European shares were firmly in the red on Tuesday as the optimism about U.S.-Chi...
LONDON - European shares were firmly in the red on Tuesday as the optimism about U.S.-China trade talks that swept stocks to fresh October highs cooled, with London’s FTSE 100 lagging the broader markets as the sterling rallied.
The FTSE 100 was down 1.1 percent to its lowest since Feb. 11 as sterling rallied to one-month highs after reports that Prime Minister Theresa May is considering delaying the March 29 deadline for Britain’s exit from the European Union. An announcement could come as soon as Tuesday. Even though U.S. President Donald Trump said he would delay a tariff hike on $200 billion of Chinese imports in the clearest sign yet that both sides were making progress, he also said a deal had not yet been sealed and there was still a lack of detail on what emerged from the Washington talks.
Investor focus also turned to Federal Reserve chairman Jerome Powell’s testimony to U.S. Congress later in the day.
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