Yahoo Finance FTSE closes higher despite Brexit talks stalling
London’s FTSE (^FTSE) closed higher on Thursday despite Brexit talks stalling.
British and EU leaders will give themselves until the end of the weekend to agree on a new trade pact, with around $1tn (£740bn) in annual trade at risk of tariffs if they can’t reach a deal by 31 December, the deadline for transition arrangements to be finalised.
The FTSE (^FTSE) was up 0.7% in London. The DAX (^GDAXI) was marginally lower 0.3% in Frankfurt, while the CAC 40 (^FCHI) in Paris gained 0.1%.
US markets were mixed, with the S&P (^GSPC) down 0.1%. The Dow Jones (^DJI) was also lower 0.2% and the Nasdaq (^IXIC) gained 0.5%.
The European Union has also set out contingency plans to limit Brexit disruption to travel and commercial fishing next month, a sign that discussions might be faltering.
WATCH: Brexit: Sunday's deadline 'a point of finality' for trade talks unless EU moves, says Dominic Raab
Meanwhile, the UK published its UK GDP data for October, showing that the economy saw momentum slow significantly — even before England went into a second coronavirus lockdown.
Britain’s GDP expanded for a sixth month in a row but growth slowed to just 0.4% in October, down from 1.1% in September, according to Office for National Statistics (ONS) data on Thursday.
READ MORE: UK economy almost ground to a standstill before second lockdowns hit
The European Central Bank (ECB) also left the eurozone’s interest rates unchanged on Thursday but altered its package of COVID-19 support measures, extending several key measures into 2022.
On Wednesday, US lawmakers also approved a stopgap funding bill to avert a government shutdown at the end of the week, which buys more time for negotiations related to additional pandemic relief funds. Still, both sides were unable to resolve disagreements over aid to state and local governments that would be part of a broader spending package.
A group of medical experts are also due to meet later on Thursday in the US to decide on a recommendation for the Pfizer (PFE)-BioNTech (BNTX) coronavirus vaccine to receive emergency use authorization from the US Food and Drug Administration.
Japan’s Nikkei (^N225) closed lower 0.2%, the Hong Kong Hang Seng (^HSI) slid down 0.4%, and China’s Shanghai Composite (000001.SS) was flat. South Korea’s KOSPI (^KS11) fell 0.3%.
WATCH: ECB keeps Eurozone interest rates intact
