LONDON MARKETS: FTSE 100 Climbs As Global Equities Rise; Investors Digest Britain's Brexit Extension Request
By Emily Horton
London markets climbed on Friday, rising as global stock markets climbed on trade hopes, while investors also digested this week's third major vote from U.K. parliament on Brexit.
How are markets performing?
The U.K.'s FTSE 100 climbed 0.7% to 7,238.27, after finishing up 0.4% the previous day.
Meanwhile, the British pound climbed to $1.3265 from $1.3242 late in New York on Thursday, continuing the week's gains.
What's driving the markets?
After turbulent week in U.K. parliament, Thursday night saw MPs vote to extend Article 50 for a short period until June 30. The decision marks end of a intense three days, which during Prime Minister Theresa May's revised withdrawal agreement was rejected for the second time and MPs voted to rule out to leaving the EU with no deal.
Chinese lawmakers on Friday approved a new law against the forced transfer of technology by foreign companies -- a big complaint by the U.S. and other countries. But it remains unclear if the move will be enough to smooth the path to a trade deal.
Meanwhile, U.S. president Donald Trump has threaten the E.U. with "pretty severe" economic pain if Brussels does not engage in trade talks with Washington, the Financial Times reported (https://www.ft.com/content/ce0cc7ea-4678-11e9-a965-23d669740bfb?emailId=5c8aeeb0cc534f000485fbec&segmentId=22011ee7-896a-8c4c-22a0-7603348b7f22&fbclid=IwAR1CzZL7FcWbK-zg0lhDEdmqN_dJxjSqfG3rwdmOfUHW2GEeyjZzJ0Ke2KE).
What stocks are active?
U.K. Oil & Gas PLC (UKOG.LN) fell 2% after the company announced its loss for 2018 widened more than seven times after booking an impairment on exploration write-offs.