FTSE 100 LIVE: Britain's FTSE falls for second day amid Brexit chaos

Britain’s FTSE 100 is seen to open 13points lower at 6,352 this morning as the excitement from fresh vaccine hopes wear off. This is despite hopes Britain was likely to strike a compromise that would see a Brexit trade deal with the EU thrashed out over the weekend. The Irish prime minister said both sides had softened their stance on the question of access to UK fisheries. Brussels sources said Britain was close to offering a compromise whereby EU fishermen were allowed generous access to UK waters for a limited transition period. 

 

When a deal is finally struck, UK shares should surge ahead.

However, CMC markets analyst Michael Hewson said: “While it would be nice if that were the case, this seems unlikely, simply because it would go against everything we know about the brinkmanship that tends to characterise EU negotiations.

“The fat lady hasn’t even started to clear her throat yet, let along sing.”

Shares were set to continue their climbdown after reaching highs on Monday following news of the Moderna Covid-19 vaccines breakthrough as profit takers moved in.

The FTSE 100 was being called down 27 points at 6334 by traders on the IG Index platform.

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9.30am update: The Pound surges against the US dollar

The Pound has surged against the US dollar as confidence amongst traders increase following the news of another coronavirus vaccine.

Sterling is currently trading at £1-$1.3282 compared to £1-$1.3243 at the previous close.

8:45am update: Deal secured for More Than owner 

More Than owner RSA Insurance has agreed to a takeover by Canadian and Danish buyers in a deal valuing the FTSE 100 firm at £7.2 billion.

Canada’s Intact Financial Corporation and Dutch insurer Tryg said they had settled on final terms for the cash offer, which will see the consortium pay 685p a share, as well as an 8p a share dividend payout.

Under the terms of the deal, Intact will keep RSA’s UK, Canadian and international operations, while Tryg will take on the Swedish and Norwegian businesses and they will both co-own the Danish arm.

RSA’s Scandinavian business will be spun-off.

8am update: FTSE opens as COVID-19 vaccine trials loom over

The FTSE-100 index opened today at 6365.33.

Traders felt the hangover from their week-long vaccine celebration on Tuesday as London’s top index lost 0.9 percent, or 55.96 points, to 6,365.33 at closing yesterday. 

Moderna announced a strong set of results from its vaccine trials, showing that it could protect 95 percent of people from the coronavirus.

The news added to a week of celebrations after Pfizer announced its results last month.

But with no new vaccines to toast on Tuesday, global markets were more subdued.

source: express.co.uk