive no-deal Brexit was less likely after the...
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