DAILY TRADING STRATEGY

Tuesday, Nov 14

UK OVERVIEW

U.K. blue chips stocks finished slightly lower Monday, though their drop was limited by the pound’s fall, which came after reports that British Prime Minister Theresa May is facing pressure to resign. The FTSE 100 index UKX, -0.24% fell 0.2% to end at 7,415.18, extending Friday’s fall of 0.7%. The benchmark, which has fallen for three straight sessions, closed at its lowest level since Sept. 29. The pound traded at $1.3104, down from $1.3191 late Friday in New York. Against the euro, sterling GBPEUR, -0.3722% bought €1.1238, falling from €1.1309 late Friday. The pound was knocked back after The Sunday Times reported that 40 lawmakers in the British parliament had agreed to sign a letter of no confidence in Prime Minister Theresa May. Just eight more MPs are required to start a formal leadership challenge, according to the report. But the pound’s decline bolstered shares of multinational companies that make most of their earnings overseas.

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