Monday morning saw the FTSE 100 open 0.86% higher at 7,012.87.
Whilst the FTSE started the day on a strong foot, the pound was more mixed.
Sterling is ahead the dollar at $1.2821 but is down 0.20% against the euro at €1.1286,
The mixed nature of the pound on today’s opening comes as Prime Minister Theresa May’s success from gaining approval from EU leaders over the Brexit deal comes with concern over Parliament’s support in the upcoming vote on 12 December.
May will tell MPs in a statement today:
“Our duty as a Parliament over these coming weeks is to examine this deal in detail, to debate it respectfully, to listen to our constituents and decide what is in our national interest.”
Rejecting the deal will take the UK “back to square one”.
“It would open the door to more division and more uncertainty, with all the risks that will entail,” she will add.
Italy’s FTSE MIB jumped 3% on Monday’s opening.
Connor Campbell of SpreadEx commented on the surge: “Investors are more cheering the chance that the relationship between Italy and the EU is thawing, rather than any jubilance over the agreement of a Brexit deal (though that’ll be playing its part).”
“Comments from Italian deputy PM Matteo Salvini on Sunday, hinting that the country’s controversial 2.4% budget deficit could be lowered, came after reports of a meeting between Prime Minister Giuseppe Conte and European Commission President Jean-Claude Juncker on Saturday night. These signs of progress were like catnip for good news-hungry investors, explaining the over-sized reaction of the European indices,” he added.
