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The leading British equity index closed higher for a fourth consecutive session on Wednesday, as the benchmark marked an increase from a weaker currency in the face of persistent concerns about the country's exit from the trade bloc of the country. Europe.
Concerns about the so-called Brexit have weighed heavily on the pound and the psyche of investors. However, the weakness of the pound gave a little relief to the companies operating abroad.
How markets are held
The FTSE 100
UKX, + 0.75%
rose 0.8% to 7,776.65, after the 0.7% increase in the previous session. The fourth direct gain of the British caliber of equity led to the highest closing since May 24, according to FactSet data.
The British pound
GBPUSD, -0.4560%
fell to a level not seen since August of last year. Sterling bought $ 1.2874, down from $ 1.2938 Tuesday in New York.
The British blue-chip indicator has increased by about 1.3% this week, which will mark its best weekly gain since May 11.
A weaker currency can help the sale and revenue of British companies doing business abroad.
Markets on the move
The comments of the Minister of Business Liam Fox over the weekend have raised new concerns about Brexit, after the official put the possibility of a so-called "hard Brexit" at 60%, without a plan that I delineate the future relationship between the kingdom and the EU.
Meanwhile, Tuesday, the United States has completed a list of $ 16 billion of Chinese imports that will be subject to 25% tariffs. This brings tariffs on Chinese imports, which are expected to enter into force on August 23, at $ 50 billion. And US officials have said they are considering duty on $ 200 billion more.
Investors fear that an escalating clash between the two largest economies of the world will blow up economies around the world. Investors, however, focused on the health of the UK economy that looks healthy.
Stock in focus
Decliners:
Parts of Paddy Power Betfair PLC
PPB, -7.14%
have finished the session in 7.1% decline after the betting company cut its 2018 view in the results on Wednesday.
Stock of Glencore PLC
GLEN, + 0.08%
gained less than 0.1%. The Swiss mining and trade giant recorded first-half results, but missed early gains.
Gainers:
The shares of Prudential PLC
PRU, + 3.67%
rose by 2.6%, after the 39; insurer recorded a 9% increase in temporary operating income, boosted by Asian growth.
Heavy Banking Group HSBC Holdings PLC
HSBC, + 0.93%
rose by 1%, while Standard Life Aberdeen PLC
SLA, + 3.17% [19659007] shares added 1.9%.
Hargreaves Lansdown PLC of reserve
HL., + 2.17%
increased by 3.2%.
Do not miss: A high-ranking CEO of the London startup marks the biggest Brexit threat to his sector
What do the strategists say?
"Concerns about a potential Brexit scenario have haunted investors' attractiveness to the pound and have left the currency vulnerable to bearish shocks," wrote Lukman Otunuga, research analyst at FXTM, in a statement from Wednesday.
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