Newsdeck: Pound Surges, U.K. Stocks Fall as May Seen Delaying Exit From EU

U.K. government bonds and the FTSE 100 Index slipped as Prime Minister Theresa May is set to address Parliament on the next steps in the Brexit process following reports she is considering a deadline extension. The opposition Labour party, meanwhile, came out in favor of a second vote on whether the U.K. should leave the European Union.

Sterling jumped almost 1 percent to 85.88 pence per euro, the strongest level since May 2017, before paring the gain to about 0.7 percent. Against the dollar, it climbed as much as 1.1 percent to $1.3238, the highest since October. The yield on U.K. 10-year bonds rose three basis points to 1.21 percent. The FTSE 100 Index of shares was down 1.1 percent.The U.K.

The prime minister is set to make an announcement to Parliament at 12:30 p.m. With lawmakers due to vote on May’s Brexit motion on Wednesday, she may make a clear promise to avoid no-deal in order to avoid rebellion in her own party.

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