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FTSE 250 Outperforms FTSE 100 on Brexit Developments

FTSE 250 Outperforms FTSE 100 on Brexit Developments

2018-11-01 10:45:00
Justin McQueen, Analyst
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FTSE 100 Analysis and News

  • Firm GBP sees FTSE 250 Outperform FTSE 100
  • Beware as UK and EU Officials Pour Cold Water on Brexit Hopes

See our Q4 forecasts to learn what will drive price action through the quarter

Firm GBP sees FTSE 250 Outperform FTSE 100

Overnight, the latest wave of Brexit optimism stemmed from reports in the Times that the UK and EU have tentatively agreed deal on some forms of access for UK based financial institutions to European markets. This in turn has seen the FTSE 250 outperform the FTSE 100, given its larger exposure to domestic developments. While the FTSE 100 is also lagging its peers as the stronger GBP weighs on FTSE 100 profitability due to the fact that two thirds of the revenue generated from the top 100 companies are generated overseas. Typically, when GBP rises, the FTSE 100 will lag the FTSE 250.

Beware as UK and EU Officials Pour Cold Water on Brexit Hopes

In the last hour however, a UK official reportedly stated that the Times report on banks Brexit deal is “unsubstantiated”, while a senior EU negotiator has poured cold water on hopes that a Brexit deal can be reached within 3 weeks, highlighting that nothing has changed. Consequently, slight gains in the Pound have been faded, which in turn has reduced the outperformance of the FTSE 250 relative to the FTSE 100.

FTSE 250 Outperforms FTSE 100 on Brexit Developments

Source: Refinitiv. Spread between the FTSE 100 over the FTSE 250 in a 2-yr time frame, which is compared with GBPUSD, showing the effects that GBPUSD has on the performance of UK assets.

Brexit Analysis

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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