UK stocks drop at JP Morgan increase odds on no deal Brexit

UK stocks drop at JP Morgan increase odds on no deal Brexit

The FTSE 100 dropped below the 7,000 mark after it dropped 1.107pc to 6,945.02 as US investment bank JP Morgan increased its odds on a no deal Brexit to 40%.

Heavy losses across the mining sector dragged the FTSE 100 lower with Anglo America, Antofagasta and BHP down 1.93pc, 1.94pc and 2.05pc respectively.

Brent crude edged 0.35pc lower, trading at $61.86, following a broad decline in global stocks as concerns mount over the outlook for global growth and evidence of higher levels of crude supply.

Sterling was up 0.35pc at $1.276 against the dollar on the news that JP Morgan had increased its odds of a no deal Brexit from 20% to 40%, which came as pro-Brexit International Trade Secretary Liam Fox said Britain leaving the EU without a deal is now a possibility.

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