Sunday, 31 May 2020

Pound steady after EU Brexit extension

LONDON: The pound steadied versus the dollar and London’s stock market flattened on Monday after the European Union granted an extension to Brexit until the end of January.

Around 1200 GMT, sterling was almost unchanged at $1.2826 compared with late in New York on Friday.

London’s benchmark FTSE 100 stocks index dipped 0.1 percent, while Frankfurt and Paris rose.

European Union members on Monday agreed to postpone Brexit for up to three months, stepping in with a decision less than 90 hours before Britain was due to crash out with no divorce deal.

The next deadline is now January 31 – although the EU would allow an earlier date should London ratify a withdrawal agreement sooner.

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