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European equities ahead at open

Jul 10 2018 10:07

European stock markets rose in opening trade on Tuesday, with London edging higher despite upheaval over Prime Minister Theresa May's post-Brexit plan.

In initial deals, the British capital's benchmark FTSE 100 index gained just 0.1% to 7 695.37 points compared with Monday's closing.

In the eurozone, Frankfurt's DAX 30 won 0.3% to 12 580.31 points and the Paris CAC 40 added 0.2% to 5 410.19.

The pound meanwhile held steady after tumbling Monday following British Foreign Secretary Boris Johnson's angry resignation over a post-Brexit agreement.

Pro-Brexit minister Johnson has long been seen as a thorn in May's side, and analysts say his resignation increases the chances she will face a possible leadership challenge.

That would throw Britain into fresh turmoil - and the possibility of another general election.

In the run-up to the nation's shock Brexit referendum in June 2016, Johnson was a prominent Leave supporter but Theresa May had backed the unsuccessful Remain campaign.

"Pound stabilises as May remains and Boris leaves," noted London Capital Group analyst Jasper Lawler on Tuesday.

"Theresa May defiantly stood her ground on Monday; with threats of a vote of no confidence unfounded, she lives to fight another day as prime minister.

"As Theresa May's position stabilised, the pound managed to pick itself up."

Johnson's resignation on Monday came hours after David Davis, London's point man on Brexit talks with Brussels, also stepped down over the agreement.

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european markets  |  equities  |  markets
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