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Published on 24 Jan 2017
Talking Points
- British Supreme Court Brexit ruling.
- FTSE Update
- France, Germany business reports
The British Supreme Court decided today that Parliament must vote on whether the government can trigger Article 50 and get the Brexit process started. The ruling meant that the British Prime Minister Theresa May must wait until the majority of MPs give their approval before she can begin talks with the EU. The court also ruled that UK government did not need the approval of the Scottish Parliament and Welsh and Northern Ireland assemblies before evoking Brexit.
The stock markets were pretty flat in afternoon trading although one stand out mover was BT, as the British telecoms giant saw its share price plummet by 19%. This was after revealing the Italian scandal would cost far more than the £145m initially anticipated - in fact it would be more like £530m. The share slump wiped out nearly of the FTSE 100 company’s value. The company also warned of a slowdown in its other operations, with international corporate clients cutting back after the Brexit vote and UK government departments reducing their spending.
Other movers and shakers during the session included EasyJet, down around 8%, which sited the weak pound and higher fuel price as downward pressures and German software giant SAP which gained around 4% on the back of a solid fourth quarter.
Looking ahead to Wednesday – there’s business reports from both France and Germany as well as the UK’s CBI industrial trend orders. Plus, British retailer WH Smith, miners Antofagasta and Fresnillo as well as Spanish financial Banco Santander and Swiss pharmaceutical NOVARTIS all report figures.
- British Supreme Court Brexit ruling.
- FTSE Update
- France, Germany business reports
The British Supreme Court decided today that Parliament must vote on whether the government can trigger Article 50 and get the Brexit process started. The ruling meant that the British Prime Minister Theresa May must wait until the majority of MPs give their approval before she can begin talks with the EU. The court also ruled that UK government did not need the approval of the Scottish Parliament and Welsh and Northern Ireland assemblies before evoking Brexit.
The stock markets were pretty flat in afternoon trading although one stand out mover was BT, as the British telecoms giant saw its share price plummet by 19%. This was after revealing the Italian scandal would cost far more than the £145m initially anticipated - in fact it would be more like £530m. The share slump wiped out nearly of the FTSE 100 company’s value. The company also warned of a slowdown in its other operations, with international corporate clients cutting back after the Brexit vote and UK government departments reducing their spending.
Other movers and shakers during the session included EasyJet, down around 8%, which sited the weak pound and higher fuel price as downward pressures and German software giant SAP which gained around 4% on the back of a solid fourth quarter.
Looking ahead to Wednesday – there’s business reports from both France and Germany as well as the UK’s CBI industrial trend orders. Plus, British retailer WH Smith, miners Antofagasta and Fresnillo as well as Spanish financial Banco Santander and Swiss pharmaceutical NOVARTIS all report figures.
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