Wall Street ended mostly higher on Wednesday and futures pointed to a stronger open later on Thursday.Ī raft of mixed U.S. The dollar edged 0.1% lower while the euro held around $1.22. "What was billed as an oven ready deal has taken a nearly a year to defrost, but the fact it now seems so much more palatable for both sides is providing some much needed Christmas cheer for investors," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. Still, analysts say the pound's 5% rally since early November means much of the Brexit relief has been priced in to the currency. Sterling added another 0.6% to $1.3586, close to its highest level in two years. Mizuho analysts dubbed it the "mistletoe effect", whereby anticipation of a trade accord meant that "despite being subject to the approval of PM Johnson and EU governments the outline deal was enough" to stoke a rally in markets. High on record sums of central bank stimulus, investors have pushed stock markets to new peaks. The Brexit trade deal adds to an end-of-year bullish mood in markets, where investors have looked beyond a spike in new COVID-19 cases globally and rising unemployment to the hope that vaccines and more fiscal spending will help spur an economic recovery in 2021. The STOXX 50 added 0.1% while the MSCI world equity index (.MIWD00000PUS), which tracks shares in 49 countries, rose 0.15% after gains in Asia. The FTSE 100's (.FTSE)initial gains fizzled but the more domestically-focused British mid-cap FTSE 250 index (.FTMC) hit its highest levels since February, and UK small caps (.FTSC) a record level. While a last-minute deal has long been expected, finally removing the possibility of a no-deal outcome 4-1/2 years after Britain voted to leave the trading bloc will come as a relief to markets. LONDON, Dec 24 (Reuters) - Stocks rallied and the British pound gained on Thursday as Britain and the European Union closed in on a free trade deal and investors wagered on a global economic recovery.īritain and the EU were hammering out the final details of a narrow post-Brexit trade deal on Thursday with an announcement expected soon, adding to an optimistic mood in the final trading session before the Christmas break.
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